The practise of managing a set of projects as a single portfolio is known as project portfolio management (PPM). This assists organisations in optimising their resources and achieving their strategic objectives.
It is more critical than ever for organisations to have a solid PPM strategy in place during a recession. This is due to the fact that recessions can result in less demand, more competition, and tighter budgets.
Here are several PPM strategies for recession:
Focus on strategic projects: It is critical to focus on projects that are aligned with the organization’s strategic goals during a recession. This will help to guarantee that the organisation is maximising its resources and on pace to meet its long-term goals.
Projects should be prioritised because not all projects are created equal. Some projects have a higher priority than others. During a downturn, it is necessary to prioritise projects and focus on those that are most important to the organization’s success.
Review project portfolios: It is critical to review project portfolios on a frequent basis to ensure that they are aligned with the organization’s current needs. This may imply terminating or downgrading certain initiatives while adding new ones.
Project management software can assist organisations in tracking the development of their projects and identifying potential difficulties early on. This can assist in completing projects on time and under budget.
Communicate with stakeholders: Communication with stakeholders is critical throughout the project lifecycle. This will keep them up to date on the project’s development and ensure that they are on board with the project’s aims.
Here are some of the benefits of implementing PPM tactics during a recession:
PPM can assist organisations in making better decisions about which projects to undertake and how to allocate resources. This can help to guarantee that the organization’s resources are being used as efficiently as possible.
PPM can assist organisations in gaining visibility into their project portfolios. This can aid in identifying potential issues and making required modifications.
Better communication: PPM can assist organisations in improving communication among stakeholders. This can assist guarantee that everyone is on the same page and that the project is properly finished.
PPM can assist organisations in improving the efficiency of their project management procedures. This can save both time and money.
Organisations can weather a recession and emerge stronger on the other side by using these PPM tactics.
In addition to the benefits listed above, PPM can assist organisations in:
Reduce risk: PPM can assist organisations in identifying and mitigating risks as early as possible. This can help to avoid expensive delays or failures.
Improve compliance: PPM can assist organisations in ensuring that all applicable regulations are met. This can assist the organisation avoid legal culpability.
PPM can assist organisations in producing accurate and timely reports on project performance. This can assist stakeholders understand the value of projects.
Overall, project portfolio management (PPM) is a powerful tool that can assist organisations in improving their project management practises and achieving their strategic goals. It is especially critical during periods of economic uncertainty, such as a recession.