PhD Holder and result-oriented Director with 25 years experience with involvement in all levels of Business Strategy, Sales and Marketing, Managing Project and Product Development. Aside of managing a company, he is also the best corporate trainer and public speaker in seminar and conference.
Project Portfolio Management to Clarify Business Objectives
Almost all organizations have more project work to be done than there are resources to complete it. The executive group frequently struggles to say "no." Instead, they try to accomplish everything by adding more work to the already packed schedules of the project teams or by taking shortcuts while the project is still ongoing.
Because individuals are working on the wrong projects or on too many projects, the organization nevertheless achieves subpar results despite significant human and investment taken in initiatives. All projects suffer from delays, cost overruns, or poor quality when too much is attempted to be accomplished.
Project Portfolio Management (PPM) is a crucial process for any organization that manages multiple projects. PPM helps ensure that projects are aligned with the organization's strategic goals and that resources are allocated appropriately to maximize value. By prioritizing projects, allocating resources, and tracking progress, PPM can improve alignment with business objectives, optimize resource allocation, enable better decision-making, manage project risks, and increase accountability. Ultimately, PPM can help organizations achieve better business outcomes and improve overall performance
When it comes to managing project and delivering high-quality value to the clients, Multimatics realize that project management is important and therefore is equipped with the latest project management framework and experts consultants who are ready to deliver end-to-end solutions that could improve your business performance. Check more on our project management training, project management certification, and project management consultancy products to increase business performance
What is Project Portfolio Management?
Project portfolio management (PPM) is a process that helps organizations manage multiple projects in a coordinated and efficient way. The goal of PPM is to ensure that projects are aligned with the organization's strategic planning, and that resources are allocated appropriately to maximize value.
5 Key Components of PPM:
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Project Prioritization
PPM involves prioritizing projects based on their potential value and impact on the organization. This requires a thorough understanding of the organization's strategic goals and the resources available to support projects.
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Resource Allocation
PPM also involves allocating resources to projects in a way that maximizes their impact. This requires balancing the needs of individual projects with the overall needs of the organization, and ensuring that resources are used efficiently.
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Project Tracking and Reporting
PPM involves tracking the progress of projects and reporting on their status to stakeholders. This enables stakeholders to make informed decisions about project priorities and resource allocation
Benefits of PPM
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Improved Alignment with Business Objectives
PPM helps ensure that projects are aligned with the organization's strategic goals, which can improve overall business performance.
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Resource Optimization
PPM helps organizations optimize their use of resources by allocating them to projects in a way that maximizes their impact.
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Better Decision Making
PPM provides stakeholders with the information they need to make informed decisions about project priorities and resource allocation, which can lead to better business outcomes.
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Improved Risk Management
PPM helps organizations manage project risks by identifying potential issues early and taking proactive measures to mitigate them.
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Increased Accountability
PPM provides a framework for holding project teams accountable for delivering on their commitments and achieving project objectives.
Conclusion
PPM is a critical process for organizations that manage multiple projects. By aligning projects with business objectives, optimizing resource allocation, and providing stakeholders with the information they need to make informed decisions, PPM can help organizations achieve better business outcomes
When it comes to managing project and delivering high-quality value to the clients, Multimatics realize that project management is important and therefore is equipped with the latest project management framework and experts consultants who are ready to deliver end-to-end solutions that could improve your business performance. Check more on our project management training, project management certification, and project management consultancy products to increase business performance
Reference:
Kopmann, J., A. Kock, C. Killen, and H. Gem€unden. 2017. “The Role of Project Portfolio Management in Fostering Both Deliberate and Emergent Strategy.” International Journal of Project Management 35 (4): 557–570. doi:10.1016/j.ijproman.2017.02.011.
Jonas, D. 2010. “Empowering Project Portfolio Managers: How Management Involvement Impacts Project Portfolio Management Performance.” International Journal of Project Management 28 (8): 818–831. doi:10.1016/j.ijproman.2010.07.002.
Ojiako, U., Petro, Y., Marshall, A., & Williams, T. (2023). The impact of project portfolio management practices on the relationship between organizational ambidexterity and project performance success. Production Planning & Control, 34(3), 260-274.
Patanakul, P. 2015. “Key Attributes of Effectiveness in Managing Project Portfolio.” International Journal of Project Management 33 (5): 1084–1097. doi:10.1016/j.ijproman.2015.01.004.