The process of project portfolio management (PPM) helps in analyzing the potential revenue of project. By consolidating data regarding proposed and current projects, PPM managers can predict and analyze potential investments for the company.
In this article at Computer World, Adam Bookman explains three persistent myths surrounding PPM that lead to disappointment and discouragement.
Take Informed Risks
PPM gives an aerial view of each project to the project managers and PMOs. It facilitated successful project outcomes, creates a discipline of informed decision-making, and manages resources. However, to mitigate the risks involved with the PPM process, first get rid of these myths:
- PPM is a Technology Lookout: PPM is a new enterprise management capability for strategic priorities and governance, not an IT rollout. A successful PPM belongs to businesses whose objectives are served well.
- Tools Drive PPM Success: Some organizations believe that to manage their portfolio of projects, they need a software tool or application. To capture piles of data from multiple resources, there are some plug-ins and tools available that are easier to address several issues and processes. The reality is that a tool is better at reporting past project activities than delivering insights about current needs. A stable PPM is established with a clear assessment of the organization’s PPM maturity level and its ability to advance.
- PPM Best Practices Can Be Installed: For an organization entering the PPM process, climbing a steep maturity path is essential. It will help in capturing the information required for standardizing project elements like total cost and benefits estimates, labor and non-labor resource estimates, stakeholder impacts, measurable success criteria, ROI, and other hurdles. PPM maturity is a journey, not an event.
Click on the following link to read the original article: https://www.computerworld.com/article/2520997/it-management/project-portfolio-management–three-dangerous-myths.html