Even though this review is standard practice, we often hear from leaders that the project reviews are painful and ineffective.<\/p>\n
We understand why: these reviews can be a heavy lift for your team with seemingly minimal results. You must collect data, often from multiple sources, and sometimes that data is outdated or inaccurate. Once you have the data, you must figure out what to do with it. The typical status-driven approach to your portfolio review meeting doesn\u2019t lend itself to delivering strategy insights. You\u2019ve tried your best, but your review meeting leaves your team feeling overwhelmed and unsure of what to do next.<\/strong><\/p>\n You need a sure-fire approach to your meeting that actually delivers actionable insights to make well-informed decisions. In this blog, we\u2019ll walk you through how to create and run an effective quarterly project portfolio review.<\/p>\n A quarterly project portfolio review is a data-driven decision-making meeting. It\u2019s not a simple status review, nor should you lead by gut feeling. A quarterly project portfolio review helps you change tactics when needed, so you can quickly adapt, realign and deliver to meet your yearly and long-term goals.<\/p>\n In this review meeting, you need to present the best insights to make informed decisions. You also want to feel armed with clear, relevant data to consider alternative approaches to your processes or goals \u2013 should you need or want to make changes to the plan.<\/strong><\/p>\n This is your chance to adjust your current direction based on active projects and programs within the project portfolio<\/a>. By the end of the meeting, you should have a future view of your business regarding goals, opportunities and tradeoffs. Additionally, you should discuss critical risks, including resource capacity constraints, system availability and the impact of a newly identified critical project on other projects within the portfolio, to name a few. By being transparent on risks, whether internal, external or execution related, you can identify and discuss impacts on prioritization, timelines and resource allocation.<\/p>\n When deciding the meeting cadence, less is more. If you overwhelm yourself and your team with data and opportunities to pivot, you probably won\u2019t see consistent results in the data or be able to pinpoint what caused the changes, positive or negative. You should do some portfolio preparation in advance. Establishing cadence and good data execution is key<\/a> to understanding overall portfolio health. Data you want to gather and have ready includes project or program status (time, scope, budget), critical risks, delivered value and any newly identified projects or programs.<\/strong><\/p>\n We recommend aligning your project portfolio review with your operational review, as the project portfolio review can provide direct input for your operational review.<\/p>\n Proper planning and preparation will provide flexibility to your review meeting and allow for any necessary adjustments to the prioritization of projects within the portfolio. Focus on getting customer feedback, recording market and demand changes, and showing the previous quarter\u2019s results. Also, include a review of financials to assess actual costs incurred for each project compared to what you originally budgeted. When developing the project portfolio review agenda, apply a time-boxed approach for each element to allow for time to assess and discuss the data.<\/strong><\/p>\n Next, translate your key data inputs into the insights that will enable meeting attendees to determine:<\/p>\n This time is where you can identify opportunities to advance business goals further. Leverage the roadmap you outlined at the top of the year to talk through goals for the next quarter, adjustments, reallocations and dependencies.<\/p>\n![\"Centric](\"https:\/\/centricconsulting.com\/wp-content\/uploads\/2023\/09\/Blog_EPPM_Tracking-Business-Goals_09252023-1024x788.png\"){kind=tracking}
<\/a><\/p>\nKnow Why You\u2019re Meeting<\/h2>\n
Know What to Do<\/h2>\n
Know How to Prepare for the Review<\/h2>\n
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