How to Be Project Portfolio Management Strategist - Job Description, Skills, and Interview Questions

Dec 4, 2021 / 6 Minutes Read / By Albert

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Organizations that make use of project portfolio management (PPM) are able to make decisions about how best to allocate resources, set budgets, and manage projects in order to maximize success. A PPM Strategist is a key component in the successful implementation of PPM, as they are responsible for developing and executing strategies that will drive the organization to success. They analyze the organization's current portfolio of projects and resources, identify risks and opportunities, analyze data and trends, and develop strategies for the most effective use of the organization's resources. By making the most efficient use of the organization's resources, a PPM Strategist can have a direct positive impact on the organization's overall performance, resulting in increased project success, improved efficiency, and cost savings.

Steps How to Become

Obtain a Bachelor's Degree. To become a Project Portfolio Management Strategist, you will need to obtain at least a Bachelor's degree in a field related to business management, such as business administration or project management.
Get Professional Certification. After obtaining a Bachelor's degree, you can pursue certification in Project Portfolio Management (PPM). This certification is offered by several organizations, such as the Project Management Institute (PMI) and the Association for Project Management (APM).
Gain Experience. Employers value experience in project and portfolio management. Consider working in an internship or entry-level role to gain experience in the field before applying for a position as a Project Portfolio Management Strategist.
Develop Expertise. To become an effective Project Portfolio Management Strategist, you need to be knowledgeable in all aspects of the project lifecycle and have a deep understanding of the organization's goals and objectives. Consider taking additional courses or attending industry events to stay up-to-date on the latest trends in PPM.
Network. It's important to build relationships with other professionals in the field. Consider joining professional organizations or attending networking events to build your network.
Apply for Positions. Once you have the necessary qualifications and experience, you can start applying for positions as a Project Portfolio Management Strategist. Make sure to highlight your qualifications and experience in your cover letter and resume.

Portfolio Management Strategists need to be highly skilled and competent in order to effectively manage the portfolio of projects. They must have a deep knowledge of the various project management tools, techniques, and methodologies, and be able to apply them to different projects and organizations. They also need to be able to assess and analyze the data, identify risks and opportunities, and create strategies for meeting project objectives.

In addition, they must have excellent communication skills, be able to collaborate with multiple stakeholders, and possess strong leadership capabilities. With these qualities, Portfolio Management Strategists can ensure that projects are completed on time, within budget, and with the highest level of quality.

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Job Description

Project Portfolio Management Strategist: Responsible for developing and implementing project portfolio management strategies and processes to maximize cost savings and optimize performance.
Project Management Planner: Responsible for creating and maintaining accurate project plans.
Risk Manager: Responsible for identifying, assessing, and mitigating project risks.
Resource Allocation Manager: Responsible for ensuring appropriate resource allocation for each project.
Project Budget Analyst: Responsible for analyzing project budgets and making recommendations for cost savings.
Project Scheduler: Responsible for creating and managing project timelines and schedules.
Quality Assurance Specialist: Responsible for ensuring projects are meeting quality standards.
Communication Coordinator: Responsible for ensuring effective communication between project stakeholders.

Skills and Competencies to Have

Strategic Thinking: Ability to analyze and synthesize complex information, develop and execute plans, and make sound business decisions.
Project Management: Knowledge of project management principles, practices, and tools for planning, organizing, and overseeing projects.
Financial Acumen: Understanding of financial concepts and their application to business decisions.
Risk Management: Ability to identify and mitigate potential risks in all project phases.
Communication Skills: Ability to effectively communicate with all stakeholders, including upper management, clients, and colleagues.
Technical Proficiency: Proficiency in relevant technology and software used in the field of project portfolio management.
Negotiation Skills: Ability to negotiate contracts, deliverables, and other agreements with vendors and partners.
Organizational Skills: Ability to optimize resources, prioritize tasks, and manage multiple projects simultaneously.
Leadership: Ability to lead teams and manage resources to deliver projects on time and on budget.
Change Management: Knowledge of techniques for managing transitions and organizational changes resulting from project implementations.

Project Portfolio Management Strategists need a variety of skills to be successful in their role. The most important skill a Project Portfolio Management Strategist needs is strategic thinking. Strategic thinking is the ability to analyze a situation and identify the best course of action in order to maximize value for the organization.

This includes understanding the organizations objectives, market trends, customer needs and financial resources. a Project Portfolio Management Strategist must have strong communication and negotiation skills in order to align stakeholders and ensure everyone is on board with the project. They must also have an understanding of project management principles, as well as strong organizational and problem-solving skills in order to effectively prioritize and manage multiple projects.

