What you do need is a tool that can evaluate project proposals based on estimating the value to the business of the outcomes that would be produced by the decision to conduct those projects.
Available tools differ greatly in what they do and how well they do it. You will need to do your homework to decide whether there is sufficient content behind the attractive cover. Just don't make the mistake of choosing projects based on the recommendations of a PPM tool that lacks the analytics for quantifying project value.
A key result of PPM is to decide which projects to fund in an optimal manner.
Business strategy, operative structure, implementation process, and technical expertise are all tested when alignments are done. For example as explained in Part 2a tool may address a select few or nearly every task encountered in a large, project-based organization.
There is no easy answer. Please let me know if you find links that no longer work, or if you are aware of any PPM tools with project prioritization capabilities that Project portfolio management tools not on my list. When first released, the tool will have basic capability and a few defects.
Among the important questions that you must answer in order to choose the best PPM tool for your organization is whether your organization needs most urgently to improve its ability to select the right projects or its ability to collect, manage, and communicate basic information about the projects it conducts and the resources that are utilized.
Change Control [ edit ] The capture and prioritization of change requests that can include new requirements, features, functions, operational constraints, regulatory demands, and technical enhancements.
PPM provides a central repository for these change requests and the ability to match available resources to evolving demand within the financial and operational constraints of individual projects.
Portfolio Managers define Key Performance Indicators and the strategy for their portfolio . Available tools differ greatly in what they do and how well they do it.
Project Portfolio Optimization[ edit ] An example of defining funding priority by the chart: EPPM can guide decision-makers to strategically prioritize, plan, and control enterprise portfolios. These can include financial resources, inventory, human resources, technical skills, production, and design.
The tools differ in so many dimensions that it is impossible to fairly summarize distinguishing characteristics in just a few words. Tasks which need to be accomplished are lined up one after another which makes it easy to recognize tasks which can be postponed if the project falls behind schedule.
Effective but practical project performance measures need to be defined, difficult and largely judgmental, project-specific inputs must be generated, and the metrics and scales that work for one organization often won't work for another. A very few include constrained optimization engines capable of constructing value-maximizing portfolios subject to specified constraints on resources other than, or addition to, capital constraints.
A very few include constrained optimization engines capable of constructing value-maximizing portfolios subject to specified constraints on resources other than, or addition to, capital constraints. I can't tell you which single tool will work best or even work at all for your situation.
The several tools capable of properly accounting for non-financial project benefits do so via a defensible multicriteria techniqueusually AHP or multiattribute utility analysis Such tools normally compute a value-maximizing portfolio by ranking projects by the ratio of value to cost, the metric termed project productivity.
This contrasts with the traditional approach of combining manual processes, desktop project tools, and PPM applications for each project portfolio environment.
It provides a framework for issue resolution and risk mitigation, as well as the centralized visibility to help planning and scheduling teams to identify the fastest, cheapest, or most suitable approach to deliver projects and programs. Product updates are announced almost weekly, and software capabilities can change significantly as new versions are introduced.
Others are being acquired by larger companies. The reality about PPM that many PPM customers don't want to hear is that, to obtain a tool that reasonably prioritizes projects, the customer needs to think hard about what the business needs and the specific ways that proposed projects address those needs.
Do more with less: Build contingencies into the overall portfolio: These can include financial resources, inventory, human resources, technical skills, production, and design. The new features will complicate the product and make it harder to use. The Bottom Line For those of you who can't afford the time to read through the remaining parts of this paper, here is the bottom line.Planview work and resource management solutions empower organizations to accelerate the strategy to delivery process through Strategic Planning, Portfolio and Resource Management, Product Innovation, Capability and Technology Management, Lean and Agile Delivery, and Collaborative Work Management.
Choosing the right project portfolio management software and tools is often the key to successful PPM.
There are so many with different capabilities. If you were to search for, “best PPM software”, for instance, lots of software will show up. Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.
Project Portfolio Management Tools The number of tools advertised for PPM is truly staggering; a list on Wikepedia identifies more than !. My review identifies about 60 that provide capabilities to support project selection, prioritization, or portfolio management. Portfolio optimization.
Microsoft Project helps decision makers easily model different portfolio scenarios to determine the best strategic path by weighing project proposals against strategic business drivers and considering the cost and resource constraints within an organization.
CA Project & Portfolio Management provides one consolidated view of each employee’s project queue and their schedule. Managers explore staffing options with telescoping and pinning features that replace outdated filtering and matching tools.Download