Project Portfolio Management
Expert-defined terms from the Professional Certificate in Decision Making in Project Governance course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Project Portfolio Management (PPM) #
Project Portfolio Management (PPM)
Project Portfolio Management (PPM) refers to the centralized management of one o… #
PPM involves selecting, prioritizing, and managing projects in a way that maximizes value and minimizes risks for the organization.
- Portfolio: A collection of projects or programs managed as a group to achieve… #
- Portfolio: A collection of projects or programs managed as a group to achieve strategic objectives.
- Project Management Office (PMO): A centralized group responsible for standardi… #
- Project Management Office (PMO): A centralized group responsible for standardizing project-related governance processes, methodologies, and tools.
- Strategic Alignment: Ensuring that projects within the portfolio are aligned w… #
- Strategic Alignment: Ensuring that projects within the portfolio are aligned with the organization's strategic goals and objectives.
Example: #
Example:
An organization may use PPM to assess the potential impact of various projects o… #
An organization may use PPM to assess the potential impact of various projects on its strategic goals, prioritize projects based on their alignment with those goals, and allocate resources accordingly.
Practical Application: #
Practical Application:
PPM helps organizations make informed decisions about which projects to pursue,… #
PPM helps organizations make informed decisions about which projects to pursue, how to allocate resources, and how to balance risk and reward across the project portfolio.
Challenges: #
Challenges:
Some challenges of PPM include balancing short #
term and long-term goals, managing competing priorities, and ensuring alignment with the organization's overall strategy. Additionally, organizations may face challenges in accurately assessing project value, prioritizing projects effectively, and adapting to changing market conditions.