Project portfolio management is important when you are looking into these factors—strategic alignment, cost efficiency, resources, and timelines. PPM is not only about categorizing similar projects but also checking if they align with these factors. In this Project Group article, Johann Strasser provides 5 tips to convince management for project portfolio management (PPM) implementation.
Why Is Project Portfolio Management (PPM) Necessary?
When you have similar projects that require similar resources, their success depends on supporting each other. You must implement project portfolio management then. Here is how you can convince the management regarding PPM implementation:
- Focussed Project Selection Decision-making: Project portfolio management helps you to figure out the projects that fulfill your criteria. Instead of wasting precious resources in random ventures, you can focus on relevant and strategically aligned projects. You can increase the rate of project success too.
- Better Project Visibility: With all the project information gathered in one place, you can quickly provide a portfolio report. High-level or specific updates regarding project phases, new business cases, resource management are easy to collect. You can also warn about budget discrepancies and project dependencies early. You can prioritize projects or tasks as per the present and future scenarios.
- Transparent Project Initiation Processes: To improve transparency in the project selection processes, you must record every detail carefully. PPM provides you with standard approaches, approval processes, and similar quality for all the projects.
- Improved Project Investment and Prioritization: With project portfolio management, you can establish some ground rules for your investment and project prioritization decisions. Choose projects based on the portfolio criteria as per their strategic alignment as well as individual selections.
- Easy Capacity Planning: When you have all the projects at your disposal, you can plan out the resource allocation better. You can keep resource strength trained for future projects as well. Project portfolio management allows you to attract and take up new assignments in the work pipeline faster.
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