Levine, one of the most widely respected authorities in the domain, “ PPM is the management of the project portfolio so as to maximize the contribution of projects to the overall welfare and success of the enterprise.” To quote Project Portfolio Management expert Harvey A. Just like an investment portfolio - a grouping of financial assets such as stocks, bonds, currencies, and commodities owned by an investor, who needs to make sure the mix of assets offers good balance to maximize profit with limited or controlled risk - a project portfolio should be balanced between short- and long-term projects, and between high-risk/high-value initiatives and bread-and-butter projects. Grouping multiple, interrelated initiatives into portfolios makes it possible to optimize the allocation, the prioritization, and the scheduling of resources across multiple projects against the financial and strategic goals of the organization. Unlike individual projects, which are defined by specific deliverables, a portfolio supports the strategic directions of the enterprise or business function. What exactly is a portfolio of projects? What value and benefits can an organization or a PMO derive from aggregating projects into portfolios? How should a portfolio of projects be managed, and what for? These are some of the topics we’ll cover in this article.Ī portfolio of projects is simply a set of projects that are managed together in order to achieve strategic goals or benefits.Hence the importance of having a proper understanding of PPM concepts and practices. Project Portfolio Management: the term is increasingly prevalent in business spheres and has even grown ubiquitous in project-oriented firms.It should be continuously monitored, evolved, and optimized over time. A PPM strategy needs to be designed to fit the organization’s unique needs and features.Organizations large and small usually embrace Project Portfolio Management in order to rationalize the selection and orchestration of projects, strategize the allocation and utilization of their key resources, and define highly-efficient value and risk management models.A successful PPM approach requires good visibility into the relations and dependencies between projects and solid understanding of the strategies and value drivers of the business.Project Portfolio Management is defined as a process and method designed to manage groupings of related projects so as to maximize value and benefits for the organization.
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