Much like an air traffic controller keeps the skies safe and efficient, managing a project portfolio requires constant vigilance for shifting benefits, scope creep and changing project interdependencies.  

Leading an enterprise project portfolio is a lot like being an air traffic controller. Each project is a plane with a clear departure and a destination in sight. Your job is to ensure the network runs smoothly, the airlines (your stakeholders) are happy and there are no catastrophic collisions along the way.  

Here’s the thing about being an air traffic controller: there is no such thing as autopilot. Their eyes are always on the skies, or the radars (dashboards if you will), adjusting flight paths as required and co-ordinating traffic. It’s the same story for portfolio leaders. You need to stay alert, continuously monitoring your projects to ensure the best outcomes. That’s where the power of a project portfolio review comes into play. 

Regular portfolio reviews should start at the quarter mark of your yearly cycle. Why? Because your projects have successfully taken off and are approaching cruising altitude. Early assumptions are being replaced by real-world insights. It’s time to check if those assumptions are still valid and whether your projects are flying in the right direction. 

The key question: What areas need your attention right now? 

Check the value 

It’s always best to start at the very top: the intended benefits. Are the benefits outlined in each project’s business case still solid? Is the probability of success still as high? And just as importantly, are they still achievable within the desired timeframe? 

When you check in with your project leads, you might discover some turbulence or some major head winds. Some benefits could be harder to deliver than originally thought. Maybe those key benefits you were banking on are still within reach, but the effort required to achieve them has shifted the overall plan. 

As always, context matters. A benefit might lose its allure if it isn’t delivered on time. For instance, in a high-stakes race to be first-to-market, missing deadlines is like circling the runway too long – just like a delayed arrival impacts the customer experience, the return on investment can take a serious hit. 

Check the boundaries 

Next up: scope. Where are the boundaries of each project now? Have they stayed consistent, or have you learned new information that’s shifted the goalposts?  

Maybe Project A was supposed to cover certain areas, but now you’ve discovered it’s missing something important. Is adding that element a positive change, or does it interfere with other projects? 

It’s essential to track how scope changes affect not just the project but the whole portfolio. There may well be new interdependencies between projects that weren’t obvious before. Everything is connected, and scope creep can lead to unintended consequences. 

Expecting all your projects to go according to the original plan is wishful thinking. Plans need to adapt as the landscape shifts. That’s why the process is “Plan, Do, Check, Act” – not “Plan, Do, Cross Your Fingers.” 

Check the impacts 

The final check is of the impacts your projects are having on each other. Are there conflicts or dependencies that weren’t on your radar before? Managing these well is crucial to keeping everything on track. 

You will need a fresh perspective of your change heat maps: What are the upcoming rollouts, due dates, and changes? Have any of these moved? If so, it’s time to shuffle and optimise your portfolio to avoid any mishaps. 

Sometimes your projects may be flying in different modes – say, when you’ve got waterfall and agile projects running alongside each other, or some initiatives delivering benefits incrementally while others are all-or-nothing at the end. This can make it even harder to map the impacts. Still, that doesn’t mean it’s impossible. You need to find ways to represent these diverse projects at a portfolio and enterprise level. 

For example, just because a project is agile doesn’t mean it shouldn’t forecast a go-live date. Innovation projects might have a higher rate of failure, but they should still aim for a goalpost – even if it’s just a moving target. Sure, that small, innovative agile project might not be the jumbo jet needing the full runway, but it still needs a designated landing spot. Maybe it’s the helipad, but it still has to land. 

Getting it done 

A portfolio review can be labour-intensive, but it’s absolutely critical to make sure every project lands smoothly. Thankfully, there are enterprise-level tools to help you in the control tower. These solutions can pull together all the information you need, allowing you to interrogate it and present it clearly. Technology can be a real game-changer, particularly when it’s infused with AI and predictive insights, when it comes to making sense of your portfolio and avoiding surprises. 

And remember, most companies don’t have a neatly packaged, one-size-fits-all project cycle. Most Projectlands are more like a busy airport, with projects taking off, landing and overlapping all the time. That’s why a strong portfolio review process is so essential – whether it’s quarterly, biannually, or somewhere in between, it provides the guardrails to keep your portfolio maximised for return. 

Remember, nothing is guaranteed, and maximising value is key. You can’t change your flight paths every day without creating chaos, but a sense check like this ensures you’re still heading in the right direction. 

To find out more about how Quay Consulting can help your team undertake a project portfolio review, please contact us. 

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Quay Consulting
Quay Consulting is a professional services business specialising in the project landscape, transforming strategy into fit-for-purpose delivery. Meet our team ...