Project portfolio management (PPM) is a technique that can help project managers and PMOs to better plan, execute, and manage multiple projects at the same time.
In this article at Projectmanager.Com, Jennifer Bridges defines PPM as a collection of multiple projects generating various objectives, risks, and resources to take growth-oriented business decisions.
Online PPM Tools
Without suitable tools, managing a project portfolio would be a daunting task. Administering a pool of data without legacy support may turn devastating. A real-time PPM dashboard is a tool appropriate for data security across all projects. PPM is an excellent process to execute IT projects, and here are some of its benefits that are necessary to understand, before investing in a PPM tool:
- Project Alignment to Business Goals: It is not mandatory that every project fits the company’s scope for strategic planning. However, every project needs to progress as per strategic plans. PPM helps in aligning the project plan to meet the business objectives of the company.
- Communication to the Executive Level: The project managers are supposed to please only stakeholders by sharing project progress details from time-to-time. They can gather advance data with the help of PPM tools to provide insightful information to the c-suite executives and please them as well.
- Resource Allocation: The project managers can reorganize their project resources with PPM tools. The only exception is that they have a broader view of resource allocation that is a win-win.
- Performance Problems: The PPM tools help in identifying problems that arise during the project process. Also, it helps in addressing the issues by drawing a progressive solution.
- Project Risks & Impacts: The risks inherent in the projects are easily identified and resolved by PPM tools within the time allocated for the project delivery. Thus, deadlines would be manageable.
Click on the following link to read the original article: https://www.projectmanager.com/training/5-benefits-adopting-project-portfolio-management