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| Project portfolio management template excel |
Project Portfolio Management Template Excel - Free Download
Introduction to project portfolio management
Project Portfolio management is a process that has been refined in goods product companies over a number of years. It is actually a process to take the available resources of the company and to use them to best effect in meeting the company’s strategic objectives, but in doing so it requires the company to appraise and prioritize its activities.
These activities include management and operational processes, infrastructure maintenance and development, product maintenance and development, and are increasingly being managed as projects and programmes. Companies have, in effect, a portfolio of projects to manage.
While a number of studies have analyzed what is happening in good product companies, few have focused on the processes and practices within service companies. EA Consulting Group identified this as a growing concern in some of its clients in the financial services industry and sponsored the Sir John Cass Business School, City University London to conduct research to shed light on the management of project portfolios with UK based financial service companies. Key objectives were to identify best practice – both within the industry and also from exemplars outside the industry – together with important issues and trends within financial service companies.
What is the purpose of project portfolio management?
Project portfolio management refers to the centralized management of one or more project portfolios to achieve strategic objectives. It is a way to bridge the gap between strategy and implementation and ensures that an organization can leverage its project selection and execution successfully.
Benefits of Project Portfolio Management
PPM helps to create a reliable system where companies can consistently manage their processes and programs. When implemented properly, PPM can offer huge benefits to a company including:
- Minimizing Risk: You are able to mitigate risk before a project is even started because PPM takes all components into consideration.
- Allowing Budget Alignments: PPM relies on outlining costs and determining realistic spend for all potential projects, meaning your business is well aware of the cost of the project from the get-go.
- Optimizing Resource Management: All resources needed for a potential project are identified, helping you weigh whether or not your company can handle to take on the project.
- Encouraging Collaborative Decision Making: PPM encourages a collaborative culture among PPM experts, project managers, and program managers. As a result of PPM’s data-driven decision making tactics, all team members can collaborate without relying on personal preferences or opinions.
- Providing Project Value to Stakeholders: Stakeholders and executives gain visibility into the prioritizing of certain projects over others.
- Increasing Project Success Rate: PPM enables the ranking and prioritization of projects to help maximize the success of each project, along with the organization as a whole. This reliable system leaves very little room for risk, delay, or failure to complete projects.
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