How Project Portfolio Management is Improving Project Management Office?

Posted by Anuj Mahajan on April 30th, 2019

Many organizations as well as technology pioneers concur that even a low investment in a Project Portfolio Management solution can offer various advantages – even huge returns in some cases over the enterprise. Usually conceived advantages of a Project Portfolio Management solution implementation involve:

• Prioritization for decision-making

• Quick project executions

• Quite accurate as well as planning and forecasting of investments in projects for the organization

• Highly optimized resource utilization

As you think about the main advantages a PPM solution can get to the project office roles in the organization, allows first think about what a PPM is and what it accomplishes for the organizations that connect with it…

What is Project Portfolio Management?

"Project Portfolio Management (PPM) is the centralized management of the procedures, strategies, and technologies utilized by project managers as well as project management offices to analyze as well as oversee existing or proposed projects on the basis of various key attributes."

When putting before the case for a PPM solution, the key is to show how the project portfolio management software as well as processes will have a positive impact on the organizational roles. One major role player in that situation is the project management office for some bigger and well-established organizations and project management infrastructures.

As you analyze the PPM advantages for the project management offices, allows first take a gander at how the PMO initiative would profit. That typically implies the PMO director, leader or some senior project manager, for the most part, accused of directing this unit.

PMO Leadership Advantages

What are the standard objectives of a PMO? Consider… whether the PMO is driven by a chief, executive, or a senior member of the project management organization, the ideal outcomes likely include:

• Project & resource prioritization; backing up the work demand

• Maximizing organizational agility

• Precise planning & forecasting

• Enriching value perception of PMO through communication & collaboration

Accomplishing these objectives starts with viable prioritization of incoming work demand.

PMOs that acknowledge all incoming work demand will battle to meet their responsibilities because of their failure to organize or precisely forecast what can or can't be finished on-time and on-budget. The issue continues getting worse in light of the fact that demands proceed to flow, and if the projects are not re-organized, the organization operates putting resources into low priority work before higher priority work that is simply sitting in the backlog of projects some place. The presence of this annoying cycle is actually why management consistently calls the presence of the PMO into question.

While it might appear challenging for organization accomplish the majority of their PMO's goals, actualizing a PPM solution will enhance the chances of success. Regardless of whether the PMO requires bettering prioritization, increment agility, or just imparting the business value of their endeavors, portfolio management enables PMOs to settle on better choices, stay aligned with the business and in particular, keep up exact forecasts.

Where to Look for the Productive PPM?

Outsourcing PPM services will lead your company to success. The industry leaders will guide you to make the effective use of CA Project Portfolio Management and how to keep the record of your expenses you will invest in the effective completion of the project.