There are often several projects in hand, but not enough resources to complete them in time. Even though these projects might be approved they cannot be initiated due to paucity of funds. Though a portfolio might be worthwhile, lack of resources prevents it from being initiated and completed. Under such a circumstance, reworking on your portfolio becomes imperative so that projects could be prioritized.
Broadly, there are two stages in rationalizing of projects with each stage being further subdivided into multiple sub-stages. For a manager, it is important to follow each of these stages and sub-stages for complete rationalization of portfolios in hand.
Stage I – The Preparation
In a preparatory stage, it is essential to understand your company’s business plan fully in both short and long runs and the resources available to meet these plans. For any organization, there are several plans at any point of time and you need to implement them according to their priority. For execution of these plans, an assessment of available resources is essential. In case of scarcity, these resources are needed to be realized.