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Beginners Guide to IT Portfolio Management: 6 Tips

The project portfolio management (PPM) is a process familiar to the project managers and PMOs. PPM helps in analyzing the return on a project by uniting and organizing every bit of data for a proposed and ongoing project.

In this article at Thinking Portfolio, the author shares some productive tricks for the PPM beginners to ease their way. The PPM managers are responsible for predicting and analyzing risks for the companies aiming to invest in a new project.

Mitigating Risks

The process of PPM gives flexibility of foreseeing and identifying the potential risks and taking the right decisions to surpass those risks. It helps an organization manage risks and allows the teams to estimate the potential delays to mitigate those risks. If you are a beginner in PPM, here is a list of helpful tips to make the best decisions for your company and extend tangible results:

  1. Choose Process Over Methodology: Being static in nature, the methodologies also become outdated soon in PPM. Therefore, give attention to the PPM processes and practices over methodology. Also, the PPM process must include the ‘cause-effect’ analysis of the intended functions.
  2. Constant Review & Improvement: Ensure to have an overseer who can regularly monitor and review the improvements in the best PPM practices and processes. Execute periodic review and feedback meetings to regulate improvement of best practices and processes. Choose people-oriented processes to improve consistency and efficiency in knowledge sharing.
  3. Do Not Let a Problem Crop Up: Establish a process that is constantly monitored by a PPM process owner. Constantly encourage them to find much-rationalized ways to improve the existing methods. Look for unidentified issues that may crop up and streamline a strategy to resolve it in advance.
  4. Do Not Adopt New Process: Adopting a new process that is fast gaining popularity in the market may not be feasible for your portfolio. It is essential to find out a process that extends beyond the industry standards.
  5. Create a Secure Space: The PPM beginners must create a safe place to keep the confidential project documents and information. Also, they must never tell anyone about this safe space.
  6. Create New Processes: Most of the beginners are likely to provide features and functions for collaborations in the PPM processes. Some organizations want them to use the existing platforms for enterprise collaboration instead of placing information in additional repositories. Therefore, try and create a new tool or process for collaborated work to effectively manage multiple projects. It will improve the workflow and efficiency of the organization and lead to better management of the project portfolio.

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