Many project managers focus too much of their time and effort on executing individual projects — and yet fail to give the same amount of attention to the project portfolio itself. The result? Suboptimal performance and returns for the portfolio as a whole.
To make sure this doesn’t happen, companies should use Project Portfolio Management (PPM). With PPM, experts at Metier.com say businesses can identify the most worthwhile projects, pursue the right opportunities at the right time, and finally improve the performance of the project and the portfolio.
Below are some of the ways PPM provides value to businesses:
Reduced Risk of Overspending
Poor project estimation, inaccurate project scheduling, and improper resource allocation can all cause overspending. Businesses can avoid these with Project Portfolio Management. Some PPM tools provide features for easy estimation, which makes sure your projects are estimated more accurately. Some PPM tools also allow you to put the right resources on the right task, at the right time.
Faster Project Turnaround Time
Some aspects of project management tend to be repeating processes. With PPM skills and technology, you can keep the work flowing and increase productivity, because PPM eliminates redundancies between projects. It also instantly allows you to answer the “What do I do next?” question.
With shorter time to provide business results, your business can earn a head start in the competition.
Early Solving of Performance Problems
Project Portfolio Management cannot completely get rid of a performance crisis, but it assists in addressing performance issues early. PPM can do so by allowing you to oversee projects efficiently, and identify, escalate, and address any issues related to execution even before they become major issues.
Maximized Overall Returns
PPM ensures the proper combination of projects to help managers achieve the maximum returns. Some PPM tools provide an overview of project values, as well as how each differs widely from one another. This allows project managers to prioritize tasks that give the most returns.
Overall, Project Portfolio Management allows businesses to minimize factors, like mismanaged resources, schedule delays, and cost overruns. PPM provides organizations with all the functionalities they need to plan their projects accurately, and ultimately increase the success of project execution.