Project Portfolio Management (PPM) is a set of techniques and processes used to analyze and manage a company’s projects and resources. It is designed to help organizations prioritize, allocate, and manage their resources to achieve their strategic objectives. It is also used to identify, evaluate, and select projects that are best suited to the organization’s goals.
Project Portfolio Management (PPM) is an important tool for organizations of all sizes, as it helps them to plan, prioritize, and manage their resources in a more efficient and effective manner. It is typically used to identify, evaluate, and select projects that are best suited to the organization’s goals and objectives.
PPM involves a variety of processes and techniques, such as project selection and prioritization, resource allocation, and project tracking and monitoring. It is important to note that PPM is not just about selecting and prioritizing projects; it also involves managing resources, such as personnel and financial resources, to ensure that projects are completed on time and within budget.
PPM is typically implemented using software tools and processes. These tools help to automate the process of project selection, resource allocation, and project tracking and monitoring. The software tools can also be used to generate reports and to track the progress of projects.
Project Portfolio Management (PPM) has several key features that help organizations to manage their projects and resources more effectively. These include:
As an example, a company may use PPM to identify, evaluate, and select projects that are best suited to its goals and objectives. It can then use the software tools to allocate resources, such as personnel and financial resources, to ensure that the projects are completed on time and within budget. Finally, the software tools can be used to track and monitor the progress of the projects and to generate reports that provide an overview of the progress of the projects.
Project Portfolio Management (PPM) has several advantages and disadvantages.
Advantages:
Disadvantages:
Project Portfolio Management (PPM) is closely related to other project management tools, such as project scheduling tools, risk management tools, and cost management tools. These tools can be used in conjunction with PPM to ensure that projects are completed on time and within budget.
Project Portfolio Management (PPM) is an important tool for organizations of all sizes, as it helps them to prioritize, allocate, and manage their resources more effectively. It is important to note that PPM is not just about selecting and prioritizing projects; it also involves managing resources, such as personnel and financial resources, to ensure that projects are completed on time and within budget. PPM is typically implemented using software tools and processes, and should be used in conjunction with other project management tools to ensure successful project delivery.