About Project Portfolio Management
The formal discipline of Project Portfolio Management, or PPM, is used by organizations throughout the world to enhance the selection and execution of projects to achieve defined goals and criteria for success. Project management addresses the planning, execution and closing of projects to enhance the likelihood of success. Portfolio management works alongside the central concepts of project management to help organizations ensure that they are executing the right projects at the right time for the right reasons. Through PPM, managers are able to identify and do the ‘right’ work by utilizing central oversight, standardized methodologies, and task management. Managers will also be able to minimize risk by objectively looking at and planning for potential cost overruns, opportunity costs, and resource constraints.
Project Portfolio Management is a tool kit that allows you to:
- Balance competing demands
- Create a clear and formally accepted business case and project scope statement
- Improve communication among the project team, executive sponsors, leadership, and stakeholders
- Identify project risks with documented mitigation strategies
- Maintain a consistent method for monitoring and controlling project deliverables and milestones
- Measure project performance including early identification of potential problems
- Understand the impact on a project’s timeline and costs when deliverables or their schedule are changed
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