What is a Project Portfolio Strategy Plan?
A project portfolio strategy plan outlines the activities, objectives, and actions needed to effectively manage and optimize a project portfolio. It provides a roadmap for organizations to ensure they are investing in the right projects and allocating resources appropriately. The plan defines the focus areas, objectives, and actions needed to reach a desired outcome, and helps to prioritize projects and track progress.
What's included in this Project Portfolio Strategy Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Project Portfolio Strategy Plan template for?
This project portfolio strategy plan template is designed to help teams of all sizes and industries create a plan to manage their project portfolios. The template includes focus areas, objectives, KPIs, and actionable projects to help align resources, track progress, and optimize performance.
1. Define clear examples of your focus areas
Focus areas are the broad topics that your project portfolio strategy plan should address. Examples of focus areas may include streamlining project processes, enhancing resource management, or improving project delivery. It is important to define clear focus areas to help ensure the plan is comprehensive and covers all the necessary topics.
2. Think about the objectives that could fall under that focus area
Objectives are the goals and outcomes that your team is trying to achieve within each focus area. Objectives should be specific, measurable, and achievable, and they should be broken down into smaller steps that can be tracked and measured. For example, under the focus area of Streamline Project Processes, objectives may include increasing project portfolio visibility, increasing portfolio performance, and reducing project delivery time.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or key performance indicators, are measurable targets that allow you to track progress towards your objectives. These targets should be specific and measurable, such as increasing portfolio visibility from 30% to 90%, or decreasing project delivery time from 10 days to 5 days. Setting measurable targets helps ensure that your team is tracking progress and can make adjustments as needed.
4. Implement related projects to achieve the KPIs
Actions, or projects, are the steps that your team needs to take in order to achieve the KPIs and objectives that you have set. These actions should be specific and achievable to help ensure success. Examples of actions may include developing a project portfolio tracking system, implementing portfolio performance metrics, and designing a resource utilization dashboard.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a powerful tool that can help teams create and execute their project portfolio strategy plans. Cascade helps teams track objectives, measure progress, and quickly make adjustments to ensure success. With Cascade, teams can see faster results from their strategy and optimize their project portfolios for greater performance.