Project Portfolio Management is essential to ensure quality. It has become a critical component of project justification and governance. It enables organizations to merge proposed and existing investments to appropriately assess the allocation of limited resources, time and budget. Bottom line is Project Portfolio Management can improve a company's ROI and time-to-market delivery and every company want that. We all work in a situation where are limited resources & needs are infinite. So, Organisations must distribute the limited resources to the projects which offer's the greatest value to the company's strategic interests.
Project Portfolio Management can create conflict, confusion, and stress. It involves shifting priorities, and ultimately resources. None of which is ever well received.
Technical competencies for successful project management:
?Risk Management
?Integration Management
? Scope Management
?Procurement Management
?Time Management
?Communications Management
?Budget Management
?Quality Management
?Human Resource Management
The discipline of Project Portfolio Management helps a company select and prioritize projects with the greatest Potential ROI before the projects are executed! Effective Project Portfolio Management provides a consistent way to evaluate, select, prioritize, budget, and plan for the right projects those that offer the greatest value to the company's strategic interests. Project Portfolio Management starts with developing a strategic focus and ends with selecting the right projects.
Despite the fact that this sounds quite simple, the reality is that implementing a Project Portfolio Management process requires cultural change, which takes time and effort. But economic pressures are causing corporate managers to take a hard look at late, over-budget projects and ways to ensure quality within their projects. Project Portfolio Management is a way to do this.
