What is PPM?
“Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.”
We know what a PPM tool is...now...do we need one? Let's consider some advantages and some question marks...
Better decision making with a powerful tool aid. Good data drives good visibility which usually results in better go-forward or no-go decisions on projects and initiatives with clients and in the organization itself. When you have solid information and metrics on past projects, then you can make better decisions on project strategies and engagements going forward as well. The best decisions are made with reliable and accurate data in hand.
Hybrid PPMs handle agile and waterfall equally well if your organization requires it. The right hybrid PPM solutions can and help bridge any agile and waterfall gaps you may have in the organization – with one tool. An innovative, hybrid PPM approach to project management allows you to combine the best of Scaled Agile with all major features of common PM standards including PMI, IPMA and PRINCE2l and even allowing things like bidirectional Jira integration. Work smarter by taking advantage of fully integrated agile methodologies such as Kanban boards complementing proven, traditional tools like WBS and Gantt charts.
Improved resource utilization. The right project portfolio management solution can give you great Integrated resource management options with resource assignment and utilization metrics. This allows you to save money or at least helps to maximize value by ensuring that resources are working on the right tasks and projects at the right time.
Focus on the high value projects to deliver more value from your portfolio. Obviously, we want to be spending our money where it will do us the most good. We're always looking for the best return on investment (ROI), right? A powerful enterprise PPM solution can do that for you through the creation of scenarios and decision making tools. You tell it what you're looking for, what the organizational goals are, what the budget it, what the resource constraints are...etc...and it will help you decide how best to prioritize your resources and your hard-earned corporate dollars.
Be ready to change as projects and priorities change. A good PPM tool is going to be as scalable and direction changing as your organization – which is also changing...hopefully – needs it to be. As new projects come up that may change goals and priorities, you need to be able to analyze and grasp new challenges. A PPM tool can help you assess those projects and accept those challenges.
Your tool is only as good as the info you give it. You can have the best tools in the world, but the weakest link will be the ones using those tools, in most cases. Most people get injured by a chainsaw not because the chainsaw is defective or of poor quality, but because they weren't using it properly or carefully enough. If you give your PPM tool bad information or set improper parameters, then you're going to get the garbage in, garbage out scenario.
Does it fit the corner you are working in? One size fits all is not the case for PPM tools. You need to do your research and do it well and pick the right tool for your projects, for your organization, for your priorities and for your industry. It needs to be right for you.
Summary / call for input
Project portfolio management. Is it a trend or a need? As organizations grow and expand their goals and missions and focus on broader delivery scopes, PPMs are going to become more and more critical... dare I say maybe even indispensable tools in our companies. Meeting our challenging client needs is critical to staying at the delivery forefront. So, yes, a PPM tool is a definite need...a must have in many organizations and industries that are project driven for success.
Readers, what are your thoughts? Do you have a PPM tool right now? What are your thoughts and projections over the next 3-5 years? Are you big enough for a PPM tool? Is there a size limit? Please share and discuss.