Project Manager’s Jennifer Whitt Solves Life-long Challenge on Portfolio Management

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Feb. 20, 2013 - PRLog -- La Harba, CA, February 10 /ProjectManager/ -- Jennifer Whitt – Bridges, Director of Project Manager, steps forth to introduce an easier and more comprehensive solution to one of the most confusing items in business; portfolio creation and management.

Portfolio Management, is a very challenging project for an individual, aside from the confusion and tangles, it is usually one of the most organized projects, with the lowest budget in business. Many other points about it has been thoroughly explained by Project Manager’s Director, Jennifer Whitt – Bridges, in a whiteboard session video about portfolio management.

Project Manager Youtube Video:

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What is a Portfolio?

A portfolio is a compilation of assorted items which are either related or not to each other. “So typically a portfolio is nothing but a collection of projects or programs, and they can be related or non-related. So when we look at managing a portfolio, we look at what are the things we need to do to manage multiple projects or programs in our portfolio?” as how Whitt – Bridges it.

According to the director, the best way to create a portfolio is to, first of all, select a project. The project or project chosen will become the topic of the portfolio; so it is best to gather all of the relevant items to the compilation before anything else. “the selection of projects that are proved to go inside a portfolio. Typically, a portfolio is set to accomplish a specific business objective, and they’re put together in a portfolio to meet that objective.” Whitt – bridges said.

Second in the list, is finding out what to prioritize. It should answer the question which one should be taken care first? Next would be managing allotments for things like, budget, scope and available resources. Just like any other projects, taking this step makes the portfolio more manageable.

Once the management is set, reporting should be next in line. It is going to be a matter or decision making on what to report and who will report depending on the specification. Another important thing about reporting is getting regular metrics by tracking progress; this later on becomes a tricky part “Because, as we know from experience their priorities change, and things change around. So keeping everyone informed about the health and the wealth of the portfolio because, again, that portfolio is designed to meet a specific business objective.” as what Whitt – Bridges said. And she was right, everything changes.

Since reporting is required, communication from up to down and all around the factions involved should be 3 dimensional. 3 dimensional in a sense that everyone, from top to bottom can have a give and take of inputs without causing jargon or conflict with other priorities.

One more thing that Whitt – Bridges puts a keynote in is awareness. Once the portfolio is intact, and changes surely happen, juggling of things are surely inevitable, so a project manager should always be wary about tracking the balance of the things involved in his portfolio. “Then awareness, it’s critical to have awareness of all the moving parts going along and it’s a lot to manage within the portfolio. It’s important to know your environment and what causes the ups and downs of the different variables within your projects and in your portfolio, again, all in the effort of managing the health and the wealth of that portfolio.” She added.

No matter what reasons are behind making a portfolio, an effective project manager should not lose his balance especially with cash reserves, if in case emergencies happen. Different portfolios require different resources, but if a project manager just knows how to select the right input and how to prioritize these inputs. Then the kickoff of his portfolio should sail smoothly.

About Project Manager

Founded in 2008 by 4 guys who wanted to create a better toolset for managing projects. In just 12 months of going live, they grew to 25 staff and a healthy revenue stream. Project Manager now has customers in more than 100 countries and is one of the fastest project management service providers on the net. More than 70% of their customers are based in the USA with organizations like NASA, United Nations, Boeing and Volvo all managing projects on their platform.

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The Project Management Top Tips for Portfolio Management video:

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