Project portfolio management (PPM) is the process of maintaining strategically grouped projects on track. The PPM managers are responsible for ensuring that all active projects meet their strategic objectives.
In this article at Teamweek, Rose Keefe explains how an active PPM can manifest ways to successful project completion.
Being the central hub of processes, methods, and technologies used by project managers and PMOs, PPM helps in analyzing and collectively managing the existing or proposed projects. Here are some tips to make it possible:
- Process Over Methodology: It might sound odd to many, but the methodologies of project management are archaic and static. However, the methods remain the same. If the project managers stay focused and aim to scale, these processes are fit for every new project they receive. If project managers do it successfully, they can even manage PPM efficiently.
- Distance Yourself from Trends: Changing trends is common, but when it comes to a hassle-free PPM, it is better to stick to tried and tested practices. Instead of falling for the ongoing trends.
- Optimize Resource Allocation: It is imperative to manage resources carefully to finish the projects before the deadlines and within budget. Use task management software to allocate tasks. The mechanism of project management tools can get the best out of your team without overburdening and overwhelming them.
- Effective Collaboration: Successful PPM is possible with collaboration features in the process. To maintain uninterrupted enterprise communication, many firms prefer using an existing platform for collaboration rather than moving all their data to external repositories.
- Regular Reviews: For a successful PPM, process review is critical. The project managers must conduct a periodic assessment of processes to bring further improvement. It will help in identifying the loopholes in the process and fix them on time.
- Flexible Structures: The PPM should have processes that provide scalable workflows, so it can easily fit all projects, irrespective of its size and type. Following a rigid path will not do any good.
- Do Not Strive for Perfection: Doing a perfect job is good but trying to be a perfectionist since the beginning increases the duration to finish an easy task. The better approach would be to do the critical job accurately and try to complete the project within the desired time frame.
Click on the following link to read the original article: https://blog.teamweek.com/2019/07/project-portfolio-management/