Manage multiple projects with shared resources within your company – PPM, short for Project Portfolio Management, is a term used by project managers and project management organizations (or PMOs), to describe methods that enables corporate and business users to organize a set of projects into a single portfolio. Categorization: This is where categories are established in a group of similar criteria to be applied and facilitate... 3. Portfolio management is the selection, prioritisation and control of an organisation’s programmes and projects, in line with its strategic objectives and capacity to deliver.. This unique text provides a holistic systems approach to project portfolio management which includes people, processes, tools, and techniques that work synergistically to produce portfolio decisions with the best chance of success. Project portfolio management thus refers to “ the centralized management of one or more project portfolios to achieve strategic objectives”. Portfolio management results in a singular strategic plan that drives transformation programs and facilitates the prioritization of decisions across technology, work, and resources. As part of project portfolio management, it is better for you to discover this than hear about it from the line of business managers or even worse, from senior executives. This volume constitutes the proceedings of the Second Working Conference on Practice-Driven Research on Enterprise Transformation (PRET), held in Delft, The Netherlands, on November 11, 2010. Successful implementation of project portfolio management would be severely challenged for organizations lacking the ability to scope, estimate and manage its projects. Basically, Project Portfolio Management (PPM) is a type of process and approach used for analyzing and managing ongoing projects with a number of important factors.Project managers aim to use project portfolio management to achieve the optimal resource and the financial goals of an organization. central resource management. A project portfolio manager has a broadened view of all the … According to the Project Management Institute, project portfolio management is key to competitive advantage, allowing senior management to make effective decisions in a timely way. The goal is to balance the implementation of change initiatives and the maintenance of business-­as­-usual, while optimising return on investment. The decision gate process enables the PMT to review these projects based on preselected strategic criteria at the gate reviews of the decision gate process. A project portfolio manager has a broadened view of all the … Max presents a framework for an in-depth understanding of project, program and portfolio management to satisfy the needs from the top executive to the student practitioner based on over 40 years' experience. So, your organization is ready to implement project portfolio management (PPM).Congratulations! We’re open but due to high demand delivery times may be longer than usual. Key Features: --Presents actionable tools, techniques and solutions to the top 10 PPM risks and execution difficulties that most organizations and program management offices (PMOs) face --Includes real case examples that organizations and ... Knowledge of the theory helps in the understanding of how project management works in practice. In addition to the book's checklists of what activities need to be performed, the author offers suggestions on how tasks could be carried out. The Planview Blog is your community for discovery and support in the changing world of work.You’ll find insights from subject matter experts in the areas of strategic planning, Lean and Agile delivery, project portfolio management, resource management, product portfolio management, enterprise architecture, innovation management, and project collaboration. Picking the right project portfolio management tools and software is critical for an effective EPMO. It is a way to bridge the gap between strategy and implementation and ensures that an organization can leverage its project selection and execution successfully. Whether your portfolio team is in place to manage idea intake, project health escalations or quality checks, or to manage the financial aspects of your portfolio, continuous feedback will help to refine the kinds of services, functions and deliverables (reports) that will help make the portfolio management offering better. In the absence of a system that tracks KPIs, it is nearly impossible to assess the progress of a project towards the predetermined goals. Project Portfolio Management is used to optimize the portfolio’s output to get the maximum benefits the organizations want. Like any major change within an organization, introducing PPM practices and … Before project manager (PM) or portfolio manager can jump on to project planning, you as a PM should be doing certain ground work. •Primavera Unifier: –Collaboration, Cash Flow management, Budgeting and Funding, Cost Control and Project Delivery management. c) One of the central components of PPM is its ability to enable the business to implement an equitable balance between the demand and supply of resources. Project portfolio management (PPM) has been practiced in many organizations as an The goal of processes #1 to #5 in the PPM lifecycle is to evaluate and pick the project that will deliver maximum value to the organization. It’s a permanent entity in the organization u… As EPMOs have a wider range of tasks, it is important to establish a