How to Achieve Agile Portfolio Management with the Help of Tempo Folio for JIRA

Tempo Folio for JIRA is built with agile teams in mind. It is easily customizable and flexible, just as working in the agile environment should be. Cost control, on the other hand, is often seen as an unpleasant necessity of business and rarely regarded as something that can be open and flexible, therefore making it seem “non Agile”.

So how does one achieve Agile Portfolio Management? There are many answers to this question, but here’s how Tempo Folio can help.

As we’re always preaching, Tempo Products are flexible, and they really are, trust me. Tempo Folio, for example, can be used to track financials in many ways.

flexibility graphic

Beyond budgeting

Although there are many best practices, there is no one size fits all for budgeting and with the movement towards adopting beyond budgeting techniques, it’s becoming more and more clear that different practices work better for different kinds of workplaces, whether it be because of industry, size, geographical location, or many other factors.

Tempo Folio users

For the primary users of Tempo Folio, here’s how Tempo Folio can make your financial project portfolio management a little more agile.

Product managers

For product managers or directors in charge of the development and budget of a product, efficiency and accurate data are on the list of top priorities. It’s important to deliver on time and within budget.

Portfolio managers

Portfolio managers or CEO/CFOs need a high level overview of the status of the product development and projects within the company without spending too much time finding that information. They want to know, at a glance, how things are going and if certain teams are over and under spending.

Agile portfolio management

So how do we make these jobs as agile as possible without throwing budgets and cost control out the window?

Here are some of the main goals of the agile project portfolio management roles:

Product ManagerPortfolio Managers
Create budgets for their team for each release or each quarter.Approve budgets for each team within the company.
Control and track the budget and costs of their product development per release or per quarter.Get rolled up financial data of all development and non-development teams throughout the organization.
Provide accurate information about the financial health of their product development.View the status of initiatives within the organization.
Revisit their required budget at regular intervals, either based on release or done quarterly.Get an accurate depiction of value streams within the company and revisit allocated resources at regular intervals based on this information.
Ensure continuous improvement and secure the necessary resources to do that.Focus on value streams rather than cost centers to ensure all teams are adequately funded to be successful, while maintaining profitability.

Set up Tempo Folio to achieve goals

Manage Team Budget

If you’re working in agile, implementing beyond budgeting principles, and the goals above align somewhat with your own, I suggest setting up your Tempo Folio instance along the following lines.

  • Product managers (or any team lead in charge of their budget) are the owners of their own folios.
  • The product manager creates a folio (project) for each release or quarter. Learn how to create a folio here.

For development teams working with SAFe release trains, it might make sense to make a folio for each release and use story points to establish the estimated work effort. For non-development teams, it might be better to track budgets on a quarterly basis.

  • This user would then organize all of those folios in a portfolio for their product/ team for the entire year to get an overview of health and progress over time. For more information on how to define portfolios, here’s a video.
  • Portfolio managers or CFO/CEOs can easily access these portfolios on a high level and even organize them into higher-level portfolios for the entire company to get a bird’s eye view of the health of all initiatives in real-time.

The possibilities are endless

This is just one way two of the primary roles in your company can move towards a more agile portfolio management strategy.

Since agile is all about being flexible and re-visiting things regularly to continuously improve, I suggest trying out this set up and seeing how it works. If you can find a better way, revisit it and tweak it as needed. After all, that’s the agile way.

Need more training to get your Tempo Folio set up up and running? Watch our training videos or sign up for a webinar.

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Happy budgeting adventures, the Money Llama

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Marta is one of Tempo's superhuman Product Marketing Managers, in her case a llama. When not writing, promoting, and optimizing she enjoys running with her dog and drawing imaginary creatures.

2 Responses

  1. Lesa King says:

    When will Tempo Folio be available for Cloud (the most recent post I can find id from January and just claims “soon”)? We, Arizona State University, have a 2000 user instance of JIRA Cloud and are interested in replacing our Planview product with the 3 Tempo products, Timesheets. Planner and Folio.
    We are at the point now of requesting trials of Tempo and other products to run parallel trials on. Without Folio in the mix, I am afraid Tempo will not fair well in this test and, as the mail JIRA Administrator and BA on many agile projects, I believe it is the best product for our needs. Is there a beta version we can use in the trial? Is there anyone I can talk to?

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