A Simple Project Portfolio Management Guide for Beginners
Portfolio Management guide for Beginners
Productivity is one of the most important traits of a good project manager. Nevertheless, knowing when to draw the line when it comes to taking on more projects is another vital skill great project managers have.
This problem is definitely a positive problem to have because it means that multiple projects are coming in. However, knowing when to accept or decline is an ability that can help teams and departments work more efficiently.
Project portfolio management (PPM) can facilitate the effective supervision of ventures, making it an essential process. Here’s what you need to know about it.
What is Project Portfolio Management?
Moreover, having a portfolio of the projects you currently have means you get the essential information all in one place. These details include data, results, periodic deliverables, and overall relation to the organization’s targets.
PPM is a great way to get a better perspective of your projects, so you know which ones offer a better way to maximize your return on investment. It also helps reduce risks, especially those concerning deliverables, deadlines, and budgeting.
Keep in mind that project portfolio management is different from project management. PPM is suitable for managing several projects, usually across multiple teams in an organization. Meanwhile, project management is for a single project, typically within one team.
How to Do Project Portfolio Management
The thing about PPM is that it can be a complicated process. However, there are overarching steps that create a more organized approach. This is clarifying objectives, gathering information, shortlisting and selection, feasibility study, initiating the project, and tracking progress.
Haplen Portfolio Tracker
Every step is essential because it allows project managers to perform their jobs more efficiently. There are several ways you could do this including identifying risks and taking them seriously, forming realistic and actionable plans, and deploying the right tools and strategies.
Haplen: A Friendly Project Portfolio Management Tool
Managing a single initiative is challenging, so you can expect handling multiple ones to be much more demanding, especially with many moving parts. It can be difficult to do without the aid of a management tool.
Haplen is your choice companion for project portfolio management because of its valuable features and integrated tools. It offers different approaches to management including Kanban Boards and Gantt Charts.
With different ways to place your projects side-by-side, you can get a clearer view of your organization’s loads and risks. Plus, it comes with a report-generation tool that provides an in-depth view of metrics and more.
Having multiple projects means your company is doing well. To ensure that you are managing all your initiatives effectively, you should implement a project portfolio management process for the best results. Make sure to check out Haplen and take advantage of what this platform has to offer.