All companies need to innovate. But exactly what innovation projects should one choose to launch among all potential new or improved products or services? And what projects show the best fit with company strategy? That is the challenge that was presented in the Portfolio Management workshop.
The workshop
- The scenario was a fictitious company who just acquired new owners who naturally have a new strategy and new goals.
- The task of the management team, that the participants are part of, was to build on the existing product portfolio and prioritize on-going business projects to meet the new direction.
- The management team had a number of tools that helped visualize the current situation and to formulate the way forward.
Result
- During the workshop, participants increased their knowledge of portfolio management and its context.
- How day-to-day activities can better realize strategy.
- Connections between idea, project and product portfolios.
- Resource prioritisation (or allocation) and the fact that all projects cannot or should not be implemented.
- The need for a balanced and long-term portfolio.
- Operations risk management in relation to the portfolio value.
- The use of both qualitative and quantitative analysis.
- The communicative power of visualizing an often abstract portfolio approach.