Project portfolio management – what is it good for? Well, for starters, it increases project, resource, and application ROI. In general, it helps your business run more smoothly and enhances delivered value to customers by prioritizing requested work. Tushar Patel, writing for PM Hut, convinces us to adopt three core principles for choosing PPM solutions and vendors.
3 PPM Solution Principles
- Top-down portfolio approach
- Focus on resource management
- Internal implementation & integration team
Execution is the most important way to demonstrate business value. However, no matter how hard you fire the proverbial cannon, you won’t hit the target if you don’t aim! That is why a top-down strategic approach to PPM matters. It starts with organizational goals, and then works down to the execution of projects and tasks. Phrased differently, focus first on the “right work at the right time;” worry about executing on time and on budget secondly.
Resource scarcity, coupled with a mandate to execute a project at all costs, paints portfolio managers into a corner. Efficiency, therefore, is imperative. Even small gains in cost savings or increased alignment can have huge organization-wide impacts over time. If you’re going to do resource management right, you’ll need to satisfy the following three additional criteria:
- Predictive planning
- Adaptive execution
- Tracking / measuring
Third, the implementation of PPM software is equivalent to a change management process. That’s right. You’ll not only be integrating software, but you’ll be melding people too. Remember the phrase, “Culture eats strategy for breakfast,” and you’ll understand why it’s often necessary to involve a service organization in the change process. Additionally:
… a few things to look for would include an experienced team, an approach that starts with learning about your business challenges, an implementation process that follows a plan-configure-deploy approach, and vendors who provide services in a fixed-bid approach – so you do not get nickel and dimed down the line.
Although no silver cannonball exists for PPM implementation, the principles stated above should act as useful guides. Ready, aim, fire!
Read the original post at: http://www.pmhut.com/selecting-a-project-portfolio-management-ppm-solution-three-key-criteria