March 18th, 2021 in Project Management
Project Portfolio Management (PPM) is a big picture view of all projects grouped together. PPM uses cross-comparisons of inter-related projects from past, present, and future to calculate the optimal prioritization and sequencing of the projects to maximize the return on investment.
Project Portfolio Management is the centralized management of all project portfolios to achieve strategic objectives by leveraging past knowledge to increase efficiency, bridge gaps between strategy and implementation, as well as execute projects successfully.
Project Management is defined with a beginning and an end, a scope, and resources. As well the Project manager focuses on planning and managing individual projects, such as reporting, risks, and resources.
Portfolio management is a collection of projects grouped together in a centralized management platform to achieve a larger overarching goal.
Having a collective view of all ongoing projects with high-level information is key for Project Portfolio Management. The image above is an example of this view.
When looking at Software for Project Portfolio Management some of the larger things you need to look for are:
For this, we would recommend Slenke, as it’s able to manage your entire portfolio, track all data with ongoing projects with an easy-to-use user interface where all users can communicate seamlessly with each other.
For our complete list of top project management software check out our blog post here: https://slenke.com/blog/best-project-management-software/
The next step will be to perform an alignment analysis, and that will show you whether your critical resources are working on critical projects and if other projects are worth carrying based on your strategic initiatives. Some guiding principles are:
Once you have rolled out your PPM Strategy it can be difficult to know what to expect, so here are a few tips for success:
Project Portfolio Management (PPM) is the combination and analysis of all previous, ongoing, and future projects within the organization, and it is key for long-term company growth.
Success in Project Portfolio Management lies in proper tracking of data, communication, collaboration, and analysis of data.
We hope this guide will be of good use, and if you are interested in more Slenke content don’t forget to subscribe to our blog to keep up to date with Slenke news and more insightful resources for project management.