Project Portfolio Management - 1298 Words

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 businessShow MoreRelatedPrioritizing It Project Management Portfolio1390 Words   |  6 PagesPrioritizing IT Project Management Portfolio Prioritizing IT Project Management Portfolio The realities of shrinking IT budgets and increasing dependence on IT in organizations in recent years has resulted in a situation in which there is an intense competition for resources needed to execute and complete IT projects. According to Ross (2007), the shrinking IT budget in the face of increasing demand has brought new pressures to the IT function. To gain approval and funding for projects, IT departmentsRead MoreProject Portfolio Management : Project Management1432 Words   |  6 PagesProject Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics. The objectives of PPM are to determine the optimal resource mix for delivery and to schedule activities to best achieve an organization’s operational and financial goals ― while honoring constraints imposed by customers, strategicRead MoreProject Portfolio Management2873 Words   |  12 Pagesexplain the Project Portfolio Management (PPM), the reasoning behind it as a set of processes and methodologies and how these build a group of singular projects into a stack or tier that can be holistically graded, how these processes can drive IT to become closely modelled on and aligned with business strategy. It seeks to point out successful methodologies for PPM implementation and some of the issues that can arise. The basis of PPM Project management and by extension portfolio management are curiousRead MoreThe Success Of Project Portfolio Management824 Words   |  4 PagesJeffrey Pinto defines project portfolio management as, â€Å"the systematic process of selecting, supporting, and managing a firm’s collection of projects.† (p. 92). Many large firms can have multiple projects going on at the same time. These projects might support each other or can be stand-alone projects. This essay will examine the keys to successful project portfolio management and analyze the key difficulties in successfully implementing them. The success of project portfolio management is determined byRead MoreProject Management Practices Portfolio Management1945 Words   |  8 PagesRunning head: PROJECT MANAGEMENT PRACTICES PORTFOLIO 1 PROJECT MANAGEMENT PRACTICES PORTFOLIO 6 Project Management Practices Portfolio Brandi Miller PJM 500 ? Project Management Colorado State University ? Global Campus Dr. Arnetra Arrington May 1, 2016 Abstract PM within organizations is gaining momentum and an indispensable component of the work flow procedure. Improving organization project management can effectively improve an organization use of resources. Nevertheless, if an an organizationRead MoreProposed Project Portfolio Management Process1469 Words   |  6 PagesProposed Project Portfolio Management Process Project management has grown beyond the confines of simplistic canned applications into a discipline that is in large part process, combined with common sense and inspiration. The process of Project and Portfolio Management (PPM) derives from the practices common to project management, as expressed in applications and tools developed to help project managers collaborate with project team’s cross-enterprise.   Project and Portfolio Management solutionsRead MoreOrganizational Portfolio Management Process Project Management1102 Words   |  5 PagesORGANIZATIONAL PORTFOLIO MANAGEMENT PROCESS Project Portfolio Management (PPM) is the management of one or more portfolios through evaluation, prioritization, selection, review, execution and monitoring of projects in the portfolio. The goal is to keep the portfolio(s) aligned with the vision, mission and strategic objectives of the organization while effectively and efficiently allocating internal resources to maximize the overall value to the organization. Because UPS has a very open and consensusRead MoreRecommending A Project Portfolio Management Method For Your Selected Project1960 Words   |  8 Pages1. Recommend a project portfolio management method for your selected project. Provide a rationale for your recommendation. Provide and outline of an executive summary. The project that I have selected is Medical Billing. I am recommending Quality Management Method. This is based on the information that the quality management projects have three major processes. The first process is in setting quality standards which are applicable to the project and identify how they reach their fulfillment. A keyRead MoreProject Portfolio Management at an Organization630 Words   |  3 Pagesat a current organization Project Portfolio Management (PPM) is defined as 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 (PPM, 2013, University of Wisconsin School of Business). PPM has several major advantages over generalized portfolio management. Just because a project seems enticing does not mean it is the right project for the organization at a givenRead MoreCommon Types of Resistance to Project Portfolio Management626 Words   |  2 PagesCommon types of resistance to project portfolio management Project portfolio management can enable an organization to prune redundant or overlapping projects, use resources more effectively and to keep closer watch on projects progress to ensure projects do not go over-budget or overtime (Solomon 2002:1). However, despite the techniques obvious advantages, it can meet with profound resistance when it is implemented in practice. Turf wars are common at many organizations, in which representatives