20 Great Ways Project Portfolio Management can Benefit your Business

Author: Henry Bennett

Project Portfolio Management (PPM) can be used to maximize the contribution of projects to the overall welfare and success of the business. PPM enables businesses to organize a series of projects into an integrated portfolio, as part of this process projects can be regularly evaluated, prioritized and selected based on objectives, costs, resources and risks to ensure the business achieves the goal of obtaining the maximum potential value from their limited resources.

Project Portfolio Management can provide a business with many benefits including:

  1. Meet Financial and Business Governance Milestones Cost Effectively
  2. Bring new products to market in line with strategy and within budget and resource restrictions
  3. Implement Outsourcing and Off-Shoring initiatives with real time performance visibility
  4. Track and optimize lights on activity to aid business growth
  5. Improve resource alignment and reduce contractor costs
  6. Reduce reporting timescales at executive and board level
  7. Get early warning of any potential problems in meeting program and project deliverables
  8. Enable stakeholders to access project status information relevant to their strategic interests
  9. Analyze the financial impact of cancelling a poor performing project
  10. Switch Priorities and redeploy resources quickly
  11. Implement a standard project lifecycle methodology and make projects accountable to the business
  12. Reduce program and project overruns and costs
  13. Reduce program and project duplication and effort
  14. Reduce the risk of skills shortages at critical times
  15. Identify projects that are not contributing to objectives
  16. Calculate the financial impact of cancelling a poor performing project
  17. Understand how changes to one project affect the delivery of others
  18. Track costs, revenues and margins for each project in the portfolio
  19. Learn from Past projects
  20. Identify Risks at the outset and their impact on the business