Project portfolio management is mostly applicable for large enterprises where the processes are complex and somewhat isolated. PPM is not synonymous with project management or program management. That is a common misconception, and you must really know what is going on in your software portfolio. When you manage projects, you must limit your team activities to project development. On the other hand, a program deals with a group of similar projects. But a portfolio can be a combination of programs and projects to meet your company’s strategic goals. Want to learn more? In this article at Simplilearn, Eshna Verma provides you with a gist of project portfolio management (PPM).
Processes, Roles, Applications, Etc.
Processes help a project portfolio management team avoid risks and bottlenecks from crippling company deliveries and revenue. Each professional associated with PPM has a crucial part, though the roles seem similar to each other.
For instance, a project manager will ensure that projects are meeting the three constraints of time, scope, and costs. A program manager will check if the projects are delivering the promised business outcomes. A portfolio manager will select or reject projects and programs and prioritize them based on what will benefit the company.
Working Together
Now that you have all the roles and processes defined, how do you make the project portfolio management activities successful? The roles will make sure that they share and conduct resource utilization to the maximum. They will facilitate each other’s interdependent roles by aligning and sharing knowledge whenever possible.
Applying to IT
Your IT team can utilize project portfolio management in managing projects, programs, and portfolios. It can also take care of application and infrastructure using the core PPM processes. You will find the break-even point of your IT investment by measuring the tangible and intangible outcomes of the applications. The same is true for infrastructure. In this case, you look at the usability of “equipment, data, human resources, processes, policies etc.,” says Verma. This will help you understand what is really going on in your software portfolio.
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