Project Portfolio Management

7 Ways You Can Improve PPM in Your Company

Project portfolio management, or PPM, is a strategic categorization of projects to track each of them and gain ROI better. Companies that have well-established project portfolio management have successfully completed 35% more projects. In this article at Teamweek, Ross Keefe discusses 7 ways you can improve PPM in your company.

PPM Duties, Problems, and Improvement Areas

While a project manager looks after one or two projects, a portfolio manager is responsible for an entire genre of projects. A project portfolio manager has several duties to perform:

  • Ensure projects are optimized and attaining company goals as well as business objectives
  • Handle new projects and resources and categorize them
  • Supervise change management

Without a good PPM, projects deliver only 21% of business value. So, following are the ways to identify if your PPM is in troubled waters:

  • Teams tackling multiple projects and failing to deliver results
  • Aligned projects failing to fulfill commitments
  • Scarce resource capacity causing delayed project delivery
  • No clear vision

If you are facing such problems, the following are the ways to improve PPM in your company:

Understand Your Business Goals: PPM requires a fair understanding of company vision and goals. Communicate the same to the team members for better goal visibility.

Take the Top-Down Approach: To avoid duplication, burned-out resources, and project delays, prioritize projects that align the most with strategies.

Get Senior Management Buy-ins: 90% of high-performing enterprises have strong backings from the executive circle. Ensure you have executive support in every step of the way, in writing.

Establish a Decisive Implementation Team: Create an implementation team that will identify and points out the gaps in performance and policies at the right time.

Ask Relevant Questions: Ask relevant questions that will give you to-the-point answers. Ask about the challenges, dependencies, etc. to each project manager. Find out if the project is aligning with the strategy. If it a new project, figure out if you have the expected budget and resources to allocate.

Upgrade Plans: There is an initial plan at the start of each project. Acknowledge the new challenges, risks, and requirements as the project progresses and upgrade PPM accordingly.

The Right Software: Make use of technology to keep your sanity. Use project management software to manage multiple projects.

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Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

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