How do you report project portfolio governance success?

💡 In my opinion, a deeper exploration of portfolio governance metrics is vital for true insight. 📘 Strategic Alignment Granularity Focus on specific goals within strategic alignment, such as the percentage of projects tied to key business pillars. 📈 Dynamic Portfolio Metrics Track real-time resource allocation and risk shifts through dynamic metrics to identify trends and prevent imbalances. 📊 Value Realization vs. Perception Identify gaps between delivered value and stakeholder perception, providing insights for communication and expectation management. 📌 Embrace dynamism and deep analysis to harness portfolio governance metrics, offering actionable insights for decision-makers.

In my opinion there are the two main metrics that must be used are the CPI (Cost) and SPI (Schedule) at the project level and at the sub-portfolio level, for instance, by area. The main risks and changes to the portfolio must also be mapped and presented to a steering committee.

A portfolio review at a regular cadence is critical to sharing status, trends and risks with the most senior budget holders who are funding the portfolio of work. Akin to a QBR or quarterly business review this is when it's necessary to highlight not only financial performance but also the asks that must be made of senior management to achieve strategic objectives.

Specific, measurable indicators that reflect governance effectiveness, categorized into three areas: Strategic Alignment: Measures how well the portfolio supports organizational strategic objectives. Portfolio Performance: Tracks on-time, on-budget delivery, resource utilization, and risk exposure. Governance Process: Evaluates decision effectiveness and stakeholder satisfaction. Remember, effective reporting goes beyond mere data presentation. It provides actionable insights that fuel decision-making and drive continuous improvement. By combining metrics and narratives, you can not only communicate the success of your project portfolio governance framework but also inspire confidence, foster trust, and galvanize support among stakeholders.

📊 Reporting project portfolio governance success involves: 1️⃣ KPIs & Metrics: Highlight key performance indicators that reflect governance effectiveness, such as project alignment with strategic goals, ROI, and compliance rates. 2️⃣ Dashboard Summaries: Use visual dashboards to present a quick overview of portfolio health and governance outcomes. 3️⃣ Success Stories: Share specific examples of how governance led to project success, showcasing real-world impact. 4️⃣ Lessons Learned: Include insights gained and how they will inform future governance improvements. 5️⃣ Stakeholder Feedback: Incorporate feedback to demonstrate engagement and continuous improvement efforts. Communicate clearly, showing value and fostering trust! 🌈

Creating a Dashboard to control your portfolio is essential. If you already work in the portfolio management area, you know what are some of the minimum necessary information that must be presented, however it is important to also take into account the opinion of the organization's senior management and adjust as necessary, since this is the main audience to be attended to.

If you do 2 simple things to address Project Portfolio Governance, your organization will perform far above average: 1. Identify and weight the "right" things to do. 2. Determine and track how well you do the "right things."

In my opinion, well-structured governance and a high level of maturity in portfolio management of all layers that are directly involved with its selection and approval is essential. Axelos, the PRINCE2 certifier, has very rich material in this regard. P3O has material to structure and measure portfolio, program and project maturity and MoP is the portfolio management methodology developed by the British government.

Another methodology which you can gather some information regarding portfolio management is the PM² Portfolio Methodology developed by European Comission. Also, for agile projects, you can have a look into SAFe, it is a Scrum Scaled Framework, where you will find all roles, structure and governance.

I think it's important to make sure to periodically evaluate the portfolio and assess overall performance, risk exposure, and alignment with company strategies. It's key to share this with stakeholders and gather the necessary feedback to adjust the governance framework. Defining and implementing a strategy map (a graphic showing the logical cause-and-effect connection between the strategic goals) and linking it to the governance can also help in visualizing any gaps and helping take the necessary actions for the project portfolio governance to become a success.

To report success, focus on clear results like saved costs, projects finishing on time, or fewer risks. Explain how the governance process made these happen, such as better decisions or aligning work with goals. Include feedback from leaders or teams to show trust in the system. Keep it simple: state how the process helped achieve real outcomes, not just followed steps. Example: "Our process saved money, kept projects on track, and ensured teams worked on priorities."