The importance of senior management support
When a company decides to implement the Project Portfolio Management (PPM) process, the senior management has to support the initiative. In fact, to be successful in implementing the PPM process it is crucial to have support from senior management.
This way the PPM becomes the essence of a set of combined business and projects processes. These processes allow companies to be more efficient in the use of organizational resources.
An ongoing and dynamic process
PPM is an ongoing process. It aims to select and manage the best set of projects that deliver as much business value as possible. In addition, it is a dynamic process that allows management to reach an agreement on the best use of resources. In fact, PPM helps to focus on projects that are achievable and aligned with the company’s strategy.
Moreover, it is useful to remember that if all projects in the portfolio reach the standard goals (on time, on budget and within scope), but they do not meet the company’s goals you need to revise the PPM process. In fact, this could mean that there is something wrong or missing in the PPM process.
Use data to make objective decisions
To build an effective PPM process, it is significant to have a database containing all information about projects, current and past projects. On one hand, this data will help executives and managers to easily check key project data. On the other hand, this database will allow key stakeholders to make informed and objectives decisions about project priorities, project termination and so on.
Keep in mind
It is improbable that you will be able to implement all aspects of PPM in one year. Hence, you should try to implement as many aspects of PPM as possible in your first year and most importantly ask the senior managers why they want to implement a PPM process. In fact, it is crucial to have support from senior management in implementing this new process.