Once you’ve identified the projects you want to include in the portfolio , you now need to develop and manage the resources needed to achieve each project’s goals.

If there are not enough resources available, projects may be delayed, which can lead to delays in the delivery schedule. If the resources are too great, there will be unnecessary operating costs and superfluous expenses that could be avoided.

PPM best practices

PPM is a tool for managing a company’s project portfolio, but it can also be used to manage project governance. The latter can be different from one company to another, but it can also be different depending on the project.

It is for this reason that the PPM can also be used to plan different aspects of this governance. This may particularly be the case for resources, costs, risks, issues, results or even responsiveness.

This is also the case for project governance methods, which can be different from one company to another.

The algorithm combined with project resources

Project Portfolio Management is an algorithm that allows you to manage the different projects of a company.

This is an algorithm that allows synergies to be established between different projects according to their objectives.

An algorithm is used for the project resources of a resource combination model. This requirement is for example necessary for resource combining projects. This algorithm also makes it possible to distribute project resources within the company, as well as to define priorities.

The model of combining project resources with constraints and uncertainties

The project resource mix model uses a project strategy approach, which aims to define how different project resources will be used.

This makes it possible in particular to define the resources necessary for the realization of the project, as well as their workload.

This step also makes it possible to define the resources essential to the realization of the project, as well as the resources which could be reallocated between different projects. Indeed, this management model makes it possible to manage project resources while preserving the value of these projects. It also helps to better manage a company’s projects.

Why use an algorithm for the combination of projects in a Project Portfolio Management?

You can choose to combine your projects in your PPM in different ways . For example, you can base yourself on their profitability, on their proximity to their purpose or on their level of complexity.

There are also many algorithms that allow you to combine your projects in an optimal way.

Additionally, you can use algorithms to optimize the combination of resources. This is why it is important to use the help of an algorithm to combine your projects.

Planning resources in Project Portfolio Management

The PPM makes it possible to define a distribution of resources according to the projects. This allocation can be made according to different criteria, such as their status or their state of maturity.

In addition, this type of management makes it possible to establish a distribution according to several parameters. This is particularly the case for a very important criterion, which is the evaluation of projects.

Conclusion

The combination of projects combines many project management techniques such as the activity planner, the Gantt tree, the programming model, among others.

This technique thus makes it possible to determine the resources necessary to carry out all the activities of the projects. It also makes it possible to adjust the resources according to the uncertainties and constraints specific to the project.