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About Project Portfolio Management (PPM)
As organizations fight tenaciously for every inch of market share, IT departments have had to deploy technology that assists these dynamic organizations to remain competitive. One of these technologies is project portfolio management (PPM).
Project portfolio management (PPM) is a business practice that helps organizations align their portfolios of projects with their business strategies. PPM organizes a series of projects into a single portfolio consisting of reports that capture project objectives, costs, timelines, accomplishments, resources, risks, and other critical factors. Executives can then regularly review entire portfolios, allocate resources appropriately, and adjust projects to produce the highest departmental returns. As its name implies, project portfolio management groups projects so they can be managed as a portfolio, much as an investor would manage stocks, bonds, and mutual funds.
PPM: A solution for SMB and Fortune 500
The average small to medium business (SMB) has many of the same strategic needs as Fortune 500 organizations have for processing data into information. Consider an SMB's need to integrate technologies to support its manufacturing and supply chain issues, which affect the organization's ability to generate revenues. These SMBs may sell to larger organizations, which demands greater integration with these organizations' business processes and systems. The requirements have an impact on everything from product design to engineering, to sourcing and procurement, to sales and distribution, coupled with greater compliance issues and regulatory concerns.
The mid-market has limped along with rigid systems and processes that were developed on platforms and architecture now about 20 years old. As a result, organizations have had to create a variety of ad hoc reports by using spreadsheets, replete with the constraints of inaccurate and static data. When managing projects, spreadsheets are a poor way to track changes, as they leave no audit trails, and they are an inadequate medium for interpreting data.
How Organizations Should Support PPM
To support a PPM system, organizations must have an internal process for each of the following:
- Governance—the executive role in the decision-making process, usually conducted by a C-level executive who determines
- what projects to approve or reject, as priorities are determined
- when to activate projects, and establishes their completion dates
- what resources are required (both capital and human), and sets the project budget
- Management—the process that monitors a project to ensure it is fulfilling its stated goals and that it is running on time and on budget. Such monitoring is usually the responsibility of the project manager (PM) and the project management office.
- Administration—the management and updating of project portfolios according to their deliverables and resources (planned and used) in order to document the project status, note key milestones, and ensure adherence to the schedule for project deliverables. Usually the mandate of the PM.
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