Project Portfolio Management

Project Portfolio Management: The Natural Evolution of Project Management

Project management has it’s place, but as projects become bigger, resources become more geographically diverse, and executives push for faster and cheaper, it becomes harder to keep projects on time and within budget. As this pdf by Systems Evolution, Inc. shows, a 2009 Standish report found that only 32% of projects were considered successful, and 24% were seen as failures. The solution, according to the pdf, is project portfolio management. Project Portfolio management inforces the proper use of resources, employees, and timeframes to help managers get a healthy queue of work established and deadlines met. As the pdf explains: The potential application of PPM is infinite for the life of the enterprise and provides the strategic methods for analyzing and managing groups of concurrent projects. Although PPM shares similar objectives and fundamentals with project management, the attention is focused on the strategic viewpoint of the organization’s business and/or technological goals. These goals have to be carefully considered when addressing project prioritization/sequencing, risk/resource management, standardization, and communication. The pdf goes on to explain how to tell if your organization is ready for PPM, and how to implement PPM if you believe that it is. The elements that PPM brings to an organization (including a more robust change management process, project prioritization, and effective resource management) can help steer the organization to desired results, in particlular an expansion of collective wisdom through lessons learned. Furthermore, PPM encouranges standardization of processes and optimized resource utilization. All in all, PPM has the potential to save money, increase productivity, and align IT to the business effectively.

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