Project Portfolio Management (PPM) is a tool used to manage multiple projects towards a common goal. It’s important to evaluate each project’s benefits, performance, and impact on other projects. PPM tools like Artemis and Changepoint can help with cost measurement, resource planning, and project tracking.
Project Portfolio Management (PPM) is a business tool used to effectively manage multiple portfolios or projects towards an overall goal. Each individual project is created to achieve a specific business objective or advantage. All should benefit the overall project portfolio. PPM is an umbrella for all individual projects.
It is important to know what the benefits of each individual project in the PPM system are. It takes several questions to verify this. This includes finding out how each project is performing. You also need to know if a single project could have a negative effect on other future projects. Finally, you need to know that the successful outcome of all projects will bring the desired goal or benefit.
Within a PPM system, there comes a time when you need to evaluate the process. This assessment determines whether each individual project is functioning satisfactorily throughout its lifecycle. The person evaluating the project determines whether it is still relevant and working towards the desired portfolio objective. Otherwise, that particular project may be suspended or stopped altogether.
When building your PPM system, you need to have the right tools in place to run the project. Due to their diverse functionality, the offered trading tools can seem daunting. The best way to approach this is to start small, bringing the project one element at a time.
Key points working towards achieving a successful PPM system include beneficial cost and measurement, resource planning, and communicating key project data. You should also be aware of the project appraisal process or methodology. Consider progress reporting and tracking project costs and benefits.
There are several PPM tools that address all of the above points. These are software application packages that can help you successfully maintain your portfolio. Artemis is the market leader in this field. They offer a tool called PortfolioDirector, which provides a central base capable of recording all current and proposed business investments that exist in a company.
Another package is Changepoint. This provides graphical information that allows managers to track a portfolio of projects in real time. Through one dashboard, a manager can see business-critical information for multiple projects, all on one visible screen. There are many more established and upscale packages available. All should be reasonably easy to use as the ultimate goal is the successful implementation of your PPM system.
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