Change Management in Managing Project Portfolio

Managing a number of projects is a crucial task for a project manager. Project Portfolio Management (PPM) deals with characterizing methodologies and techniques to keep an eye on number of running projects. The basic objective of PPM is to select the projects and get it involved in the portfolio which gives proper and balanced rate of return and profit back to organization. The projects which are included in the portfolio must have competency to achieve threshold company objectives, especially in terms of realizing monetary benefits.

A project manager is required to estimate and evaluate projects cost and expenses, monetary gain from a particular project, effects to other group of projects in the portfolio, various risks and returns from and to the business. It also needs to consider that the up to which extent it is giving return back as compared to investment undergone. There are various processes and mechanisms for regulating the improvement and changes required to have a better and smooth running of project or a number of projects.

Some of the techniques which are used in analyzing projects’ feasibility are quantitative and some are qualitative. A project manager needs to consider an objective technique to get a better and feasible project option to include in project portfolio.

One of the major responsibilities in managing set of projects are to designate resources in such a way that it utilizes maximum usage of land, labor, human resources, and other resources of organization which ever are used for getting output. The crucial aspects which a project manager need to be taken in to consideration is financial output as increasing market value of the company, and other financial aspects regarding company profits.

Change management is an organization of program which is aimed to change the thinking and attitude of staff and help make a desired change. Changes are firstly told to employees or staff related to project and the reaction of staff to this change is analyzed. If it is positive to change in project then it is ok, but is employees resists changes to it then a procedural way of change is undergone so that they agree for this change.

Changes to organization or project management may include some changes to objectives, goals, and policies of company to attain a newly specified objective may be it financial, technical, and operational.

Change usually is carried out by Mentoring and Coaching. Both mentor and coach plays a key role in managing changes. Mentor usually encourages and gives direction to employee’s advancement of in the organization. It nurtures talent of an employee to extract maximum from him and give rewards in return to him. Coach remain an eye on the employees’ work, reactions, behavior and then give feedback on it, and also suggest required measures to change it.