By Arielle Mullen
Project portfolio management (PPM), is the organization and planning of a collection of projects. Efficient PPM will reduce costs, minimize risk, maximize available resources, and lay the foundation of leveraging past successes into future progress. By adopting good PPM practices, an organization will be well-positioned to make better business decisions. There are many benefits to proper PPM, some of which include:
- Identification of potential challenges. By conducting thorough and consistent analyses of your project portfolio, potential problems are more readily identified. In highlighting these potential pitfalls before they arise, proactive solutions remain available.
- Resource capacity planning. Just as you would conduct resource planning for an individual project, this practice should be applied to your project portfolio as well. By retaining a larger view of the portfolio in total, the allocation of resources is streamlined with greater efficiency.
- Ensure project alignment with overall business goals. While working through projects day-by-day, the larger picture is oftentimes obscured. The checks and balances of proper PPM help to confirm that each task completed moves the company closer towards their larger goals.
- Greater collaboration and cohesion between teams. Internal teams are better equipped to work with one another when good PPM is in play. The benefits of this enhanced transparency are far-reaching, and will positively impact every level of an organization.
The bottom line is, managing your project portfolio with efficiency will provide accountability for processes and outcomes, minimize risk, and improve overall decision-making.
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