What is a Project Portfolio Manager Job?
Project portfolio management refers to the process of managing a company's project portfolio. This involves identifying, prioritizing, and managing a set of projects that will contribute to the success of the organization. A project portfolio manager is responsible for overseeing the project portfolio management process. They work closely with project managers, stakeholders, and executives to ensure that projects are aligned with the organization's strategic goals and objectives.
As a project portfolio manager, your role is critical to the success of the organization. You will be responsible for ensuring that all projects are completed on time, within budget, and to the required quality standards. You will also be responsible for identifying and mitigating risks, managing resources, and ensuring that all stakeholders are informed about the progress of each project.
What do Project Portfolio Managers Usually Do in This Position?
A project portfolio manager is responsible for managing a company's project portfolio. This involves a range of tasks, including:
-Identifying and prioritizing projects that will contribute to the organization's strategic goals and objectives
-Working with project managers and stakeholders to develop and implement project plans
-Ensuring that projects are completed on time, within budget, and to the required quality standards
-Identifying and mitigating risks associated with each project
-Tracking and reporting on project progress to stakeholders and executives
-Managing resources, including personnel and budget
-Ensuring that all stakeholders are informed about the progress of each project
Top 5 Skills for the Position
As a project portfolio manager, you will need a range of skills to be successful in this position. The top five skills for this position include:
1. Leadership: As a project portfolio manager, you will be responsible for leading and managing a team of project managers and other professionals. You will need to be able to motivate and inspire your team to achieve their goals.
2. Strategic Planning: You will need to be able to identify and prioritize projects that will contribute to the organization's strategic goals and objectives. You will also need to be able to develop and implement project plans that align with the organization's strategic vision.
3. Communication: You will need to be able to communicate effectively with a range of stakeholders, including project managers, executives, and other professionals. You will need to be able to communicate project progress, risks, and other issues in a clear and concise manner.
4. Analytical Skills: You will need to be able to analyze data and information to identify trends, risks, and opportunities. You will also need to be able to make data-driven decisions that will contribute to the success of the organization.
5. Project Management: You will need to have a strong understanding of project management principles and methodologies. This will include knowledge of project planning, risk management, budgeting, and resource management.
How to Become a Project Portfolio Manager
To become a project portfolio manager, you will need to have a range of skills and qualifications. Typically, you will need to have a degree in business, project management, or a related field. You will also need to have several years of experience working in project management.
Many project portfolio managers also hold professional certifications, such as the Project Management Professional (PMP) certification. This certification is offered by the Project Management Institute (PMI) and demonstrates that you have the knowledge and skills required to manage projects effectively.
To advance your career as a project portfolio manager, you may also consider pursuing a master's degree in project management or a related field. This can help you develop advanced skills and knowledge that will be valuable in this position.
Average Salary
The average salary for a project portfolio manager in the United States is approximately $120,000 per year. However, this can vary depending on a range of factors, including your level of experience, your qualifications, and the location of the job.
Roles and Types
There are a range of roles and types of project portfolio managers. Some project portfolio managers may work in-house, while others may work for consulting firms or other organizations. Some common roles and types of project portfolio managers include:
1. In-House Project Portfolio Manager: This type of project portfolio manager works for a single organization and is responsible for managing that organization's project portfolio.
2. Consulting Project Portfolio Manager: This type of project portfolio manager works for a consulting firm and is responsible for managing multiple clients' project portfolios.
3. IT Project Portfolio Manager: This type of project portfolio manager specializes in managing IT projects and is responsible for overseeing a company's IT project portfolio.
Locations with the Most Popular Jobs in USA
The most popular locations for project portfolio manager jobs in the United States include:
1. New York, NY
2. San Francisco, CA
3. Chicago, IL
4. Houston, TX
5. Boston, MA
What are the Typical Tools
There are a range of tools and technologies that project portfolio managers may use in their work. Some of the most common tools include:
1. Project Management Software: This includes software such as Microsoft Project, which is used for project planning and scheduling.
2. Portfolio Management Software: This includes software such as Planview, which is used for managing project portfolios.
3. Business Intelligence Software: This includes software such as Tableau, which is used for data visualization and analysis.
4. Collaboration Software: This includes software such as Slack, which is used for team communication and collaboration.
In Conclusion
Project portfolio management is a critical process for any organization that wants to achieve its strategic goals and objectives. As a project portfolio manager, you will play a key role in this process. To be successful in this position, you will need a range of skills, including leadership, strategic planning, communication, analytical skills, and project management. With the right skills and qualifications, you can build a rewarding career as a project portfolio manager.