A Project Portfolio Management (PPM) works as an integrated system which includes a comprehensive, well-documented, dynamic set of policies, business processes, tools, plans, and controls in order to manage the portfolio of the projects.
Project portfolio management is the centrally operated and managed set of tools, technology, and methods which is used by a project manager in order to analyze a set of projects based on given standards and parameters which are quantifiable in nature.
The only objective of project portfolio management is to make sure that the schedule and delivery of the projects are done in such a way that they achieve the firm's financial and operations objectives and create value. All these activities are carried out while taking care of several constraints like cost, quality, time, customer expectations and long-term strategy of the firm.
This is aimed to answer the following queries
Which projects will best support the company's business strategies and goals?
Is a project producing the anticipated business results, as demonstrated by portfolio metrics?
Does each project in the portfolio have adequate resources?
PPM considers both tactical and strategic issues of the business. On the tactical side, it considers the success of the projects already existing in the portfolio. Strategically, it also considers portfolio's evolution, including the selection of new projects which can meet business objectives and strategies. It also includes recommendations to diminish a project's scope or cancel a project which does not align with business objectives and strategy.
By applying project management best practices to PPM using a well-defined system in place, organizations can realize enormous benefits including a higher portfolio performance through disciplined, corrective management action for non-compliant projects and programs, lower the costs by consistent management processes, quicker identification of doubtful projects, realization of portfolio objectives by corrective actions based on performance vs. business criteria comparisons, company-wide developments in communication and management effectiveness, lower-risk project investments and an overall project balance that optimizes business value. The net effect of a good PPM approach is a more controlled environment and a business unit that can make a stronger contribution to the overall business strategy. This is how PPM increase PMO business value.
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