Project Portfolio Management (PPM) represents the bridge between projects and operations of a company.
In fact, PPM fosters business development by creating harmony between these two different groups.
Very often it happens that stakeholders propose projects without prior assessment on costs, schedules, value, strategic alignment, risks etc.
As a result, we have that these proposals block the funnel into the pipeline of projects.
To reduce the submission of proposal for bad projects, it is important to have a process for project prequalification.
Consequently, this causes sponsors to improve their project value in order to support the selection criteria.
To propose a new project it is also important to consider project risks.
In fact, because of risks a project that would get a high priority could be rejected.
Of course, you do not need to reject projects because of high risks, but you need to find ways to mitigate those risks.
Keep in mind: submitting a strong project proposal increases the chance to get your project approved. This also reduces the problem of having too many projects to choose from.