Project Portfolio Management – or PPM - is the centralized management of the processes, methods, and technologies used by project managers and project management offices to analyze and collectively manage current or proposed projects based on numerous key characteristics.
What a PPM should be
The right PPM will help you analyze and choose the right projects. What technologies is your company equipped to handle this next quarter? What are your revenue goals and do the current projects in the pipeline matchup with those two and other criteria you've setup to help determine what projects to start next or even chase next? Your PPM should be able to help you with those decisions.
Knowing your resource requirements and allocations is a key to proper project staffing. The right PPM knows how extended your resource pool is and what skill sets are available. If that next project isn't a match for the organization then the PPM will flag it as a concern and show you why it's not a match. If you can't take it on with the resource availability you have right now, then you won't and that means saving you from an embarrassing customer situation. I've been there – I've helped organizations figure out which projects they can take on and which ones they should set aside for now even though the CEO has made promises. It's hard – but the PPM makes it easier.
The PPM will help you fund what is needed now. Allocating financial resources to the proper projects is often a painful selection process for the Chief Financial Officer (CFO), Chief Operating Officer (COO), General Manager, PMO Director or whoever makes those decisions in your organization. Not everything can be started when you want to and jumping the gun on projects you aren't ready to fund can cause failures from the outset. The PPM will help you put the right projects on the overall project landscape today for greater success for the company.
The hybrid PPM approach
A new hybrid 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 PRINCE2. With a hybrid PPM you can work smarter by taking advantage of fully integrated agile methodologies such as Kanban boards complementing proven, traditional tools like WBS and Gantt charts.
One tool does this better than any of the others on the PPM landscape... ONEPOINT Projects is a modern, flexible, standards-based PPM web application that is available both on cloud and on premise and is trusted by hundreds of customers across industries. By covering the whole project life cycle and integrating with leading enterprise applications such as Jira, Confluence, Slack and SAP, ONEPOINT enables a new way of integrated project work.
The ideal project management solution has to adapt to your business and not the other way round. You can choose between a cloud or a server based solution and it has to meet all your project life cycle needs. Since these needs may vary from company to company, it is best to choose options that are relevant for your business. Furthermore the ideal application is definitely easy-to-use. Every member of your project organization should work with it intuitively. Finally, your project management solution must support your project management methods and infrastructure.