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March 7, 2016

The Importance of Project and Portfolio Management (PPM)

In today’s world of ever-changing technology, projects shouldn’t just be evaluated by whether the triple constraint objectives of scope, schedule, and cost are achieved. Well before that planning begins, a process of project selection should be leveraged to determine whether the project aligns with the organization’s strategic objectives. At an organizational level, PPM is used to help define project selection (the why).PPM is the formal approach to select and prioritize projects that align with the direction, strategy, and objectives of the organization. With budgets being tightened and resource availability being limited, an organization must guarantee the “biggest bang for the buck”.4 keys that management must take into consideration for strategic PPM success:

  1. Understand project in a strategic context to focus resources on critical business priorities.
  2. Use a systematic decision-making process to support your team in making difficult choices.
  3. Monitor projects using a shared approach that incorporates proven tools and practices.
  4. Put controls in place to ensure projects are selected based on alignment with the strategic objections of the organization. This can be as simple as a weighted score card or as sophisticated as the use of software modeling.

SiteREADY’s Consulting team assists organizations with these Project and Portfolio Management requirements. Visit our Consulting page for more information, or Connect with us on your next project.



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