Project Portfolio Management Process Collection

Project Portfolio Management (PPM) is a process that helps organizations manage and prioritize their projects to ensure they align with the organization’s goals and strategies. The PPM process typically involves the following steps:

• Define the project portfolio: This step involves identifying all current and potential projects and classifying them based on their strategic value, alignment with organizational goals, available resources, and risk.
• Prioritize projects: In this step, the organization determines which projects to prioritize based on their value and strategic alignment. The prioritization process can involve techniques such as cost-benefit analysis, return on investment (ROI), and strategic alignment analysis.
• Allocate resources: After prioritizing the projects, the organization must allocate resources, such as budget, personnel, and equipment, to ensure the projects can be successfully executed.
• Monitor and control projects: This step involves tracking project progress and comparing it to the project plan to ensure that projects are on track and any deviations from the plan are addressed in a timely manner.
• Evaluate project outcomes: The final step in the PPM process involves evaluating the outcomes of the projects to determine whether they met the organization’s goals and strategies and provided the expected value. This step is critical for continuous improvement and informing future project portfolio decisions.

Effective PPM requires a structured approach and clear communication channels between project managers, stakeholders, and the executive team. It also requires ongoing monitoring and adjustment to ensure the project portfolio is aligned with the organization’s goals and strategies.

The Project Portfolio Management (PPM) Process category in our CIO Reference Library is a curated collection of resources, articles, and insights focused on providing IT executives and other professionals with a comprehensive understanding of the PPM process and its application in managing a portfolio of IT projects.

The PPM process is a structured approach to managing a portfolio of projects. It involves selecting, prioritizing, and monitoring projects based on their potential to deliver business value and support organizational goals. It consists of several key steps, including:

1. Project Identification: The first step in the PPM process involves identifying potential projects that could be included in the portfolio. This can be done through various methods, such as idea-generation workshops, market analysis, or customer feedback.
2. Project Evaluation: Once potential projects have been identified, they must be evaluated against specific criteria, such as their alignment with strategic goals, the potential return on investment (ROI), or resource requirements.
3. Project Selection: Based on the evaluation criteria, a subset of projects is selected for inclusion in the portfolio. The selection process should be based on the overall strategic objectives of the organization and the available resources.
4. Project Prioritization: Once the projects have been selected, they must be prioritized based on their relative importance to the organization. This can be done using various methods, such as value scoring or risk analysis.
5. Resource Allocation: After the projects have been prioritized, resources must be allocated to each project based on their importance and resource requirements. This may involve reallocating resources from lower-priority projects to higher-priority ones.
6. Project Monitoring and Control: Once the projects are underway, they must be monitored and controlled to ensure they remain aligned with the organization’s overall strategic objectives. This involves tracking progress, identifying risks and issues, and making adjustments as necessary.

By exploring the PPM Process category, IT executives and other professionals can understand the critical steps involved in the PPM process and how they can be applied to manage a portfolio of IT projects. This knowledge can help organizations to make more informed decisions about their project investments, improve their alignment with business goals and objectives, and ultimately create more value for their stakeholders.