Though project portfolio management (PPM) has been around for years, companies still find it extremely difficult to follow. Once you do it perfectly, you can have profitable revenue generation as well as increased cost-efficiency. Your company decision-making will be informed and more farsighted. However, project portfolio management can fail, and you should stop that from happening by understanding what is going on in your software portfolio. In this article at Technology Evaluation, find out the ways you can conduct PPM functions perfectly.
You can draw value once you imbibe the PPM principles. Project portfolio management should help you make informed decisions and stay aligned with corporate objectives.
Choose Per Need
All PPM processes will not fit all circumstances, and not every organization should follow the same template in its business. Apply the rules per your judgment.
Hire In-house Experts
Most PPM implementations fail because organizations do not hire experienced professionals. To know what is going on in your software portfolio, get professional help.
Propel a Structured Approach
“Effective governance starts with leadership, commitment, and support from the top,” says the author. So, the PPM team should have a leadership committee, a portfolio management team, and a community of project and program managers.
Have Result Standards
Know what you would like as portfolio results. You need a milestone to learn if the PPM implementation has been successful.
Create Effective Processes
You cannot achieve results without providing your team with proper resources like tools, applications, policies, and standards.
Store and protect your project database. Review the project propositions and prioritize projects per value derived. Maintain documentation and share reports to increase status visibility.
A successful PPM performance will help you immeasurably. So, keep up with stakeholder demands. Create a charter to help your PPM team stay on track. Have a framework based on which you can kickstart a pilot PPM process.
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