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

If insufficient resources are available, projects may be delayed, which may result in delays in the delivery schedule. If resources are too great, there will be unnecessary operating costs and unnecessary 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.

This is why the PPM can also be used to plan the different aspects of this governance. This can be the case for resources, costs, risks, issues, results or responsiveness.

This is also the case for project governance methods, which may differ from one company to another.

The algorithm combined with the project resources

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

It is an algorithm that allows to establish synergies 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 combination projects. This algorithm also allows for the distribution of project resources within the company, as well as for the definition of priorities.

The model for combining project resources with constraints and uncertainties

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

This allows you to define the resources needed to carry out the project, as well as their workload.

This step also makes it possible to define the resources that are essential to the project, as well as the resources that could be reallocated between the different projects. In fact, 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 to combine projects in a project portfolio management?

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

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

In addition, 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.

Resource planning in project portfolio management

The PPM makes it possible to define a distribution of resources according to the projects. This distribution can be done 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 the projects.

Conclusion

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

This technique allows us to determine the resources needed to carry out all project activities. It also allows to adjust the resources according to the uncertainties and constraints of the project.