As an operating business, you may be required to handle multiple projects at a time. To ensure that all your projects are progressing smoothly and on time, it is important to maintain a portfolio. Termed as project portfolio management, this process can help you organize and categorize projects based on your organizational goals.
It is also valuable when acquiring information and sorting out projects based on criteria and priority. There are several tools and techniques you can use to measure the success and efficiency of your PPM model. Some popular techniques used to measure PPM include the scoring technique, visual mapping and heuristic models.
What are the objectives of PPM?
The objectives of PPM are designed to bring desired results from teams with several factors outlined for reference. The first objective of project portfolio management is to create a descriptive document that includes vital project information like the name, cost factors, business objectives as well as estimated time frame. The second objective for a PPM is to evaluate the project regularly and ensure that it is able to meet its targets. This will ensure that the project follows all quality standards and remains on track in terms of deadlines. The third objective of adopting a PPM system is to choose the right team members. These players, with their collective skill sets, will become major contributing factors to achieve the objectives of the project.
How you can benefit with PPM
PPM ensures that all your projects have objectives and quality standards to bring about targeted results. This method can also be used to change the structure of the organization and improve methods for project execution. Maintaining an efficient PPM will allow your organization to tolerate and adapt to changes quickly. Continual monitoring and reviewing of projects will ensure high quality deliverables and increase returns. You can also easily identify dependencies in your organization and remove inefficiencies to gain competitive advantage over other companies. A project portfolio management system will help you focus on the right strategies to achieve your targets rather than concentrate on the project alone.
Tools for project portfolio management
Several tools are used to make project portfolio management a useful and efficient model. Some of the most essential features of this process include planned resources, systematic evaluation methods, analysis of cost benefits, tracking of costs and benefits, information access to the right people, regular progress reports, as well as impeccable communication solutions.