| Project Portfolio Management (PPM) is "a process | | | | decentralization of resources. |
| that ensures your company spends its scarce | | | | The second way that project portfolio management |
| resources on projects that will deliver the most value | | | | can simplify a project driven organisation is through |
| to your organisation. It is a particularly important | | | | standardized process, or project management |
| process for validating the costs involved in a project." | | | | methodology. Gaining predictability and control is |
| Put simply, project portfolio management presents an | | | | imperative for the success of projects. A centralized |
| amazing opportunity for a business to simplify and | | | | PPM model gives organisations the opportunity to |
| streamline work processes that would otherwise be | | | | standardize every process. |
| ostensibly complex. When creating a project portfolio | | | | The third is status reporting, because the PPM |
| management structure, one must be careful as to | | | | centralizes and standardizes the projects, this also |
| not get duped into the same replication of | | | | means that status reports are simple outputs that |
| complexity that was caused by the lack of a PPM | | | | can even be created by pressing a button. This takes |
| solution in the first place. | | | | out elements of subjectivity, where the "standard" |
| There are several ways that a central project | | | | report formats are created by the project managers |
| portfolio management system can simplify a project | | | | almost always In ad hoc fashion. |
| driven organisation. | | | | These are just a few examples, and there will |
| The first means of simplification is through | | | | inevitably be a price to pay in the transition from |
| information management. To manage a | | | | decentralized ad hoc project management to |
| project-driven organisation requires a substantial | | | | centralized project portfolio management. For |
| amount of information. This information may come in | | | | instance, as project manager you will need to |
| a variety of forms, and managing multiple | | | | communicate the direct benefits of a PPM model to |
| informational facets including proposals, project plans, | | | | get your stakeholders onside with the transition, and |
| resource alignments, estimatations, standard | | | | you will also need to ensure that all mess is cleaned |
| templates, status reports let alone people can prove | | | | up beforehand so the transition between models can |
| to be exceedingly difficult as it all consumes copious | | | | be carried out without and baggage. By centralizing |
| amounts of time and energy. The key to managing | | | | your processes through project portfolio |
| information is to centralize everything as to avoid the | | | | management, you will be alleviating the pressures of |
| manual overhead, poor visibility and banal processes | | | | the perplexities and turbulences of modern |
| – such is the advantage of project portfolio | | | | project-oriented organisations – so it's definitely |
| management, where information management is | | | | something too consider. |
| devoid of sporadic distribution of data and | | | | |