Key Agile Portfolio Management Methodology

In the current era, agile has become everyone’s buzzword, and it is used to manage projects in the most effective way possible. More and more businesses have flocked towards the agile project management approach as they have understood its effectiveness with time. Understand The Different Between Waterfall vs Agile Methodology.

After the advent of agile in almost every industry, people have started realizing the loopholes of the traditional project management approach. Although everyone taking care of a project can use the agile portfolio management approach, some particular fields like management and software development can harness most of its benefits.

So let’s explore a bit more about agile portfolio management methodology through this blog post.

Understanding the agile approach

When it comes down to agile, the whole focus is on the test, learn and adapt approach, and this has proved to be highly effective for projects of every size and type. In addition to this, in the agile approach, the concept of decentralized control is given preference instead of using the traditional centralized control approach.

With the help of rapid feedback loops, the portfolio managers can analyze a given project, and they also check how these different projects align with the primary strategic approach. The portfolio managers also get involved in discussions with team leaders and other important stakeholders of the project. They come out with small experiments that will help in the proper evaluation of the project.

So, instead of just narrowing down the focus on a highly detailed roadmap, the agile approach involves planning on various levels and distributing the power among different team members. This results in financial reallocation on experiments, and thus the results are better than the traditional project management outcome.

The main aspects of agile portfolio management

There are many different aspects of an agile approach that make it stand out from the crowd, and this is the main reason it has proved to be effective in the modern era where project needs are very diverse. Here are some of the essential pillars of the agile approach.

#1 Transparency

If you are not able to maintain transparency in your organization while running a project, then you will not be able to survive, especially when the business environment is changing rapidly. When you are using the agile approach, you will have to focus on a shared goal for everyone who is a part of the team, and this will need to be followed from both project management and strategic point of view.

#2 Experimentation and prioritization

The concept of rapid experimentation is the heart of an agile approach, and this is why you will have to focus on it. To know whether a given project should be pursued or not, you will have to start running tests and experiments to deal with the validation process.

The main motive behind experimentation and prioritization is to gather data before making any significant comment quickly, and this is why you will never have to deal with a disaster while using the agile approach.

#3 Alignment

To build a strong portfolio, you will need to align the most crucial firm objective to the project you have selected for execution, and this is what the agile approach has to offer you. In the agile approach, the main focus is on feedback loops, which can be applied globally.

The main idea behind this type of approach is to make sure that you have a proper network of short-term planning and understanding the project on different levels.