You need feedback. It doesn’t matter how good your process is to start off with. You need feedback on what’s working and what isn’t. With feedback you can continually improve. Without feedback you are either shooting in the dark, or sticking with a process that will, inevitably, become outdated. Collecting, and acting on feedback is more relevant than how effective your process is to start off with.
That’s why feedback is the single most important aspect of any project portfolio management system. Are you getting enough feedback, and what are you doing with it when you get it?
Any student of process can learn so much from Toyota, and this book is a great resource. Even if you are focused on projects, portfolios and not process, Toyota’s concepts can be enlightening. One of my favorites is the notion of waste (muda) and how broadly it is defined, for example failure to capitalize on employee’s ideas is viewed as a form of waste. I think that’s a fascinating concept and another is the idea that any turning of a bolt that doesn’t serve to tighten it is a form of waste. Again, an interesting concept. Toyota’s method is littered with this thinking. Worth reading about if you haven’t already.