How to manage the Portfolio of Projects?

A CEo can run more than one project at a time if he take all decisions in an organised way as following steps:

1) Total targeted production (approx) per year shoul be finalsed.

2) Accordingly availability of raw material should be a prime factor.

3) Appropriate number of skilled and unskilled man power should be recruited as extra man power always create indiscipline in our country.

4) Before implementation of project tapping of market is also highly important.As manufacturing of the product should be done accordingly.It will help no botheration of extra stock of product,also no extra expediture as it will also make loss of interest too.In one line though raw material and man power is available product should be manufactured against demand only.

5) Supply in promised time

6) Proper inventory of all projects keeping all details of raw material,man power,market demand ,sales, and accounts too.

I feel if all these criteria are followed seriously one can run any number of projects if he got sound financial background.

Project Portfolio Managment is all about the "DOING THE RIGHT WORK" with a Strategic approach. As a part of Project Portfolio Management, Resources should utilized strategically ie, Right Resources should be used on the Right Projects.

Hence it is pretty much important to ensure "EVALUATION OF PROJECTS, SELECTION OF PROJECTS AND PRIORITIZATION OF PROJECTS"

The key knowledge Areas, that the Project Portfolio Management should focus are

"Demand Management, Investment Management, Capacity Management, Capability Management" in addition to the Program Management and the Project Management Knowledge Areas.

 My suggestion

Pre-requisite

You should have standards process/practice/tools for managing your projects

You should ensure your PMs understand the process & tools and they follow the standard

How to track & monitor:

You need to decide on the key drivers for the success of your unit or portfolio. This may be project metrics and operational metrics. Identify them and for all the projects collect the data and derive the key metrics which will define the key drivers. Define your score card which will give key metrics for all the projects on a regular interval. Ensure milestone data is captured in the score card. Defining score card is a one time activity and tools can help you to calculate metrics from base data. Now watch for current value of the metrics and trend. Take action on projects which either have metrics outside the threshold value and/or showing a negative trend.

Some of the key drivers can be :

Project SLAs/ CV,EV,CPI,SPI or adherence to contract SLAs

Operational metrics: utilization, chargeability, demand/supply, attrition, customer feedback,

Also can add risks and stakeholder expectation or perception

First of all we will determine the optimal mix & sequence the project in such a way that it will achieve the organization's objective.Here we will consider each project's total expected cost, consumption of scarce resources (human or otherwise) expected time line and schedule of investment, expected nature, magnitude and timing of benefits to be realized, and relationship or inter-dependencies with other projects in the portfolio than prioritize the project which has to do first .In this way we can manage the portfolio of multiproject.

suppose there are fix projects running and pm is very confused about them ,even then none of the project is to be stopped ,he has to decide priority wise caring the project.

urgency --if a project is to be completed in time due to some urgency such as any ceremony namely kumbh mela,any big organisational conference such as IRC,INSTITUTION OF ENGINEERS conference etc.funds are also made available.

funds position--if there is no hindrance in availability of funds ,then project is to be taken in full swing 

after this he has to see the availability of major materials on which project is based should be seen and arrangement of material and t&p should be arranged.this is for rest of projects.   

time and cast run graph is to be maintained simultaneously.

Please suggest some tips....

First is to evaluate Project Feasibility with Fund(In Depth Knowledge Required).Then to choose Proven track Re/dedicated Managers.Then Organisation should be Process Oriented not by person .Process should be smooth & keeping Non Drainage in account.Give % rise as per Profit & a feeling of Honourship to Stalfs.