donuts, business strategy, project portfolio, Toby Elwin, blog

Why your business strategy is a project portfolio

The ability to scope and deliver a project is a competitive advantage.

The best organizations realize project management capability as a strategic differentiator, the lagging organizations only staff project management skills within Information Technology departments.

I now rely on the term portfolio planning to describe the translation of strategy to a group of project options an organization can undertake. A portfolio view projects priority using the same risk and return criteria capital expenditures and other financial or strategic commitments are evaluated.

tasmanian devil, strategic plan, Toby Elwin, blog

The devil in the details — the strategic plan

I find people have a tendency to become too involved too quickly with tactics. Tactics include what to buy, what to build, what to move. Strategy is why build, why buy, why move.

Much of your organization is involved in the detail of execution, it is illogical they are not strategically aligned. When your team discovers tactics they deliver align to organization goals there is clear purpose in what they do.

Purpose provides motivation.

The meat of the strategic planning process is the goals-objectives-actions value chain. People may have other definitions for goals, objectives, and actions, and bristle at the rigidity of the definitions, however, a single use for each term will remove interpretation and confusion.