ppm

PPM: Your Key to Success in the Business World

Prioritization sounds like such a simple thing, but true prioritization starts with a very difficult question to answer, especially at a company with a portfolio approach: If you could only do one thing, what would it be? – Jeff Weiner

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Project Portfolio Management (PPM) deals with working on multiple projects. Each portfolio needs to be examined on the basis of business value and follows a particular business strategy. PPM is focused oriented and designed to achieve a defined business goals. In other words, it is an individual project which will directly ensure fruitful results.
At an individual level, it is important to know how the project is being performed and how it will impact the portfolio. You need to keep in mind the following questions in your mind:

  • How much a project contributes to an overall success of the portfolio?
  • How each project is performing?
  • What are the implications for other projects?
  • Are there any serious impacts of one project over another?
  • Which projects are dependent?
  • Will the successful delivery of project produce the desired business goals?

PPM consists of brief outlines of the project or summary and avoids too much information or explanations. Details of every project should be discussed with the relevant team members and managed by an individual project manager. Make sure that information should be presented to a required extent. When you discuss projects on the executive level, you must present the summary of performance, results, and measure actual balance and costs.
The project evaluation system of PPM has great importance as it goes through the various points of projects. First, the business part is reviewed and in case of any irrelevance, it can be changed accordingly. Such actions ensure the safety of strategy or goal with a promise of best returns.




Following questions are highlighted in Project Portfolio Management:

  • Are we moving in right direction?
  • Is the methodology being followed correctly?
  • Are we doing well?
  • Are we getting any benefits out of it?

When you follow Project Portfolio Management System, the organization should perform particular criteria based on organizational goals. It is suggested that you should start from something small and introduce one part of portfolio management at a time. It might look too much in the beginning because of a great number of operational activities but it will help you to achieve your goals.
Here are the important aspects of PPM:

  • Project Evaluation Method
  • Cost and Productivity Benefits
  • Progress Report
  • Communication of Critical Information
  • Resource and Planning

PPM software enables users to manage all tasks within budget, and the review of portfolio helps in making financial and business decisions on time. It also helps in the optimization of results to get the required outcomes.
To conclude, PPM is all about choosing the right projects and executing and funding them at the right time. The PPM group will go through each project carefully to determine if the project is supporting the goals and objectives of the company. Unwanted projects are eliminated from the beginning and after studying the relevant interconnections and contingencies among projects, the PPM team will study their effects with reference to ranking, prioritization, funding, and selection of projects within the portfolio. In the end, PPM group will monitor the functioning of projects, till they meet the desired goals of the organization.
 

Sadia Maqsood is the author of training and personal development blog. She usually writes about leadership and project management training courses. You can also follow her on Twitter @ikluae to get in touch with upcoming training

  • Cloyd Hane

    Thank you for sharing such an informative post. Project portfolio management tools really help us to manage resources, prioritize tasks and analyze the potential return on a project.

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