This post by Bruce McGraw discusses some of the considerations that go into enterprise project management, project portfolio management, and the tools that a company can use to facilitate success with both. McGraw explains how important it is to get exactly the right tool for your organization, as getting a tool that doesn't match your needs (or the needs of EPM and PPM) can result in much more expense and time than not using a tool at all. McGraw cites a general need that all tools need to work for the entire lifecycle:
I believe that EPM and PPM applications must support individual projects and programs, as well as the larger enterprise. That means I want an EPM/PPM tool suite that allows “cradle to grave” tracking for projects, from selecting, planning, and scheduling, to status tracking, sharing, resource management and storing project artifacts. Project and program managers should be able to easily view information by portfolio, project, work site and resources. They should also be able to compare task schedules across multiple projects and for individuals. (I call this accountability.)
Other considerations include how easy the tool is to use and integrate into the organization that will be using it. As with the implementation of any application or tool, the CIO needs to consider the amount of training and continuing support involved: are you getting a tool that requires.