Portfolio management with OGSM
Control over programs and projects
Starting and improving projects
Many actions in an OGSM are programs or projects. They make a substantial claim on capacity or budget and transcend departments or business units. With portfolio management, you make conscious choices about which initiatives to start, how to improve execution, and which ones to terminate. This ensures optimal results.
The three phases of portfolio management
To gain control over all initiatives and projects, you go through three phases.
Phase 1: Inventory of initiatives
Create insight into the added value and required effort of all initiatives. Develop each initiative into a project initiation document with information about results, urgency, stakeholders, costs, capacity and risks. Use the Fibonacci scale (1, 2, 3, 5, 8, 13, 21) for quick, rough prioritization on value and effort.
At the end of phase 1, you decide which initiatives proceed to phase 2 and which initiatives you will not execute.
Phase 2: Developing project plans
Develop the most promising initiatives into detailed project plans. You can develop these in an OGSM. Make final start decisions with a weighting framework that contains criteria such as strategic contribution, impact-effort ratio, available capacity and urgency.
At the end of phase 2, you decide which projects to start, which projects to do later, and which projects you will not execute.
Phase 3: Execute and steer
Execute approved projects and adjust based on progress and results. Organize monthly action review sessions for progress discussion and quarterly strategy review sessions for evaluation and adjustment. Read more in the article ‘Do, learn, and adjust with OGSM‘.
Concrete plan. More results.
OGSM.online is the online tool for creating and monitoring OGSM plans.