clear criteria for specific features your EPMO team needs and not get lost under the mountain of tools and features different services promote. It offers: central data storage. This comprehensive guide helps you: Apply all nine Knowledge Areas defined in PMBOK Establish project management life cycles and strategies Decide on the best method for managing specific types of projects Select and use best-of-breed ... Definition. Introduction Project Portfolio Management (PPM) has seen growing interest in modern organizations over the last four decades, especially in the project-based structures including R&D, IT and construction. Advanced Project Portfolio Management is a comprehensive book which presents a roadmap for the achievement of high value enterprise strategies and superior project management results. Improved project selection process. MoP defines portfolio management as: “A coordinated collection of strategic processes and decisions that together enable the most effective balance of organizational change and business as usual.”. Make the PPM Process Continuous. 1. Although, it might sound a little strange to project managers but the fact is that... Stay away From Trends. This title suggests proactive processes for ensuring proper financial reporting of project investments in compliance with the new Sarbanes-Oxley Federal Law and techniques for preventing, detecting, and managing the risks of fraud. Management Square is a Project Management Institute R.E.P. Project management officers are vital to any business as they can take important decisions that lead to great ideas. A winning portfolio must contain winning projects, therefore the portfolio management team (PMT) must be able to discriminate between good projects and great projects. visibility. Effective Portfolio Management Doing the Right Work at the Right Time The project portfolio is a managed set of initiatives mapped to overall business strategies and future direction. As a result, PPM incorporates governing and funding of value-streams, in order to make effective portfolio-level trade-offs. In this post we explore the five major types of benefits to be gained by adopting an effective Project Portfolio Management /PMO strategy. The Project Portfolio Management Life Cycle No matter how you slice and dice it, the Project Portfolio Management life cycle consists of the following five phases: Establish Evaluate Prioritize Select … - Selection from Effective Project Management: Traditional, Agile, Extreme, Sixth Edition [Book] When establishing a PMO’s set of services, it is important to understand how the organization is currently performing and the desired target state. Project Portfolio Management Strategies for Effective Organizational Operations is a key resource on the latest advances and research regarding strategic initiatives for portfolio and program management. Phase-gates(also known as Stage-Gate™) are a critical component of project pipeline management. Make Sure Projects Align to Strategy Portfolio management is all about strategic alignment. Conclusion. Here are some of the use cases of PPM: Inspire your crew to unleash their real potential. •Primavera P6 Analytics & Reporting: –Detailed analytics and reports. Minimizing the risks to individual projects in terms of business impact. It also ensures you have the right resources and are not spreading them too thin, a good understanding of budget that you’re using responsibly on projects, and that you understand the priority sequence of projects. Improved project selection process. individual expandability. It requires completely different techniques and perspectives. For project portfolio management efforts to take full effect, it needs to pique the attention and interest of the executives, as well trigger their support. Project portfolio management (PPM) is a process by which an organization’s projects are evaluated and … Project management is fraught with perils; unfinished and unsuccessful projects are everywhere. In fact, it's more common than not for projects to fail. Effective Project Management reveals what the best project managers know, say and do. A key performance indicator or KPI can be defined as a kind of metrics (performance Once I tell people what I do, I’m often asked how it differs from project management. Successful project delivery: When organizations have good project selection and prioritization processes in place, it leads to the successful delivery of projects. Project Portfolio Management Strategies for Effective Organizational Operations is a key resource on the latest advances and research regarding strategic initiatives for portfolio and program management. This is why effective communication is needed to keep senior leaders up to date on actual project performance in … Risk management skills are pivotal for portfolio managers to mitigate emerging threats. This can be achieved through strategic planning, resource management, appropriate resource scheduling, and regular monitoring of all projects. Of course, you need a... 2. Found insideAs an executive, your organization may have limited resources. This book will instruct you and your leadership teams on implementing strategy through identifying, selecting, prioritizing, resourcing, and governing an optimal work portfolio. PROJECT PROFILE Project Selection Procedures: A Cross-Industry Sampler The art and science of selecting projects is one that organizations take extremely seriously. 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