Project portfolio management is the art of applying management skills, techniques, and tools for group projects with the aim of meeting the financial goals of the organization. Typically using a structured approach. Project portfolio management is often regarded as the next generation of project management. It is an integrated system that sees the business as a set of projects.
Project portfolio management has many benefits. It is possible to review and alter the program accordingly as the situation changes. The central part of the project portfolio management that proper project selection. You can find more about portfolio management via ziggma
There are mainly levels in the project portfolio management process.
The first level is to organize the projects into discrete units and analyze the costs and other necessary resources. The next level is to make decisions that will help achieve the goal. At the third level, metrics, tools, and models developed and the estimated project cost. The fourth level of the optimization project. The final level is achieved when the company has made the project portfolio management core competencies.
Project portfolio management allows executives portfolio review, redundancies spot, the deployment of resources in an appropriate manner, and adjust the project to get back as high as possible. There are three main reasons for adopting project portfolio management – realistic nature, rationality, and visibility. Project portfolio management is based on reality and encourage companies to build a supply base project.