Ever get the feeling that your organization hasn’t always green-lighted the projects most likely to deliver a solid return? Ever run into issues keeping the right resources allocated to the most important projects? If so, it might be time to dig deeper into what project portfolio management programs can offer your business.
Project portfolio management (PPM) software is a decision making tool–“answer software,” if you like. And, what are the most important answers it’s designed to help you find? Namely, what are the right initiatives to pursue and when should they be pursued. Sounds simple enough. But this single concept involves all sorts of complexity in the real world. In order to come up with the right answers–the right project priorities–you need to be able to weigh all the different factors that go into a project-by-project cost/benefits analysis.
Whereas project leaders and project team members require tools designed to manage the completion of single-project tasks and scheduling, executives need a way to distill the big picture into actionable project portfolio leadership. The ability to catalog projects and score them in terms of normalized costs and benefits, presents an opportunity to utilize data to more effectively manage the project portfolio. Project portfolio management solutions are the enemy of the hunch. They are designed to gather data and model estimates in order to come up with reliable predictions on which projects will generate the greatest returns.
Prioritization of projects isn’t the only responsibility of project portfolio management software though. After all, selecting the right projects is only half the battle. Projects must be well-managed in order to achieve the desired results. PPM systems are designed to help handle risk analysis, change requests, budgeting, and resource allocations across the enterprise, in order to accomplish the end of goal of successfully executing your most important strategic initiatives.
Executives and key decision-makers are utilizing PPM software to enhance portfolio management across a variety of project types, including: IT, marketing, product development, and business development.
The benefits of PPM include:
The central functional capabilities of project portfolio management systems include:
If you are at the point where you are looking to find good project portfolio management options to evaluate, we can help. We offer a free software search service designed to help save you time finding the right program for your organization. Get started today!