Should you be looking at increasing your project portfolio efficiency and effectiveness be manifest on what you need to focus on.
I experienced a situation recently where motivation for project collection management was limited enrolling. True, resource management is integral to portfolio management but broaching a limited resources problem with a portfolio management solution is overkill.
You will find two things that project portfolio management aims at: alignment and contribution. 'Alignment' refers to aligning strategic objectives to investments, to projects and finally to resources. 'Contribution' means ensuring the benefits associated with the project as layed out in the industry case are understood.
Resource management, on the other hand, involves placing the right type and amount of resources where they need to be, for the right period of time. It assumes that decisions around what projects to do, over what duration, have already been made.
There's a major difference between the two management activities. The most striking of those is the scope.
Portfolio management involves linkages between business strategy and execution. This kind of requires a very different set of skills than what you'd expect from a resource manager. This also requires continuous monitoring of project performance and risk indicators in order that the investment is protected.
Resource management is restricted to resources not business decisions and not project health reporting.
In the event that business decisions have recently been made to proceed with several projects, in addition to not enough resources to execute these projects in enough time structures expected, then there is certainly detach between the strategy and execution arms of the business enterprise. Either the total budget is not sufficient to support the combination cost (in conditions of resources) of the projects, or the business cases have understated the amount of resources required. This is a problem portfolio management can resolve because it ensures projects are picked and prioritized based on total budget and resources available. Resource management will tell you to work with more people.
Today many organizations are faced with having to achieve more with less. Almost always there is a strain on the reference pool in getting all work. Targeting the condition of resource management by broaching assignment and allocation with a definite process, a skills inventory and a focused mandate can improve the efficiency and effectiveness of the overall project collection. It may well not solve the condition of pushing too much work into the canal, but it will spotlight disconnects between an ideal decision to proceed with projects and the capability to execute on these decisions.
It's a great very first step to introducing or bettering project management.