Today we have come a long way ahead. We humans have developed a lot and already done a lot of development. There is no way that our society can ignore business. Business is really important and it is doing all the good things for us.
There are a lot of companies which run their business and it is obvious that when business of any kind is run, there are different projects as well which are run by the particular company. This is true because projects of every kind are important for a particular company.
Project Portfolio management
In such scenario when projects are really important for a company project portfolio management also becomes important. Before going ahead it is firstly really important to understand that what is project portfolio management?
This question really becomes important because this thing is directly related to the goals of the company and in this way it is priority for any organization working in a number of projects all the time.
In very simple terms ppm project management term is related to different projects on ongoing in a company.
When a company is working on a number of projects then it becomes important for the company to manage project portfolio which helps the company to assemble the assignment and set the projects with their company goals.
More about project portfolio management
If we talk more then ppm project is a kind of process used by project managers to analyze the potential return in undertaking a project. By using the data and facts related to every project, project managers provide business analysis for companies looking to invest in new projects.
This is all possible only when project portfolio management is done in a right way by the company. Every set of information is acquired by the company while going project portfolio management.
Project Portfolio management Goal
Now after we have understood how important is project portfolio management, it is time to talk about the objectives of Project Portfolio management in a brief manner. So following are the objectives of this ppm process.
- Under ppm there is need to create a descriptive document which contains vital information about the project. This information is like name of the project, estimated time frame for completion of project, cost of project and business feasibility and objectives of the project. So this is one of the most objectives of ppm.
- The last and very important objective of ppm is to select team players who will work towards achieving the project’s objectives.
Advantages of project portfolio management
After discussing objectives of ppm it is also important to discuss benefits of ppm process. So following are benefits of ppm process.
- Project Portfolio management ensures that project running have certain objectives and these are completed as well by the project which bring a good change in the company.
- Greater adaptability towards change is brought by ppm process in a particular organisation.
- Ppm process also helps in constant reviewing and close monitoring of the project to bring high returns out of it. This will help the organization a lot.
- Another benefit is clarification of dependencies is easier to identify. This will reduce inefficiency and eliminate it from occuring.
- Project Portfolio management gives the company headstart and advantage over other companies as all the projects will be under consideration and performance and results will be accessed on regular basis. In this way competition advantage is there with the use and help of Project Portfolio management.
- Project Portfolio management also assist to concentrate on the strategies which will assist in achieving the targets and not only focusing on the project completely. This is a big perk of Ppm.
- Organizational objectives is done with the assistance of both information technology and business projects related to a large enterprise.
So these are some of the best benefits of Project Portfolio management process all the time. All these benefits justifies Project Portfolio management process for every type of organization.
Project Portfolio management tools features
There are different types of tools which she used for Project Portfolio management process. Following are some of the important features of these tools.
- A proper and step by step way to evaluate the projects.
- Resources need to be planned.
- perks and costs need to be kept on track.
- Undertaking cost benefit analysis.
- progress reports to be schedule
- Access to information all the time and when it is required.
- All the related information to the project will be processed by communication mechanism.
These are some of the most important features of project portfolio management process.
Techniques used to perform ppm
There are different techniques which are used to preform or support Project Portfolio management process. However there are three types which are really important ones.
Following are those three techniques.
- Heuristic model
- Scoring technique
- Visual or Mapping techniques
PPM process is very significant for project Managers
This is very true that PPM process is very important for project managers. For a project to work without any hiccups, PPM is very necessary and this thing must be kept in mind by Project Managers.
PPM helps the Project Managers to allocate proper resources for projects not working properly and also access to get performance of all the projects in accordance to organization objectives and expectations.