Project portfolio management tools (PPM tools) serve as an effective measure to analyze and evaluate data and make more informed decisions. There are several PPM tools available in the market that help you understand what exactly is going on in your software portfolio. However, you must have a better understanding of how PPM tools operate and what their advantages and techniques are. It is also essential to be aware of your project’s requirements so you can use project-specific tools without wasting resources like time, money, and employee bandwidth. In her article for Knowledge Train, Simon Buehring talks about several aspects of PPM tools and how they can help your project and business.
Types of PPM Tools
Buehring asserts that there are several types of PPM tools that companies can choose from according to their needs:
- Individual, where the project manager or any other individual uses tools such as planning software on a single change initiative.
- Collaborative, where a group of people uses the same data set through a single tool.
- Integrated, where several people can access multiple data sets through a single tool. Enterprise PPM is a prime example of an integrated PPM tool.
Advantages of PPM Tools
Apart from improving the productivity of a company’s project portfolio management, PPM tools also help in improving compliance with other business processes. They give you better control of your project variables to know what is going in your software portfolio. PPM tools enable a more informed decision-making process and improve staff collaboration.
There are different PPM tools that can help your project and business in several ways. You should have a clear idea of your objective and how you plan to achieve it using a particular PPM tool. These can help you monitor a project’s growth based on its outputs, benefits, and evaluations. Knowledge management tools such as wikis and FAQs can help your team share data and information regarding a joint project.
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