Project Portfolio Management:Improved savings through transparency

What is it?

Project Portfolio Management is a systematic means for categorizing, analyzing and prioritize projects. The resulting comprehensive view of all ongoing and planned activities facilitates decision making about what projects should be approved, deferred, implemented or cancelled to meet enterprise business and mission goals.

Why do you do it?

If you’re continuing to throw funds at projects, but are not sure which are needed anymore, Project Portfolio Management will help to prioritize your focus.  Project Portfolio Management determines the optimal mix and sequencing of proposed projects to best achieve the organization's overall goals.

What do you get?

Enterprise Project Portfolio Management provides: 

• Financial savings opportunities through cost avoidance or reduction, and reduces exposure to negative project risks;
• A holistic view of portfolio performance;
• More timely identification of underperforming programs, and better informed and effective decision-making regarding improvement, consolidation, or elimination;
• Visibility into where money and how much money is being spent, and how it could be shifted to realize cost savings.  Enterprise Project Portfolio Management achieves efficient and effective allocation of scarce resources;
• Objective project selection, prioritization, and elimination to achieve and optimize Project Portfolio success;
• Improved transparency of program performance, and enables earlier and more effective identification, analysis and mitigation of risks to avoid program performance issues; and
• More informative and effective tracking, analysis and, ultimately, management of key program cost, scope and schedule performance measures.
• Prioritization of projects with high value and low risk; and
• Balanced short-term wins, and long-term strategic projects.