MoP Management of Portfolios provides a set of techniques, principles and practices to help companies make sure that their projects and programmes achieve maximum ROI and contribute to strategic objectives. The key capabilities of MoP are:
- Facilitating business change
- Supporting business outcomes
- Managing potential risks in line with company needs
- Optimising customer experience
- Improving continually
- Demonstrating value for money
The MoP guidance has been specifically designed to provide decision-makers and senior executives an overview of portfolio management, some of the techniques used, the principles on which it is based and how to optimise change initiatives. It is closely aligned to the project methodologies and programme outlined in PRINCE2 and MSP. For an in-depth understanding, you can talk to Training Creatively and enrol in our online/virtual MoP courses. Keep reading to know how MoP can be implemented in your company within 100 days.
- Understand where your company stands
Before implementing MoP, you need to understand the present portfolio management capability. Based on your current situation, you will be more capable of setting targets for the future after a reliable assessment of the current state. It will give you a clear view of what needs to be done and how you can create a personalised portfolio capability model. By assessing the present capacity of your organisation, you will achieve the following:
- Give you a good understanding of the strategies that are already working and which areas need improvement
- It will allow you to agree your targets for each capability and energise people to join in
- It will give you the foundation on which you can build your portfolio management plan and improve on it.
This will be your starting point and help you build your portfolio management plan.
- Know where you want to go
Once you know where you stand and the areas that need improvement, the next step is to clearly identify and outline organisational goals. You need to make sure that you understand the value of adopting portfolio management. When explaining portfolio management implementation plans, you can make use of diagrams and graphs. Create a plan and show it to the people of your organisation. The plan should specifically outline the goals that you wish to achieve with the implementation of MoP.
- Work together to achieve the goals outlined in the MoP plan
The final step to implementing MoP within 100 days is making sure that all of you work together toward a common goal. You have to clearly explain to your team the kind of value and efficiency that you are expecting. Set a benchmark. Instead of simply emailing, you can hold face-to-face or virtual real-time conversations with your teams. These can be in the form of forums, groups, seminars or one-to-one chats. It is also helpful to get the new stakeholders up-to-date with all that is happening and get them to speed with the processes that have already been implemented. Inform them about the progress and ensure that everyone is working toward achieving the same objectives.
Besides promoting collaboration between teams, you also have to create reporting cycles. This will give you a fair idea of how the MoP implementation is going and what needs to be improved or changed. You can put in place a fortnight reporting cycle since MoP will help in optimising the pace of the delivery of your projects and programmes. This will make sure that relevant information flows freely between departments and will be instrumental in bringing teams closer together. You can hold monthly portfolio meetings to understand if the plan is going in the desired direction.
This is how you can implement MoP within 100 days, but you can even go beyond 100 days if you see that the plan is working and favouring your business goals. If you want to gain an in-depth insight into MoP and all that it entails, you can sign up for Training Creatively’s MoP certification courses. Our courses are tailored for both organisations and individuals.
For your convenience, we provide online classes that you can avail remotely. You can even sit for the examination from the comfort of your home or in your office. From providing you with course manuals to sample papers and giving you access to whitepapers and case studies, you can count on us at every step of the way.