Finally, they must have a strong understanding of technology, as projects often involve the use of various software tools and systems. With these skills, a Project Portfolio Management Strategist can ensure projects are completed on time, within budget, and with the highest degree of quality.

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Frequent Interview Questions

Describe your experience in project portfolio management.
How do you stay up to date on industry trends and best practices?
What strategies do you use to prioritize projects?
How do you ensure successful execution of project portfolios?
What challenges have you faced when working with stakeholders on complex initiatives?
How do you evaluate the financial viability of proposed projects?
How do you manage competing resource demands across multiple projects?
What techniques do you use to ensure project portfolios are aligned with organizational goals and objectives?
How do you handle unexpected changes in project scope or timeline?
How do you measure the success of project portfolio management initiatives?

Common Tools in Industry

Project Management Software. This software is used to plan, organize, and manage multiple projects. (eg: Trello, Monday. com)
Resource Planning Tools. These tools are used to help organizations optimize their resources and better manage their workloads. (eg: Float, Resource Guru)
Risk Management Tools. These tools are used to assess and mitigate potential risks associated with projects. (eg: RiskyProject, RiskIt)
Project Collaboration Tools. These tools are used to facilitate communication and collaboration between team members. (eg: Slack, Microsoft Teams)
Reporting & Analytics Tools. These tools are used to generate reports and analyze data to gain insights into project performance. (eg: Tableau, Power BI)
Communication Tools. These tools are used to communicate with stakeholders and keep them informed of project progress. (eg: Skype, Zoom)

Professional Organizations to Know

Project Management Institute (PMI)
Association for Project Management (APM)
International Project Management Association (IPMA)
International Project Management Academy (IPMA)
Project Management Professional (PMP)
American Academy of Project Management (AAPM)
Project Management Institute of Canada (PMIC)
Association for the Advancement of Project Management (AAPM)
Institute of Business Project Management (IBPM)
Global Association for Project Management (GAPM)

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Common Important Terms

Risk Management. The process of identifying, assessing, and controlling potential risks from various sources, such as projects, investments, and operations.
Portfolio Management. The process of managing a collection of investments in order to achieve a desired outcome.
Project Management. The practice of planning, organizing, and managing resources to reach a desired goal within a predetermined timeline.
Strategic Planning. The process of determining the best course of action for achieving organizational goals and objectives.
Change Management. The practice of managing changes to an organization's projects, processes, and products.
Financial Analysis. The practice of analyzing financial data to make informed decisions about investments, financing, and other areas of finance.
Business Process Reengineering. The practice of redesigning existing business processes in order to improve efficiency, reduce costs, and increase customer satisfaction.
Quality Assurance. The practice of ensuring quality standards are met in the development and delivery of products and services.
Cost Analysis. The practice of analyzing the costs associated with a project or product in order to determine its profitability and value.
Earned Value Management. The practice of measuring progress against predetermined goals in order to ensure that projects are completed on time and within budget.

Frequently Asked Questions

What is Project Portfolio Management (PPM)?

Project Portfolio Management (PPM) is a methodology used to strategically manage and coordinate an organization's projects, programs, and services in order to optimize the delivery of value. It involves the selection, prioritization, and coordination of projects in order to meet organizational objectives.

What are the benefits of PPM?

The benefits of PPM include improved visibility into an organization's portfolio of projects, better decision-making for resource allocation, increased coordination and collaboration across teams, and improved efficiency in project delivery.

How is PPM implemented?

PPM is typically implemented through a combination of processes, tools, and technologies. Processes include project prioritization, resource management, and risk management. Tools can include project management software, issue tracking systems, and time tracking systems. Technologies such as artificial intelligence and machine learning can be used to further optimize the project portfolio.

What metrics are used to measure the success of PPM?

The success of PPM can be measured by a variety of metrics, such as project delivery on time and within budget, cost savings from improved resource optimization, and return on investment from successful project completion.

What roles are involved in PPM?

The roles involved in PPM typically include a Project Portfolio Manager, Project Managers, Resource Managers, and Business Analysts. Each role has its own set of responsibilities related to the management and coordination of the project portfolio.

Web Resources

Project Portfolio Management - University IT tech.rochester.edu
(PDF) Strategic Project Portfolio Management: an Empirical ... www.academia.edu
Project, Program, and Portfolio Management: Whats the Difference? www.northeastern.edu