| As a project manager, you run into challenges on a | | | | leads, team leaders and possibly even some |
| daily basis. For every project you manage there are a | | | | stakeholders to determine some things about all of |
| lot of things to consider. There is resource allocation, | | | | these projects. Given the information you have |
| budget, risk, and priorities. You may have found several | | | | gathered, which projects are not making any |
| incidents where your projects collide like freight trains! | | | | headway? Do you need to re-allocate resources to |
| There may have been some actual re-work needed, | | | | suit the projects needs? For projects that are running |
| and possibly some loss of money due to improper | | | | smoothly, can you move resources and budget |
| planning on a larger scale. That is where project | | | | away? You will want to also prioritize the projects |
| portfolio management or PPM comes in to play. | | | | under your control. You will find that a little bit of |
| What is project portfolio management? Quite simply, | | | | prioritization will lessen the stress of the entire team |
| project portfolio management is the way you manage | | | | and enable more motivation to the company’s |
| your projects together. I know, it is hard enough | | | | primary goals. |
| working the details of each particular project, so when | | | | After inventory and prioritization are accomplished, it is |
| do you have time to manage things from a higher | | | | time to schedule some timely follow up with team |
| level? It might help to know that some proper PPM at | | | | members regarding the status of all projects. As we |
| a higher level may save you a lot of time now and | | | | know, the priorities of a company often change and so |
| later. Not only that, but also having good project | | | | it is important the project managers, team leads and |
| management at a higher level will save your company | | | | resources are aligned in order to advance the projects |
| money, achieve your goals faster, and win you a lot of | | | | with the proper priorities aligned. These meetings can |
| points with your boss. | | | | be scheduled every week or every month, based on |
| Project portfolio management starts by taking a | | | | the input from team members but should not be so |
| complete inventory of all the projects you are currently | | | | much as to take up valuable resource time. |
| involved in. There should be enough detail captured so | | | | With good project portfolio management, a project |
| that you can measure some key factors such as the | | | | manager can measure and report accurately on the |
| cost of each project, the resources involved and the | | | | state of affairs across an entire platform for a client or |
| goals. What you are trying to gauge is the impact that | | | | even multiple clients. Goo project portfolio |
| each of these projects have on the company in | | | | management ensures that resources are being used |
| comparison to one another. This way you can have a | | | | wisely, rework is virtually eliminated, and that cost |
| detailed idea of how much of the “pie” each of | | | | savings are maximized. Good PPM is the key to |
| these projects takes. | | | | keeping projects rolling smoothly along and also getting |
| Next, you want to get together with all the project | | | | the most out of your resources. |