Project Portfolio Management - Essay Example

Portfolio Project Management Success The aim of project portfolio management (PPM) is to improve attainment business objective through selection and management of projects. It takes a holistic approach at the organization’s projects and aligns the same to business strategy hence delivering meaningful value. Projects are vetted against their strategic relevance and priority placed on those that are considered more important such as IT and finance portfolios. High risks are carefully balanced with the conservative ones and the blend monitored closely to ensure projects are on course and determine those requiring assistance or closure.

According to Todd (2003) having a strong program for portfolio management can significantly lower risks and maximize the value of projects. It can strengthen communications between projects teams business leadership, encourage teamwork & responsibility in management of projects, permit efficient scheduling of project resources and eliminate project redundancy. The ultimate result is profitability and maximum value out of projects. It is crucial to follow best practices and key steps of project management.

Firstly it is important to have an inventory of projects so as to have all the projects the organization is running in a single database. Second is to identify those projects matching strategic business objectives and then categorize the projects based on their scores. It is also crucial to proactively manage the projects and identify potential hurdles in good time. The article is very useful especially to persons involved in project management. While the author appreciates there one specific approach to portfolio project management, he points pins out aligning projects with strategy and embracing best practices as key success factors.

The article also maps important activities that must be implemented while managing projects and therefore the information is very useful to project management teams but also business leaders and students of PPM. References.1. Todd Datz. (2003). Portfolio Management Done Right. CIO. available at: http://www.cio.com/article/2440051/it-organization/portfolio-management-done-right.html?page=2