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L3 Project Portfolio Management

Project Portfolio Management (PPM) is essential for organizations managing multiple projects, ensuring alignment with organizational goals and regular evaluation of project progress. The process involves determining business objectives, researching potential projects, selecting the best projects, and validating their feasibility before initiation. Effective PPM helps project managers allocate resources efficiently and prioritize high-value projects to enhance overall project success.

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5 views11 pages

L3 Project Portfolio Management

Project Portfolio Management (PPM) is essential for organizations managing multiple projects, ensuring alignment with organizational goals and regular evaluation of project progress. The process involves determining business objectives, researching potential projects, selecting the best projects, and validating their feasibility before initiation. Effective PPM helps project managers allocate resources efficiently and prioritize high-value projects to enhance overall project success.

Uploaded by

archit.aka.agrawal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Software Project Management

(SPM)
Unit 1

• Project Portfolio Management

AKGEC GHAZIABAD
Project Portfolio Management
When there are many projects run by an organization, it is vital for the
organization to manage their project portfolio. This helps the organization to
categorize the projects and align the projects with their organizational goals.

PPM is defined as the centralized management of processes, methods,


and technologies used by project management teams to oversee and
evaluate existing or proposed projects.
Objectives of Project Portfolio Management

• The need to create a descriptive document, which contains


vital information such as name of project, estimated
timeframe, cost and business objectives.
• The project needs to be evaluated on a regular basis to
ensure that the project is meeting its target and stays in its
course.

• Selection of the team players, who will work towards


achieving the project's objectives.
Why Project Managers to Focus on PPM?

• PPM is crucial for a project to be successful as well as to


identify any back lags if it were to occur. Project Managers
often face a difficult situation arising from lack of planning
and sometimes this may lead to a project withdrawal.

• It's the primary responsibility of project managers to ensure


that there are enough available resources for the projects that
an organization undertakes. Proper resources will ensure that
the project is completed within the set timeline and delivered
without a compromise on quality.
• Project managers also may wish to work on projects, which
are given its utmost priority and value to an organization.
This will enable project managers to deliver and receive
support for quality projects that they have undertaken. PPM
ensures that these objectives of the project management will
be met.
The Five Question Model

• The five question model of project portfolio management illustrates that the project
manager is required to answer five essential questions before the inception as well as
during the project execution.
• The answers to these questions
will determine the success of the
implementation of the project.
Project Portfolio Management Steps

• There are 4 steps:


• 1. Determine business objectives
• 2. Collect and research information on potential
projects.
• 3. Narrow your list and select the best projects.
• 4. Validate portfolio feasibility and initiate
projects
Project Portfolio Management Steps

• 1. Determine business objectives. In order to settle


on the projects that work for your organization, teams
need to be on the same page.

• One of the most popular ways to create that alignment


is to develop a strategy map that outlines exactly what
the business objectives are and how team members
should prioritize them.
• 2. Collect and research information on
potential projects. Compile a list of ideas for
potential projects and research those ideas.

• Some sources of inspiration might include


ideas from team members, customer feedback,
or particular regulatory requirements.

• Then put together some high-level details on


those ideas, like potential resource
requirements.
• 3. Narrow your list and select the best
projects. The high-level data from the previous step
will give you the tools to
choose the projects that best align with your business o
bjectives
.

• Use that data to define a projects’ differentiators and


craft a tentative portfolio that will likely maximize your
return while balancing risk.
• 4. Validate portfolio feasibility and initiate
projects. Next, you’ll need to validate the portfolio
of projects against their feasibility and available
resources.
• Expand on the high-level data that’s already been
collected and create a more realistic picture of the
resources necessary to complete a project and
what potential setbacks might be.

• If the project still seems feasible, you can commit


resources and move forward.

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