Corporations with a large project portfolio, typically those with a dozen or more projects and a budget of $50 million and upwards, can’t rely on their project managers to handle the entire workload.
They need another employee to manage all the projects as a cohesive collection. This role is also known as a project portfolio manager.
Before we delve into the skills that make an excellent project portfolio manager, let’s take a look at what this role entails.
The project portfolio manager is the individual that oversees the entire investment and project portfolio of a corporation. They are responsible for ensuring the portfolio achieves its goals and that projects achieve a return on the initial investment.
They are also involved in approving and rejecting new project ideas.
So, what skills are the most ideal to thrive in the Project Portfolio Management (PPM) department? Keep reading to find out…
When you are the manager of a portfolio, it is your job to liaise with the different portfolio leaders, therefore, you should be able to communicate effectively. You need to let others know your thoughts and recommendations whilst ensuring everyone is on the same page.
Another vital skill you will need is decisiveness. Once you have collated all the necessary data and formed your own conclusions, you need to hone down on a set of investment recommendations. Make sure to trust your judgement whilst informing yourself of the potential outcomes.
As a portfolio manager, you need to be able to see the bigger picture. What are the possible scenarios and their outcomes? What will yield the best results? In order to succeed, you’ll need to have a profound analytical ability.
You’ll also need to factor in the impact of external events and how this may affect the project’s performance.
Having a competitive spirit will help you remain motivated within this field. Not only can you champion innovation, but you can also uncover new investment opportunities when you are constantly pushing yourself to be the best in the business. However, don’t let your competitive streak cloud your judgement.
To be the best in the portfolio management industry, you need to have a firm grip on reality and avoid being swayed by your emotions.
If you make decisions based on how you feel, you will drive down the performance of the fund. You need to rely on logic and analysis in order to prevent panicking and make the best investment decisions possible.
The project portfolio management business is an incredibly cutthroat and competitive market. The only way you will succeed in your endeavours is if you have a great grasp on the skills we have mentioned above.
All the largest projects require a large set of skills to help manage them, so make sure you have plenty of experience when demonstrating these competencies. Take every opportunity you can to learn and develop your knowledge within the portfolio management industry.