Many companies – especially smaller, less formal ones – practice "project portfolio analysis", or project portfolio management, but do not necessarily call it that. In some cases they might call it program management, if the set of projects they are reviewing are geared to support some sort of focused program. In larger companies, there is usually a well-established capital budgeting system in place. There are formal processes by which projects – at least over a certain size threshold – are approved. Departments and smaller areas often work below the radar screen established by that threshold, and they often work a bit more like smaller businesses. But, whether large, small, or in between, all companies would benefit by some level of formality in the project portfolio management process.  I think what would be important in a formal process, even for smaller companies, is this: Â
1. Develop a data store to hold all of the projects in the same format. This could be a simple as a spreadsheet. It does not need to be developed perfectly the first time; it can be developed as you go.
2. Establish definite criteria for analysis, such as ROI, strategic focus, resources required, size of project, etc. Incorporate the criteria into columns in the spreadsheet. Be sure it is information that really has meaning to you, and that you will be able to assign meaningful values for your projects.
3. Establish parameters annually on what you are looking to achieve, how much is budgeted for these projects, and what you expect broadly in terms of numbers of projects, total expenditure, average project size, and other variables. These again should relate to the variables identified in #2.  This is at least a very simple approach to begin practicing project portfolio management in a formal way.  If more formality is needed, it will evolve naturally over time.
John Reiling, PMP Project Management Training Online Lean Six Sigma Training Online
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