The goal is to balance the implementation of change initiatives and the maintenance of business-­as­-usual, while optimising return on investment. Project Portfolio Management is an approach or set of standard best practices for planning, managing and executing work through the project to deliver the end product(s) or service(s). Use the following roles in your organization to create a working Lean PPM™ framework. Project portfolio management (PPM) describes how we manage the often-confusing mix of interrelated, dependent, and connected projects. The relationship between project, program, and portfolio management can best be described like this: A project is a temporary endeavor undertaken by a company or organization (such as the creation of a new product, service, or result) PPM considers the big picture of all projects grouped together—past, present, and future—and calculates the optimal prioritization and sequencing of projects to maximize ROI. Project Portfolio Management is a popular and highly effective centralized management that is widely used by project managers and leads all over the world. Many companies use a Project Management Office to handle all activities related to PPM.The PMO is the central hub for all projects in the business, driving PPM on a largely strategic level. Program management and portfolio management facilitate better communication and coordination among projects and programs, resulting in enormous benefits to economies of scale and fewer risks. 1- Introduction to Project Management We will discuss the following: History of Project Management, Project Management, Program Management, Portfolio Management, Project Management Office, PMBOK, PMI. Learn to manage project … Global Knowledge - Project Portfolio Management. KNOLSKAPE (https://www.knolskape.com/) is a global Top 20 gamification company focusing on talent transformation. Portfolio management is the selection, prioritisation and control of an organisation’s programmes and projects, in line with its strategic objectives and capacity to deliver.. Greenlight Project Management is a leading international Management Consultant firm, focusing on Project Management, Project Portfolio Management and Agile Project Management. Project portfolio management, on the other hand, is a higher level approach that orchestrates, prioritizes and analyzes the potential value of many projects in a portfolio. Learn what it takes to maximize the number and strategic value of the projects that your organization completes. PMI® Thought Leadership Series Implementing the Project Portfolio: A Vital C-Suite Focus November 2015 2 2015 Project Management Institute, Inc. FOREWORD: PROJECT PORTFOLIO MANAGEMENT IS THE GLUE THAT BINDS When executives use project portfolio management, strategic initiatives have a better chance for success. This Global Knowledge course on portfolio management is designed for anyone involved in the development and execution of organizational strategy. Project portfolio management (PPM) is the management of all projects in an organization from a high-level perspective. In project management, you perform micro-management, and in portfolio management, high-level macro-management is required. Download Slideshare Our mission is to help our clients towards success, improving their Project Culture with our Total Solution. A major concern in managing projects and programs is doing projects right. Bryan Fenech is a lecturer and Board member for the UTS Masters of Business in IT Management (MBITM) program. Easily model different portfolio scenarios to determine the best strategic path. Projects are prioritized based on their quantitative and qualitative factors, driving efficiency upwards by implementing only … If you continue browsing the site, you agree to the use of cookies on this website. In Proceedings of the PMOz Conference, Surfers Paradise, Australia, 2007._____ *Corresponding Author: Steve McGrath email: kasmac99@yahoo.com.au Page 3 of 14 avoid situations where those involved become confused about the objectives of each party and Slideshow search results for importance of project management Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. But in the world of project portfolio management (PPfM), the goal is doing the right projects at the right time, and with this, aligning projects with strategy, rationing resources, and building synergies between projects. According to the Association for Project Management (2004), the main components of this governance structure for project management are: (1) portfolio direction effectiveness and efficiency, (2) project sponsorship effectiveness and efficiency, (3) project management effectiveness and efficiency, and (4) disclosure and reporting. As it relates to PPM, a project is an individual effort to create a discrete product or service in a bounded amount of time. To understand project portfolio management, we’ll break the term down into its parts. Typically, organizations execute/manage the work through projects to deliver products, services or to Definition. Project portfolio management (PPM) provides visibility into demand, resources, and project portfolios to improve productivity in an organization. Project portfolio management software is a solution used to manage, organize, and assist with planning out estimates and projects for clients. Slideshow search results for Project Management Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Project Portfolio Management. Project portfolio management (PPM) software provides an opportunity for organizations to improve PMO performance, make better decisions, and operationalize business strategy by centralizing demand management, prioritizing work, and improving visibility into the portfolio of projects.