Project Portfolio Management

Definition: Project Portfolio Management (PPM) is a centralized management process that focuses on aligning projects with an organization’s strategic objectives. PPM involves the systematic evaluation, prioritization, and oversight of project portfolios to maximize their overall value and achieve optimal resource utilization.

This practice ensures that IT projects are effectively selected, managed, and executed to meet the business goals.

Key Components:

  1. Project Selection and Prioritization: In PPM, potential projects are evaluated based on their strategic alignment, potential benefits, resource requirements, and risks. This ensures that only the projects with the highest value and alignment with organizational goals are prioritized.

  2. Resource Allocation: Efficient allocation and optimization of resources, including personnel, technology, and budget, are essential. PPM ensures that resources are assigned to projects based on priority and availability, avoiding over-allocation and ensuring balanced workloads.

  3. Performance Management: Continuous monitoring and assessment of project performance against defined metrics and KPIs. This includes tracking progress, managing risks, and implementing corrective actions to ensure projects stay on track.

  4. Governance: Establishing standardized processes, policies, and frameworks to ensure projects comply with organizational standards and regulatory requirements. Governance structures support decision-making and accountability across the project portfolio.

  5. Project Selection and Prioritization: In PPM, potential projects are evaluated based on their strategic alignment, potential benefits, resource requirements, and risks. This ensures that only the projects with the highest value and alignment with organizational goals are prioritized.

Challenges:

Other Terms:

Partner Ecosystem  |  Performance Evaluation  |  Project Manager Time Reports  |  Payroll Integration  |  Predictive Analytics  |  Probationary Period  |  Punch Clock  |  Performance Tracker  |  Pc Activity Monitoring  |  Passive Time  |  Process Excellence  |  People Management  |  Project Scheduling  |  Payroll Management  |  Productivity Software  |  Productive Session  |  Process Bottlenecks  |  Positive Work Environment  |  Performance Management  |  Productive Hours Per Day  |  Productivity Tracker  |  Performance Improvement Plan  |  Project Management Office  |  Productive Hours  |  Performance Metrics  |  Payroll  |  Personnel Management  |  People Retention  |  Project Tracking  |  Project Management  |  Project Charter  |  Performance Review  |  

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