Project portfolio management or PPM allows the managers to avoid undertaking any initiative thrown their way. PPM ensures that every project a company pursues is in its best interests. It serves three major purposes: project alignment, resource prioritization and resource deployment. To help you understand each purpose, we will discuss it next.
- Project alignment – PPM is always in line with the corporate strategy. Its role is to make sure that every project relates to the company’s strategy and goals. Project portfolio management provides different perspectives that we can use to determine whether a project goes well with the current business strategy. Does it relate to the company’s long-term growth agenda? With PPM, a company can restructure or form mergers without losing its focus. When it’s present, no disconnection can occur even when a corporate strategy changes. If there are projects that point to the opposite direction of the company, managers should make serious and difficult decisions as to whether those projects should be pursued or left alone.
- Resource Prioritization – After the removal of projects that don’t align with a corporate strategy, the next task is resources prioritization. Although all projects are important and should be done, there should be logical intervals in between. Resources are ever limited and that’s why you need to prioritize projects in your list. PPM makes this work easier and enjoyable. It identifies the most important ventures and then assigns resources to them. It avoids a situation where a resource is split across several projects, managers or departments. In such a scenario, one team’s needs might hinder the next team’s work and this can be frustrating and stressful. All the same, it’s not always possible to assign each resource to each project or project manager. You need proper visibility across different projects to accurately prioritize and assign resources. This is where Anaplan’s PPM software tool can help you a lot.
- Resource deployment – After prioritizing and assigning your resources to various projects, the next goal to attain via PPM is resource deployment. The thing you want to know is the actual ROI of aggregated projects. This is the task of the top management and will mainly assess the portfolio of projects to get an overall view of their performance. This can be done monthly, quarterly or within any other period. According to experts, you are better of carrying this analysis and releasing reports as frequently as possible.
After carrying out the above three tasks, you can really say you understand what PPM is all about. It means that you can select, prioritize, implement, analyze and create a report on your project portfolio. It is essential to adopt PPM in your organization as it will enhance how to execute and complete projects. While manual work can be done, it can be so tiring, erroneous and slow. It would be advisable to buy project portfolio software tool that can simplify this difficult work. There is no product that works better than Anaplan PPM software. It is the asset that your IT department needs to manage several projects your company gets each year. It will help them meet their challenges when it comes to handling tons of projects and reporting results in an accurate manner.
The software automates data collection; offers data quality checks, interprets projects KPIs and runs “what if” scenarios among other things. All you need to do is to upload your personal project information into an app. The app has an idiot-proof template download and upload procedure. After this, you will always be able to view all project metrics and features on a user-friendly dashboard. It contains highlights of bad and blank data too. With Anaplan’s cloud platform, project portfolio management and other business functions can be simplified and quickened. As a result, decision making and planning activities can be greatly enhanced. Call Anaplan for more details today.