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Correct Answer: both descriptive and prescriptive abilities
the ideal portfolio dashboards are those that encompass both descriptive and prescriptive capabilities. descriptive abilities refer to the dashboard's capacity to accurately and clearly present data regarding the current state of the portfolio. this includes visual representations such as charts, graphs, and tables that display key performance indicators (kpis), project statuses, resource allocations, and financial metrics. by effectively summarizing this data, stakeholders can gain a comprehensive understanding of the portfolio’s present condition without the need to delve into the granular details of each project or program.
beyond merely depicting current data, the best dashboards also incorporate prescriptive abilities. this aspect involves providing actionable insights and recommendations based on the data presented. prescriptive analytics uses advanced techniques, including machine learning and predictive modeling, to forecast future trends and outcomes. it then suggests decision options to optimize the strategic goals and objectives of the portfolio. for instance, if a dashboard predicts a potential shortfall in resources for upcoming projects, it can recommend adjustments in resource allocation or prioritization of projects to mitigate risks.
to be truly effective, these dashboards should integrate tools and techniques that facilitate both these abilities. this might include data aggregation tools to ensure data quality and relevance, analytical tools for processing and interpreting data, and user-friendly interfaces that allow users to interact with the data, delve deeper into analytics, or simulate different decision scenarios. the integration of these tools enhances the decision-making process, making it more informed and aligned with the strategic goals.
furthermore, the components of the dashboard should be aligned with the portfolio’s strategic objectives. this means that the projects and programs included should be relevant to the overarching goals of the organization. the dashboard should help in tracking their progress and impact on the product or service being developed, thereby ensuring that all initiatives are contributing to the business’s success.
in conclusion, the best portfolio dashboards are those that not only describe what is happening within the portfolio but also provide insights into what actions should be taken to align with long-term strategic objectives. by combining both descriptive and prescriptive capabilities, these dashboards serve as critical tools in effective portfolio management, aiding organizations in making data-driven decisions that enhance performance and competitive advantage.
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