- definition of a portfolio management system tailored to the business needs of the corporation
- agreement on project and portfolio evaluation metrics and tools
- establishment of procedures that ensure consistency and comparability of evaluations across projects and business units
- analysis of stakeholders’ roles and objectives
- definition of tasks and workflows
- formation of a portfolio management function
- development of an implementation plan
- training seminars for portfolio management staff, project teams, and senior management
- continuous refinement of the portfolio management process and coaching of the team
The implementation of portfolio evaluation metrics and processes enables our clients to analyze and optimize their portfolios on a regular basis and in a consistent way. While value maximization is usually the predominant goal of portfolio management, additional goals have to be satisfied as well, such as maintaining a healthy pipeline or allocating resources such that conflicting schedules are avoided. Therefore, an organization has to clearly outline its objectives for portfolio optimization. Once these goals are defined, stakeholder interests are considered and potential implementation hurdles are identified. In parallel the project and portfolio management team is formed. Tasks and workflows are defined in order to structure the project and portfolio management process. It is important that all evaluations are consistent and use the same rigor in the analysis to ensure that the results allow a fair comparison of projects within and across business units. In fact, establishing comparability of evaluations, e.g., by involving senior line functions in a cross-project review process, is a key success factor for the good implementation of portfolio management.
Bioscience Valuation works closely together with project and portfolio management teams to implement and manage necessary changes on-site, coaches the teams during the implementation phases and strives to achieve the best result.
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