Question

.    How Project Portfolio Management process could provide business advantage to the company? As a project manager develop a strong statement (1 pages) supporting implementation of PPM in your organization

Answer 1

Project portfolio management refers to the process of choosing the projects that best meet the company targets with the resources available to perform these projects. It is vital component in the company to enhance the ability to manage multiple projects in an effective and efficient approach. It assists in company's approach in project prioritization, allocation of resource, scheduling, budgeting, and other main components of the project.

As a project manager I would want an implementation of PPM in my organization due to the following advantages:

--Optimal Allocation of Resources: PPM consists of comparisons, measuring, and prioritizing the projects in classification and implementation of the most valuable projects only. The required skill set for each project and ideal resources sources are maintained by incorporating formal strategies in sourcing. Except with a portfolio, a company will have view in a broader way on where resources are being over- or under-allocated.

-- Correction of Performance problems: PPM involves identification, escalation and addressing of the concerns in regard to assistance and execution in keeping the progress of current projects on track.

--Alignment of Projects to Company Goals: The project goal should be aligned to company goals and PPM ensures it by performing management oversight. It does monitoring throughout the project; and promotes coordination by the standard communication. There is a regular course correction for checking the drifts in the project. In redirect projects to ensure alignment with changing business goals

-- Balancing the Risks posed by Projects: PPM balances the company's risks with potential returns with the diversification of the portfolio of project in the companies