Or, what is PPM? Project portfolio management (PPM) is a process of selecting, prioritizing, and managing a set of projects to achieve specific strategic goals and objectives. PPM enables organizations to align their project portfolios with their business strategies, manage risks, and optimize resource allocation. It involves assessing the projects’ strategic fit, benefits, costs, and risks to determine their relative priority and funding.
Project Portfolio Management (PPM) is closely linked to project management, but they are not the same thing.
Project management focuses on the execution of individual projects, while PPM focuses on managing the portfolio of projects. PPM provides a holistic view of the organization’s project portfolio, enabling better decision-making on project selection, prioritization, and resource allocation. PPM also helps project managers to identify dependencies and conflicts among projects and resolve them proactively.
PPM software like Cerri Project helps organizations manage their project portfolios effectively and provide a range of advantages to organizations that are looking to optimize their project management processes:
- Centralized project portfolio management: PPM software enables organizations to manage their project portfolios in a centralized location, providing a holistic view of all projects. This allows organizations to prioritize, allocate resources, and make informed decisions about projects more easily.
- Improved communication: PPM software promotes better communication and collaboration among team members and stakeholders. With a centralized repository of project data, team members can easily access the information they need and work together more efficiently.
- Resource optimization: PPM software enables organizations to optimize resource allocation across projects. With resource tracking and management capabilities, organizations can ensure that resources are used effectively, reducing costs and improving efficiency.
- Better risk management: PPM software provides tools for identifying, assessing, and mitigating project risks, enabling organizations to minimize the impact of risks on their projects.
- Enhanced reporting and analytics: PPM software provides customizable reporting and analytics capabilities, enabling organizations to track project performance and make data-driven decisions.
- Portfolio alignment with business goals: PPM software enables organizations to align their project portfolios with their business goals and objectives, ensuring that the projects contribute to the overall success of the organization.
- Improved project tracking and monitoring: PPM software provides real-time tracking and monitoring of project progress, enabling organizations to identify and resolve issues quickly.
- Increased accountability: PPM software promotes accountability by providing clear project selection criteria, performance metrics, and governance structures. This helps to ensure that projects are completed on time, within budget, and to the required quality standards.
In order to maximize your benefit from Cerri Project project portfolio management software you have different options available to you.