Portfolio Project Plans

In addition, these notes apply specifically to updating program and portfolio project plans:

• Program and portfolio management are considerably more flexible than project management. Feel free to make extensive updates to the templates according to the needs of the company.
• In the Method123 system, projects are updated weekly, programs monthly, and portfolios quarterly. Some companies may prefer more frequent updates. The templates can be adjusted accordingly.
• Although scope, time, and cost are the core of both projects and programs, organizational risk may be seen as the core of portfolio management. For organizational risk reporting, gather the information as specified, but present it in terms of the risk consequences to the organization of project delays, cost overruns, and problems with quality or scope.
• The optimal organization of a portfolio depends upon the structure and needs of the organization. Some portfolios are organized by project or program, others by product, others by region. Select one of these and apply it as the “part of the portfolio” in the Portfolio Project Plan.