Does Project Portfolio Management actually make a difference?
“Portfolio management is a process to ensure that your organization or department spends its scarce resources on the work that is of the most value.”
Project Portfolio Management is crucial in identifying potential setbacks the may occur in individual projects and determining a comparative value for each project. By utilizing every resource to with maximum efficiency, not only does PPM ensure the most valuable resource allocation, but it also improves the scrutiny of work.
PPM aligns work projects with business strategies and organization priorities set by business executives. As a result, companies can involve their managers in the project selection process and create an authorization procedure that is transparent.
PPM also gives managers and business owners a broad overlook at all of their projects. For example, in our project portfolio management software forecast.it, you can see all of the projects your company is currently running. Having this broad perspective demonstrates which projects are proving successful and which projects need to be cut.
To sum it up, using PPM you can answer these five critical questions below. Without PPM, companies can make a lot of human errors in their project selection. Using PPM software allows a perfect synthesis of creative energy from human brainstorming and realistic analysis from a predictive project success model.
Originally published at www.quora.com.