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Portfolios and Portfolio Management
Transcript
Welcome aboard the Knowledge Train. In this podcast, we explore insights and tips to help you manage your way to success in your career and business. I’m Simon Buehring, your conductor on this journey to knowledge, and I’m thrilled to have you with us today.
Today’s episode uncovers valuable insights into portfolio management with Ipek Sahra Özgüler, an experienced project portfolio manager at TAV IT. We’ll discuss the strategic importance of portfolio management and how it serves as a bridge to achieving organisational objectives.
To begin, Ipek explains portfolio management as defined by the PMI’s Standard for Portfolio Management. It involves the coordinated management of portfolios, comprising programs, projects, and operations, to achieve strategic goals. The three process groups are Defining, Aligning, Authorising, and Controlling, and there are five essential knowledge areas. These areas highlight the importance of strategic management, governance, performance, communication, and risk management within portfolio management.
Ipek shares her journey into portfolio management, emphasising its vital role in aligning limited resources with strategic objectives. She realised that delivering the right projects on time and within budget is crucial for organisations. Portfolio management acts as a bridge connecting strategic objectives to projects and operations, which led her to choose it as her profession.
For aspiring portfolio managers, she suggests progressing from project management to program management before stepping into a portfolio role. Training courses like PRINCE2 for project management and MSP for program management can equip you with necessary skills.
The responsibilities of a portfolio manager include ensuring the organisation is doing the right work to achieve strategic goals. They guide the identification, evaluation, and prioritisation of portfolios and maintain alignment with strategic objectives. Monitoring performance, managing strategic changes, and producing reports for decision-making are also key responsibilities.
Ipek highlights the difference between portfolio, program, and project management. While project and program management focus on doing work right, portfolio management is about doing the right work. She envisions a future where portfolio management becomes even more critical as organisations navigate rapid changes in technology and business environments. By integrating strategic goals with current operations, portfolio management helps organisations reduce risks and increase returns on investment.
The connection between portfolio management and strategic management is vital. Strategy sets the direction for the future, while portfolio management integrates present operations with future goals. Ipek advises those considering a career in portfolio management to “think big” and develop a mindset focused on the bigger picture. Her extensive experience across various industries has provided her with valuable insights into effective management practices.
Thank you for joining us on the Knowledge Train as we explored portfolio management insights with Ipek Sahra Özgüler. Don’t forget to subscribe for more insight-packed episodes, and swing by the Knowledge Train website for resources galore. Until the next episode, keep learning, keep managing, and I’ll see you further down the track. Goodbye!