Project Portfolio Management

Project Portfolio Management (PPM) is a strategic approach the division uses to manage and analyze our collection of projects and programs. PPM aims to ensure that projects align with the organization's objectives, maximize resource utilization, and deliver the highest value.

Key Components

1. Project Selection and Prioritization:

   • Evaluating potential projects based on strategic alignment, potential ROI, risk, and resource requirements.

   • Prioritizing projects to focus on those that offer the most significant benefits.

2. Resource Management:

   • Allocating and optimizing resources across projects to avoid overallocation and conflicts.

   • Ensuring that the right people and materials are available when needed.

3. Risk Management:

   • Identifying, assessing, and mitigating risks at the portfolio level.

   • Developing contingency plans to address potential issues.

4. Performance Monitoring and Reporting:

   • Tracking project progress using key performance indicators (KPIs).

   • Providing regular reports to stakeholders to ensure transparency and accountability.

5. Governance:

   • Establishing policies, procedures, and frameworks to guide project execution and decision-making.

   • Ensuring compliance with organizational standards and regulatory requirements.

Benefits of PPM

• Strategic Alignment: Ensures projects support organizational goals.

• Resource Optimization: Improves the efficient use of resources.

• Risk Reduction: Enhances the ability to foresee and mitigate risks.

• Improved Decision Making: Provides data-driven insights for better decisions.

• Increased ROI: Focuses on projects that deliver the highest value.

PPM Process

1. Project Request Process: Identify and propose new projects.

2. Evaluation of current projects and backlog of projects: Assess projects based on strategic value, costs, risks, and resource needs.

3. Projects Selection: Choose projects that best align with organizational goals.

4. Projects Execution: Implement projects with continuous monitoring and adjustments.

5. Projects Review: Evaluate project outcomes and incorporate lessons learned into future planning.

Tools and Techniques

• PPM Software

• Dashboards and Analytics