According to numerous studies, 80% or more of new products fail, and Strategic Portfolio Management aims to improve the odds of success and the returns on successful products & innovations. SPM is 'doing the right projects,' vs. the operational view of 'doing the project right.'
Operational tools fall short in supporting decisions about where and how much to invest to optimize the value of project and product portfolios. To optimize decisions that drive top-line and bottom-line value, companies need to consider three distinct areas: economic, resources and process.
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Economic – the What: selecting the most promising projects in which to invest, allocating resources, and developing a balanced risk vs. reward portfolio.
Resources - the Who: achieving StageGate goals, allocating and managing human resources, budgeting and day-do-day project management.
Process - The How: the project/portfolio management process from ideation and concepts to commercial launch.