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Project portfolio management (PPM) is a hot topic, and there is no shortage of advice on how to do it. Consulting companies and software vendors are offering tools for the job. Organizations can benefit considerably from improving the processes used to select and manage projects, but "caveat emptor," let the buyer beware.
Much of the current advice on PPM is incomplete, inexact, or flat-out wrong. Available software provides good data management and reporting capabilities, but most current programs lack sound algorithms for identifying optimal project portfolios. Providing the wrong project recommendations is worse than providing no recommendations at all. The weak link for most tools is the lack of a quality decision model for recommending projects.
This 7-part paper identifies available tools, describes the model that must be included within the tool if it is to make valid project recommendations, suggests criteria for evaluating tools, and offers recommendations for organizations interested in acquiring tools . Before purchasing a tool, buyers are advised to familiarize themselves with established theories for valuing projects and to reject tools that cannot be tailored to correctly apply these theories to their situations. Armed with understanding, organizations can avoid being "burned" by unsuitable and inadequate tools that are being pushed in the marketplace
What else can I help you with?
How to learn about project portfolio management?
"One of the best ways to learn about project portfolio management is to check a book on the subject out from the library. One book I would recommend is The Wiley Guide to Project, Program, and Portfolio Management."
What is project portfolio management Can project managers use it with earned value management?
Project Portfolio Management, also known as PPM, is a system allowing enterprises to collect and view information about the various stages of their projects.
What type of management tools does a project portfolio have to have?
A project portfolio has to have the following management tools; - An Evaluation at the end - Resources, costs and benefits - Progress Report - Background Information + Basic Explanation
What career is project portfolio management?
Some type of career for project portfolio management are: business, economics, accounting, marketing, softwares,bankings etc. They are responsible for managing and evaluating investments.
How would you organize your project management portfolio?
Organizing your project management portfolio can be complicated. The best advise is to purchase a book or software to help with the task. There are several books available on eBay and Amazon.
How to learn about project portfolio management?
"One of the best ways to learn about project portfolio management is to check a book on the subject out from the library. One book I would recommend is The Wiley Guide to Project, Program, and Portfolio Management."
What is project portfolio management Can project managers use it with earned value management?
Project Portfolio Management, also known as PPM, is a system allowing enterprises to collect and view information about the various stages of their projects.
What has the author Mark Price Perry written?
Mark Price Perry has written: 'Business driven project portfolio management' -- subject(s): Finance, Project management, Portfolio management
What type of management tools does a project portfolio have to have?
A project portfolio has to have the following management tools; - An Evaluation at the end - Resources, costs and benefits - Progress Report - Background Information + Basic Explanation
What career is project portfolio management?
Some type of career for project portfolio management are: business, economics, accounting, marketing, softwares,bankings etc. They are responsible for managing and evaluating investments.
What are some well known brands of project portfolio management software?
Some of the best known brands on the market today for portfolio management software include: Basecamp, Genius Project, Microsoft Project, OneDesk, and PlanBox.
How would you organize your project management portfolio?
Organizing your project management portfolio can be complicated. The best advise is to purchase a book or software to help with the task. There are several books available on eBay and Amazon.
What is Microsoft Office Project Management is about?
Microsoft Project and Portfolio Management 2007 Project Portfolio Management helps organizations gain visibility and control across all work, enhancing decision-making, improving alignment with business strategy, maximizing resource utilization and enhancing project execution to optimize ROI. http://www.microsoft.com/project/en/us/project-management.aspx
Where can one download a project portfolio management software?
One can download Project Portfolio management software from companies like HP, Microsoft, SAP and CA Technologies. Many of these companies offer a free trial of the software in the first instance.
What are the different stakeholders in project management?
Identifying all the project stakeholders might be a difficult task, but the following are the obvious stakeholders in any project: Project Sponsor Project Manager PMO Project Team Program Manager (If Applicable) Portfolio Manager (If Applicable) Portfolio Review Board Functional Manager Operational Management Sellers Business Partners Customers
Where can I receive training in project portfolio management?
There is a company named Project Management Institute that provides this training. You have the ability to take classes online through their website. Microsoft itself also provides portfolio management training. Another that has been found to be recommended is International Institute For Learning.
What is a project portfolio management system?
What is Portfolio Management?Portfolio management is the centralized management of one or more portfolios, and it includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work in order to obtain specific strategic business objectives of the organization. Just as a program is managed by a program manager, a portfolio is managed by a portfolio manager.Portfolio management focuses on making sure that programs and projects are prioritized for resources to serve the organization's strategy. In simpler terms, a portfolio manager worries about the success of the whole strategy put forth by the organization rather than the success of a single project
