Project Portfolio Management

A Beginner’s Guidebook to IT Portfolio Management

The project portfolio management (PPM) is a process close to project managers and PMOs. It helps in analyzing the return on a project by unifying and managing every bit of data for a proposed and ongoing project.

In this article at Thinking Portfolio, the author suggests some useful tricks for the PPM beginners to ease their way. The PPM managers are responsible for predicting and analyzing risks for the companies aiming to invest in a new project.

Mitigating Risks

The PPM process gives the flexibility of foreseeing and identifying the potential risks and taking the right decisions to surpass those risks. It helps the organizations identify risks and allows the teams to estimate the potential delays to mitigate the risks. If you are a beginner in PPM, here are some helpful tips for your company to draw tangible results:

  • Process Over Methodology: The traditional methodologies are static, so they soon become outdated in PPM. Thus, give attention to the PPM processes and practices over methods. Moreover, the PPM process must include the ‘cause-effect’ analysis of the intended functions.
  • Constant Improvement: Ensure you have an overseer who can regularly monitor and review the improvements in the best PPM practices. Execute periodic review and feedback meetings to regulate the development of best practices and procedures. Choose people-oriented processes to improve consistency and efficiency in knowledge sharing.
  • Do Not Let a Problem Crop Up: Establish a process that is continuously monitored by a PPM process owner. Always encourage them to find rationalized ways to improve the existing methods. Look for unidentified issues that may crop up and streamline a strategy to resolve it in advance.
  • Do Not Adopt New Process: Adopting a new process that is fast gaining popularity in the market may not be feasible for your portfolio. So, it is vital to find out a process that extends beyond the industry standards.
  • Establish a Secure Space: The PPM beginners must create a safe space to guard the confidential project documents and information. Also, they should not disclose this safe space to anyone.
  • Build New Processes: Most of the beginners are likely to provide features and functions for collaborations in the PPM processes. Some organizations want to use the existing platforms for enterprise collaboration, instead of placing information in additional repositories. Hence, try and create a new tool or process for collaborated work to effectively manage multiple projects. It will improve the workflow and efficiency of the organization and lead to improved project portfolio management.

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