What is portfolio management?
Before we dive into the benefits of PPM software, let’s first cover a basic definition of project portfolio management, or PPM. Essentially, a project portfolio is a portfolio that contains all of your department’s ongoing projects. Formalized PPM gives you a high-level view of all projects that are currently in progress, allowing you to see how and where your time, financial resources and talent are being put to use. This high-level view also lets you see the extent to which your ongoing projects are aligned with your overall objectives.What is project portfolio management software, and why do you need it?
One tool, many project methodologies
Waterfall, Agile, Kanban, Card Wall, basic task lists — all these project methodologies should be available within your PPM software because you need to fit the methodology to the project (and project team) and not the other way around. And for some projects, a hybrid approach that combines elements of more than one of these is the way to go. By “right-sizing” your project plans for the project you’re undertaking and the team of resources that will be doing the work, you are setting yourself up for success.With project portfolio management, you get comprehensive support for all projects, regardless of size, complexity or simplicity.
PROJECT INTAKE AND WORKFLOW Leverage an intake framework, which will help you compile, analyze and evaluate the data required to decide which ideas should become projects and which projects should be approved.
COLLABORATION
Project teams are more effective when they can seamlessly collaborate. Sharing notes, discussing issues and risks, and understanding status updates in real time contribute to top-notch project performance.DASHBOARDS AND REPORTING
When it comes to project management, there is no bigger mantra than transparency. Gain a consolidated view of projects across the team with custom views and the ability to export or publish publicly.PROJECT PLANNING
Quickly and effectively plan projects using the right methodology for the job. Speed planning with project templates to support all maturity levels, from simple to complex, using the right fit for each project.PROJECT MANAGEMENT
Quickly measure and report on the activities, issues, risks and tasks that have the biggest impacts on successful project completion. Set custom alerts for specific deviations, project health and project status.RESOURCE MANAGEMENT
Resource constraints are often reported as the No. 1 issue facing IT organizations. PMOs need a clear view of all work and resources across the portfolio for resource capacity planning.TICKETS AND PROJECTS
Sometimes incidents and service requests need to become projects — and sometimes projects kick off service requests. With a single platform approach, you can manage both in one place, on one platform.PORTFOLIO APPROACH
Eliminate surprises and identify potential roadblocks before they occur with a portfolio approach. Establish the framework to keep projects on track, aligned with goals and ensure completion on time and budget.Flexibility to manage projects for IT, Facilities, Marketing, HR and more
While many of your projects might be centered within the IT department, you may also work on projects with other departments like Facilities, Marketing, Human Resources, etc. There are a few things you should consider, and that your PPM software should help with.First is, of course, collaboration. When project work is spread across departments, being able to communicate project-related information clearly and effectively is essential. And speaking of communication, you need to do so with a common language. By communicating with easy-to-understand and jargon-free dialog, you will avoid confusion and foster stronger relationships between departments — and that’s a good thing.
- Support for all project methods: Waterfall, Agile, Kanban, Card Wall and basic task lists.
- Flexible to manage projects for IT, Facilities, Marketing, HR and more.
- Institute workflow to ensure that steps are moved along as planned.
- Conduct in-depth resource capacity planning analysis.
- Engage in budget planning and time tracking for better outcomes.
- What-if planning scenario mapping.
- Manage project documents in a centralized storage repository.
