Project portfolio management (PPM) is the act of managing a set of processes and programs to chase common goals without neglecting the existing business strategy. In this article at PMWorld 360 Magazine, Francesco Pecoraro defines how the PPM has evolved over the years and what could be its future.
Going beyond the evaluation techniques, the progressed PPM is more comprehensive and refined. It can help you design and establish transparent processes for your organization’s project delivery.
Senior management’s involvement is crucial for all project-related decisions. Nonetheless, most executives face project management language barriers while communicating with their teams. To share clear project status and update the executives about possible risks, address the communication hurdles.
Even some operational issues may require top-level involvement. So, maintain an upward flow of information and sustain transparency with the executives by keeping them in the loop regarding project progress.
Future Trends and More
The PPM trends and strategies have evolved immeasurably and are likely to enhance more in the future. These valuable practices can help organizations achieve their strategic objectives by finding ideal projects and portfolios for growth and learning.
The alignment of the PPM with the strategic direction depends on the staff efficiency to manage and filter the portfolio. Occasionally, for different project levels. So, use the synergy to create room for better practices for your organization. However, the benefits must be challenging to earn if you manage the projects independently.
So, it is essential to identify and incorporate the purpose of a portfolio before selecting a project. To meet the company goals, determine the definition of these goals and shortlist suitable portfolio plans only.
Click on the following link to read the original article: https://www.pmworld360.com/blog/2020/04/07/how-is-project-portfolio-management-evolving/