Maintain the communication strategy and plan by evaluating current communications capabilities, identifying gaps, and documenting communications plan to meet stakeholder requirements.

A key element of successful portfolio management is maintaining a robust communication strategy and plan. This process involves evaluating current communications capabilities, identifying gaps, and documenting a comprehensive communication plan that aligns with stakeholder requirements. Being certified as a Portfolio Management Professional (PfMP) signals your advanced competency in coordinating and managing multiple projects, or a portfolio of projects, to achieve organizational goals.

II. Evaluating Current Communications Capabilities

One of the aspects of a successful PfMP is the critical competency of evaluating the current communication structure within an organization. This involves gaining a clear understanding of the channels of communication, and the efficiency with which critical information is exchanged, while highlighting any redundancies and inefficiencies. Key factors to evaluate include: levels of understanding the project goals, the dissemination speed of critical information, and the effectiveness of existing lines of communication.

For example, a PfMP professional might evaluate a company’s email system. While it might be a long-established and widely used tool within the organization, if email is being used as the sole method of communication for all types of tasks and issues, it might not be the most productive or efficient.

III. Identifying Gaps

Whilst evaluating the current communication system, a Portfolio Management Professional also identifies gaps in the existing communication strategies. These gaps often present opportunities for improvement and optimization. A gap might be a significant segment of the team or stakeholders being left out of the communication loop, late or missing information flow, or lack of active communication from leadership.

For instance, if the PfMP professional finds that critical project updates are not reaching all team members, or certain stakeholders are not updated promptly, there is a clear gap in communication. This failure could negatively affect project outcomes and stakeholder satisfaction.

IV. Documenting Communications Plan

After evaluating current capabilities and identifying gaps, a PfMP professional is tasked to develop and document a communication plan that addresses these gaps – ensuring that all stakeholders are efficiently and effectively informed. This communication plan includes details such as the goal of each message, the intended audience, the timing and frequency of communication, and the methods or channels for information dissemination.

For example, suppose it was found that high-level project updates were not reaching the board members timely. In this case, the PfMP professional might create a communication plan that includes monthly briefs for the board, delivered through a concise digital dashboard, highlighting key portfolio metrics.

V. Meeting Stakeholder Requirements

A fundamental dimension of a well-crafted communication plan is that it suits the requirements of all relevant stakeholders. To achieve this, a PfMP professional must understand what each stakeholder group needs regarding communication – their preferred timing, level of detail, method of delivery, and other specific needs.

Suppose there was a developer team working on multiple projects in the portfolio. In that case, they might require frequent, detailed technical updates, but the company’s leadership might prefer overview updates with significant milestones and financial aspects. A successful communication strategy accommodates these diverse needs, demonstrating the PfMP professional’s skill in managing a balanced, comprehensive communication strategy.

In summary

Maintaining the communication strategy and plan involves systematically evaluating current communication capabilities, identifying gaps, and formulating a plan that meets diverse stakeholder requirements. As PfMP professionals refine and implement these strategies, they significantly enhance portfolio management’s effectiveness within the organization.