Why You need Project Portfolio Reports?

Good portfolio report is a crucial tool in every company that needs project portfolio. It doesn’t matter if you’ve got 5 initiatives, 10 projects or one big project divided into subprojects. If you have portfolio of projects, you need reports. But why you need it? We will try to explain that in this article.

Birds eye view for upper management

Commonly Project Portfolio Report is made for upper management. It’s a synthetized information about all projects in company. Crucial data about every project, risks involved, budgets and progress we made so far. But you can’t give 100 pages of raw data. You need to make it readable. 10 minutes of reading such report should give anyone general info about situation in company and help make decisions about future strategy.  

Simplicity & clarity

Project Portfolio Report is a way to simplify in many cases very complex pack of projects. It can provide clear view about situation. You need as many elements to show most important information but not that many to make it too complicated. Remember, if some project or initiative needs further investigation, you can always provide additional data later. But if your report is messed with many irrelevant data (irrelevant from bird’s eye view perspective) there is a good chance that no one will use it.  

Risks and concerns

Periodic report (for example one per two weeks) is a great way to present relevant at this moment risks and your concerns about current situation in some projects. Comparing reports from different moments you can also see if the situation is stabilizing or if it’s getting worse.  

Tracking progress

Report is also great way for tracking general progress in portfolio. You can track each project and monitor situation day by day. But to be honest that’s a job for Project Manager responsible for one, particular project or initiative. In portfolio report you should see a general direction.  

Budget management

Portfolio Report also helps for maintaining company budget as a whole. In many cases particular project has little (or bigger) variations in costs or incomes. It’s normal. If whole budget is ok, temporary situation (for example some cost made in this quarter not in next) shouldn’t matter. But if you have that situation in many projects you need to take action. You can do it if you know about it. If not, you can have big problem.  

Identifying main problems

Project Portfolio Report is also a good way to find general problems or patterns that you can’t see form single project perspective. Additional costs mentioned above is one of them. But there are more. For example:
  • Global risks,
  • Problem with employment,
  • Delays in related projects.
 

Creating good strategy for future

Portfolio Report is not only for monitoring current situation in your company. It’s a great tool to make aware business decisions about future. About company’s strategy in general. Project Portfolio Report shows present considering past to make plans for future…  

Don’t know how to prepare good Portfolio Report? Take our new course

Share on facebook
Share on google
Share on twitter
Share on linkedin

Leave a Comment

Your email address will not be published. Required fields are marked *

JOIN OUR COMMUNITY

No spam or time wasting propositions. Just high-value content that you we'll love.

What is Project Portfolio in 2021?

Project Portfolio is usually understood as group of projects that are executed in one company. They don’t need to concern only one topic. They don’t need to be connected. Sometimes they are managed by one person, sometimes by many people. So, there is no one and only exact definition. What are elements of Project Portfolio?

Read More »

Project Portfolio Report Templates

One of the most important tools for Portfolio Project Manager is excellent template of Portfolio Report. This document is one of more powerful tools in your equipment. It connects upper management with day to day life in company. It has power to change whole portfolio strategy for entire company. You must use it wisely and

Read More »

7 main features of good Project Portfolio Report

Project Portfolio Report (Portfolio Report) is usually in a form of a document (electronic or paper one) that enable monitoring progress of the Projects gathered in the Portfolio. It is used as a basis to make proper decisions within the Portfolio and maintain good balance between projects. In result, it should lead to achieve strategic

Read More »

SEE ALL OUR COURSES

Interested in Our content. Enroll in one of our courses today.
NEW
Scroll to Top