Project Portfolio Management
Managing a collection of projects
Project Portfolio Management (PPM) is a strategic approach that extends beyond individual project management to focus on the collective management of projects within an organization. It aligns projects with business goals to maximize organizational value. PPM involves several key processes: 1. Strategic Alignment: Evaluating how each project contributes to organizational objectives and strategy. 2. Portfolio Selection and Prioritization: Choosing which projects to invest in based on criteria like strategic fit, resource availability, risk, and expected returns. 3. Resource Optimization: Allocating limited resources across projects to achieve maximum overall value. 4. Performance Measurement: Monitoring portfolio performance against defined metrics and KPIs. 5. Risk Management: Assessing and managing risks across the entire portfolio, not just within individual projects. 6. Governance: Establishing decision-making frameworks for project selection, continuation, or termination. Benefits of effective PPM include: • Enhanced strategic execution through better project selection • Improved resource utilization across the organization • Better management of interdependencies between projects • Greater visibility into overall project status and health • More informed decision-making about project investments PPM differs from project management in scope and perspective. While project management focuses on delivering specific projects successfully, PPM takes a broader view to ensure the right mix of projects is undertaken to achieve organizational goals. In the CAPM context, understanding PPM helps practitioners see how their individual projects fit into the larger organizational context and contribute to strategic objectives. It also provides insight into how project selection decisions are made at higher levels of the organization.
Project Portfolio Management (PPM) is a strategic approach that extends beyond individual project management to focus on the collective management of projects within an organization. It aligns projec…
Concepts covered: Project Portfolio Strategy Alignment, Capacity and Resource Management, Enterprise Program Management, Portfolio Value Management, Project Portfolio Risk Management, Financial Management, Stakeholder Management, Portfolio Performance Management, Project Portfolio Communication Management, Benefits Realization Management, Project Portfolio Change Management, Portfolio Governance
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