What is Project Portfolio Management Software?

Most of us have used things like spreadsheets, index cards, sticky notes (or maybe even napkins…) to organize project tasks, especially in our personal lives. But when projects grow into something larger and more complex than those methods can easily support, and especially when these projects are intended to deliver some type of benefit to your business, you need a tool that’s specifically built for the job. But what is Project Portfolio Management (PPM) software, and what will it give you? Well—a lot.
One tool, many project methodologies
Waterfall, Agile, Kanban, Card Wall, basic task lists—all these project methodologies should be available within your PPM software because you need to fit the methodology to the project (and project team) and not the other way around. And for some projects, a hybrid approach that combines elements of more than one of these is the way to go. By “right-sizing” your project plans for the project your undertaking and the team of resources that will be doing the work, you’re setting yourself up for success.
Flexibility to manage projects for IT, Facilities, Marketing, HR, and more
While many of your projects might be centered within the IT department, you may also work with other departments, like Facilities, Marketing, Human Resources, etc. on projects and there are a few things to consider (and that your PPM software should help with). First is, of course, collaboration. When project work is spread across departments, being able to clearly and effectively communicate project-related information is essential. And speaking of communication, you need to do so with a common language. By communication with easy-to-understand and jargon-free dialog, you’ll avoid confusion and foster stronger relationships between departments—and that’s a good thing.
Conduct in-depth resource capacity planning analysis
Project teams can range from a few too many depending on the size and scope of a project. And those resources are often splitting time between multiple projects, or between projects and support tickets. Resource capacity planning allows you to fine tune resource allocation so that everything is covered and certain team members aren’t underutilized while others are redlining.
Engage in budget planning & time tracking for better outcomes
A recent survey revealed that organizations that operate at the high end of the project management maturity scale are 2.5 times more likely to deliver projects both on schedule and on budget. PPM software will help you forecast project budgets and track resources’ time against that budget so you can make on-the-fly adjustments as needed to keep the project on course.
Why a project portfolio makes a big difference
If your organization has a specific business objective it wants to accomplish, there may be numerous projects that contribute to that overall effort—each with its own timeline, budget, resources, etc.—PPM software that allows you to look across all projects within a portfolio is vital. By managing with a portfolio approach—rather than managing projects in isolation—stakeholders can see how everything is tracking and aligned to the strategic needs of the business.
There are many other benefits to Project Portfolio Management software that we didn’t cover here. Learn More
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Thursday January 01, 1970