Project management has grown beyond the confines of simplistic canned applications into a discipline that is in large part process, combined with common sense and inspiration. The process of Project and Portfolio Management (PPM) derives from the practices common to project management, as expressed in applications and tools developed to help project managers collaborate with project team’s cross-enterprise.
Project and Portfolio Management solutions trump pure project planning applications by providing broad visibility into a corporation’s investments in human and material resources. Using PPM, project managers can determine how best to invest an organization’s capital in projects that provide the best return on investment, increasing the efficiency of the corporation’s resources.
Working on the right projects at the right time is critical to sustain a competitive advantage, yet many organizations struggle with allocating limited resources and assets wisely. Project portfolio management (PPM) approach helps you select and manage an optimal portfolio of projects - one that maximizes your organization 's responsiveness, revenues, and adaptability while keeping the projects aligned with your strategic business goals and objectives. This process helps structure your PPM practices to provide your organization with a consistent way to select, prioritize, and manage projects that deliver maximum business value.
It is important to assess your current project portfolio management processes and in collaboration with project manager, identifies the appropriate level of PPM discipline for your organization. Then apply best-in-class Project Portfolio Management Maturity Model to determine your current PPM capability and identify process gaps between your organization’s current state and desired future state. Provide the roadmap for improvements and work to develop the implementation plan.
Results from the assessment are used
References: Datz , T. (2003, May 01). Portfolio management done right. Retrieved July 30, 2011 from http://www.cio.com/article/31864/Portfolio_Management_Done_Right?page=8&taxonomyId=3154 Orfano, F. (2011). Implementing effective project management in difficult economic times. Retrieved July 30, 2011 from http://www.brighthub.com/office/project-management/articles/12683.aspx Scheid, J. (2010). Using the portfolio project management process. Retrieved July 29, 2011 from http://www.brighthub.com/office/project-management/articles/61956.aspx