What is PPM? A Complete Guide on Project Portfolio Management
Who doesn't want to have a successful and profitable business? It's not like that to get immediate success in business. The competition between businesses is growing day after day. In this time, only those businesses would survive who did a lot of work in the executive department. Indeed, hard work is the key to success.
Project Portfolio Management is the strategic department that evaluates and anticipate the risk for your business. In this article, we're going to discuss what exactly is Project Portfolio Management and which benefits you can get from it. Also, we'll see the top-quality software for Project Portfolio Management.
What is Project Portfolio Management?
Project Portfolio Management (PMP) is a process mostly used by product managers and project management agencies to analyze and optimize the projects or programs. Or you can say that it's a centralized management system/process, methods used by the project managers and project management offices to manage and analyze the project on numerous aspects.
The purpose of Project Portfolio Management is to produce optimal sources for delivery and list the activities to gain possible organizational goals. Project Portfolio Management gives hope to organizations and project managers to see the bright side of their business. But the question arises, where and how they can handle all the information?
The answer to that question is Project Portfolio Management tools, with PPM tools you can easily collect and analyze the data to see if your project's strategy is on the right track for your organization. There are many tools available for PPM, which we'll discuss further in this article.
Project Portfolio Management comprises different five processes:
- Change Control Management: Classifying and prioritizing change requests.
- Risk Management: Identify the risks in the projects and create contingency plans.
- Financial Management: Managing the financial resources that are related to the project
- Pipeline Management: Ensuring the project proposals are good to go.
- Resource Management: Include every resource present in the organization, from people to pieces of equipment that are being used in the organization.
The Benefits of Project Portfolio Management
According to the survey of Pulse of the Professional that project management practices save twenty-eight times more money. No doubt, Project Portfolio Management has become one of the strategic features of PMO.
Let's have a look at some benefits that organizations gain from Project Portfolio Management:
1. Advanced Project Selection of Processes
The goal of Project Portfolio Management is to set those processes that don't contain any kind of risks, check other criteria, and deliver maximum value to the industry.
2. Bigger the Picture better the View
Some companies lose focus while fixing and executing shorter projects. The larger project takes time; even some projects take years to complete. Many things can change during the time of the process—Project Portfolio Management help to make decisions for the company's long-term goals.
3. Complete Focus on Business Objectives
Another thing that is mentioned in the Pulse of the Professional, the main reason for an organization's failure happens due to a lack of pre-defined goals and without targeted objective milestones. Project Portfolio Management ensures that business comes first. Managers ask questions to define the goals clearly and ensure that a particular project meets the needs of the industry.
4. Team Collaboration
In larger organizations, multiple groups with multiple goals can end up competing units. Project Portfolio Management eliminates the duplication in the project and leverages the manager to create teams for mutual collaboration.
5. Accurate Data
One of the best benefits of Project Portfolio Management is continuously controlling and monitoring the project processes. And with the help of PPM tools, managers can access the exact information that is needed for the industry.
The Benefits of Project Portfolio Management
There are many software available for Project Portfolio Management, but the following three are the best software for resource management. Every tool has its own significant value and features.
Celoxis considered to be the best Project Portfolio Management tool and has the capabilities of resource management. It's an all-in-one PPM tool that is being used by many highly recognized brands like HBO, Rolex, Adobe, LG, Staples, and much more. Apart from the highly featured management tool, it's straightforward to use for any number of team members.
The dashboard of Celoxis contains the views of budget, cost, and financial information for any decision to make for a project. As we mentioned above with Celoxis, you can get extensive resource management capabilities. It provides an adaptive workflow that can be very suitable for your business process.
Smartsheet is a multi-tasker Project Portfolio Management Software. We used the term multi-tasker means that it uses multiple screens for viewing the project progress and project resources. Smartsheet is best for reporting purposes. Like Celoxis, Smartsheet doesn't have many features like finance and risk management but it's good for reporting nonetheless.
Smartsheet has some excellent visual and reporting tools that are good for Project Portfolio Management. You can also integrate Google apps, Microsoft apps, business apps like Slack, Box, Tableau, etc.
Sciforma is a Project Portfolio Management tool, recommended for product development and IT. We've another unique tool which be can be very helpful for product development and IT. We'll discuss that tool last. With Sciforma, you can manage multiple numbers of environments for both project and portfolio levels, also include IT and other public sectors.
Well, these were some famous Project Portfolio Management software. Now, it's up to you which software you want to use as a project or product manager.
Product Prototype Tool You May Need
As we mentioned earlier, there's a tool that can be very helpful for product managers to create product prototypes. Wondershare Mockitt is not a management tool but can be extremely helpful during project management.
Wondershare Mockitt is a highly recommended prototyping or graphic designing tool from our professional designers. This tool will help you to create fantastic product designs.
Let's take a look at the fantastic features of Mockitt:
Features of Wondershare Mockitt:
- Assets: Mockitt provides many icons and widgets to improve your creativity during product designing.
- No Coding Required: Design anything you want in Mockitt and don't worry about the code. Mockitt does have the feature of drag & drop. All you have to do is simply drag any element from the asset and drop it on the canvas.
- Custom Libraries: Now, you can customize your elements and widgets according to your need.
- Interactive Linking: You can create multiple screens for your product and can create interaction between them.
Well, these were the things that are important in Project Portfolio Management. We've almost covered everything about PPM. We've also seen the best Project Portfolio Management software and even a prototyping software/tool which might be helpful for product managers.