PPM solutions can improve the value your preferred project portfolio management framework provides. The intuitive advantage, readymade templates, etc. are too fascinating to deny. In this article at PM Column, Lindsey Marymont discusses 3 ways by which you can maximize benefits from PPM solutions.
Benefits of PPM Solutions
It is important that you know what these PPM solutions can provide you with. Identify the right candidate for your organization that could assist in leveraging the right talents for your projects. Following are the 3 ways you can maximize benefits from PPM solutions:
Ranking Projects as per Urgency: Several projects will be in the work pipeline and without project portfolio management those would be impossible to manage. So, prioritize projects using PPM solutions. With all project updates in one software, you can easily switch from one project to the other. Maintain transparency with stakeholders also becomes easier with improved visibility. PPM solutions allow you to communicate with team members and analyze early warning signs of projects. Because of real-time insights, you can make informed decisions and prevent risks that cause project failures.
Analysis of Portfolios: Efficiency in project portfolio management increases with PPM maturity. To find out where you stand in the maturity model, consult the following criteria:
- The Beginner Level: When you are new to this, you can manage an annual planning workup. The steering committee does all the decision-making. The members review your progress based on cost and schedule in quarterly or biannual assessments.
- The Intermediate Level: Your use PPM solutions to make strategic progress through product release iterations. Sometimes, executives evaluate your portfolios based on cost and value.
- The Advanced Level: You plan projects and portfolios based on their results. At this stage, you should also be able to review and update portfolios consistently without much intervention. The PPM value is measured based on efficacy and productivity.
Incremental Development Through Iterations: With the help of PPM solutions, you now progress towards project acceptance, prioritization, resource scheduling, and measuring performance KPIs. You can prioritize tasks that need to be delivered immediately. You also keep the team in sync with the corporate goals as well as continuously make efforts to scale up team capabilities.
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