Project portfolio management (PPM) helps companies to obtain and distribute project investment information based on their strategy. It also helps them to maximize the use of resource capacity to deliver their objectives.
What is PPM?
Project Portfolio management (PPM) is not only about prioritization and the alignment of individual projects; but, it allows companies to use their resources effectively and determine the benefits of each of their investments.
Portfolio management helps ensure reliability and increased responsibility to stakeholders. It improves the ability to make timely and strategic decisions when needed.
Basically, project portfolio management represents the essential link between strategic intent and the initiatives that are responsible to deliver strategy.
How to implement an organization’s strategy
Effective project portfolio management is crucial to be able to implement an organization’s strategy.
To successfully implement portfolio management it is important to involve and engage executives, as well as project and portfolio management practitioners. This allows to address the importance of portfolio management throughout an organization’s culture.
In addition, a common vision and language allows an organization to connect strategy with execution, leading to higher levels of strategic success.
What are the benefits of PPM?
Project portfolio management helps executives to make decisions quickly by organizing the most critical information in the simplest way possible.
To allocate resources to the most strategic projects and programs companies can use portfolio data and information. In fact, this information allows companies, especially executives, to determine when to change the priority or stop projects and programs.
Keep in mind
Project portfolio management improves the ability to make timely and strategic decisions. It helps executives to make decisions quickly and determine when to change the priority or stop projects and programs. PPM represents the link between strategic intent and the initiatives. In fact, it helps companies to obtain and distribute project investment information according to their strategy.