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Project Portfolio Management

03 Dec

Project Portfolio Management (PPM) is more than running several projects under one umbrella, as each portfolio needs to be assessed in terms of business value and strategy of the organization.

Video: Develop an Effective PPM Strategy, Featuring: Barry Cousins, Info Tech RG

What is Project Portfolio Management (PPM):

Organizing and managing projects and programs as a portfolio of investments that contributes to the entire organization’s success.  Portfolio management focuses on meeting strategic goals, while project management emphasizes on tactical goals.

Success from Project Portfolio Management:

  • Better project planning
  • Varies projects in the organization (project size/goals)
  • Balance risks
  • Helps to align resources with business requirements
  • Less failed projects
  • Align projects with your organization’s goals
  • Helps to marry up the cost and resource effort with the project schedule
  • Decreased chance of missing out on business opportunities (Delays in time-to-market for new products, applications, services or IT initiatives)
  • Better investment decisions by helping to select & analyze projects from a strategic perspective

Steps to Develop a PPM Strategy:

  1. Clarify Goals
  2. Align Processes with Goals
  3. Select tools based on organization’s processes
  4. PPM Strategy Development Tool

Skills for PPM Organizer:

  • Strong financial and analytical skills
  • Experienced project management skills
  • Good business background
  • Ability to understand how projects and programs can contribute to meting an organization’s strategic goals

PPM Features To Consider in Your PPM Software Selection:

  • Project Evaluation Process
  • Cost/Benefit Measurement & Tracking
  • Schedule/Progress Reporting (Real-time enterprise reporting and support for ad-hoc queries)
  • Dashboards Used for Communication to enhance visibility & maintain compliance (Top-down portfolio planning that interfaces with bottom-up project plans)
  • Resource & Capacity Planning

PPM Example Software Solution:

What PPM Software or Tools do you use to increase your Project Portfolio success in your organization?

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