Project Portfolio Management

1298 WordsNov 13, 20116 Pages
Project portfolio management:- A competitive advantage for organizations now is doing the right projects and making sure that there are resources to complete those projects. Project Portfolio Management (PPM) is a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives. Executives need to regularly review entire portfolios and programs, determine why projects are or are not necessary, see where money is spent, prioritize projects, stage the start of new projects, spread resources appropriately and keep tabs on progress. Portfolio managers have a very tedious task of analyzing every aspect of the…show more content…
[pic] Communication of key project data:- Whenever a project is undertaken, one of the most important aspect of it is communication. Communication actually helps refine the flow of information from one source to another. In an organization that would be demonstrated as the information passes from one executive to another one from the management in developing a particular project. For eg the dashboard is used as a source of information. Resource planning;- Resource planning actually helps you understand the resources that you have and how best to make use of those resources to achieve the desired result. Planning helps in using the resources successfully to complete a particular project. This method helps to identify and allocate human as well as financial resources so that the benefits could be managed efficiently and also be maximized at the same time. There are many other departments involved in the project so the resources have to be pulled together from all these sources and allocated and managed with utmost efficiency and effectiveness. [pic] Portfolio Performance Management:- • Organizational standards and institutionalized processes are in place which helps in reporting on the portfolio. • The portfolio is continuously monitored to make sure that the investment is safe and secure. • Organizational standards consist of consistent data fields, definitions and a set of fixed business
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