"Project Portfolio Management: Evolving Dynamic Business Growth"
By Melinda-Carol Ballou, Ballou IT Strategies
Part I: Understanding Project Portfolio Management
Project portfolio management (PPM) enables businesses to be adaptive by prioritizing and managing human and financial resources, projects and programs. Project and resource management alone do not provide the breadth of information or the analytics to create responsive, flexible businesses.
The suite of functionality encompassed by project portfolio management includes: project, resource, program, portfolio and process management. In addition, demand and financial management are other key capabilities that are incorporated as part of project portfolio management.
Portfolio management tool suites enable organizations to make efficient, effective choices by providing an analytic framework to understand the consequences of choosing one project or program versus another. The mixing and matching of project portfolios should map to the competitive nature of the business environment. All too often, information technology (IT) organizations “just do” their projects with little context for understanding the impact to the corporate bottom line and competitive positioning. Information is typically dated in project and resource management systems, and even when data is current, lack of data visibility is crippling for businesses.
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