How to select projects for inclusion in a Project Portfolio Management
The selection of projects to be included in a project management portfolio is an essential step to ensure project success. It helps determine which projects are most important and integral to the business strategy. While selecting projects to include in the portfolio can be difficult, it is not impossible. Here are 5 steps to follow to help you choose the right projects to include in your portfolio.
1. role of the PPM in the management of a company
A portfolio managementprogram (PMP) is a tool that enables companies to better manage their projects and resources. It is designed to help companies make more informed investment decisions and ensure that these investments are aligned with their long-term goals and strategies. The PPM is an essential tool for managing a business, as it ensures that all projects are aligned with the organization's long-term goals, providing companies with an 80% view of their portfolio.
Planning a company's budget
When planning a budget, clearly identify the goals and budget for each task you want to accomplish. Once you move into the implementation phase of the projects, it is important to monitor the budget and ensure that you do not overspend by 5-10%.
Follow up on projects
The PPM allows you to track projects and determine if they are on time or behind schedule. It also provides the total cost of a project and an estimate of expenses. If a project is behind schedule, steps must be taken to bring it back on time within 90%.
Promote a project management approach
The PPM (Project Portfolio Management) is a project management method that must be easily accessible to all employees of the company to facilitate collaboration between the various players. In addition, PPM must be easy to use and allow employees to manage their projects without needing to have in-depth knowledge in the field.
Managing human resources
The role of the PPM in the management of human resources is essential. It allows, among other things, to define the organization chart and to manage human resources. This management makes it possible to organize the company in the best possible way and to ensure that the resources are in their appropriate place at the right time. In addition, this human resources management makes it possible to manage changes in the workforce and skills in a very efficient manner.
2. how to define a project?
Defining a project is one of the most important steps in the process of developing a business. Defining a project can help clarify the objectives, organize the tasks to be accomplished and estimate the time needed to achieve them. A good project definition is essential to ensure its success.
What is project portfolio management?
The purpose of Project Portfolio Management (PPM) is to manage and monitor the company's various projects. This includes ensuring that sufficient resources are available to complete projects. It is also a way to determine if new employees are needed or if current employees can complete the work.
The strengths and weaknesses of project portfolio management
Project portfolio management is a powerful way to sustainably improve your company's performance. It can correct defects and reduce risks by 20-30%. In addition, it facilitates the monitoring of projects, ensuring that everything runs smoothly and identifying risky projects so that they can be corrected in time.
The different stages of project portfolio management
To successfully define a project, you must first determine the goal you want to achieve. Then you need to define up to 5 key steps to achieve that goal. Finally, you need to establish deadlines and a timeline for each step to ensure that the project is completed on time.
3. the role of the PPM in project management
Project management is a discipline that has grown exponentially over the past few decades. It aims to manage projects to a successful conclusion. Project Management (PM) Professionals use tools and methodologies to plan, organize and control their projects. A key tool for project management is the Project and Portfolio Plan (PPM). The PPM is a method that provides a consistent and efficient approach to project management. It allows PMs to manage up to 10 projects simultaneously and provides an overview of the time, cost and resources required to complete them.
Strategic project management
Project Portfolio Management (PPM) focuses on managing projects on a larger scale. This approach offers a more efficient management of the different projects and of all the projects of the company, which makes it possible to set up procedures and mechanisms, such as internal control procedures, for an effective management of all the projects.
Knowing the context of the project
The first step is to define the project context. This will determine the type of project to be managed, which may be a large-scale project requiring the involvement of more than 5 teams. In this case, it is important to identify the different partners of the project.
The objective of the project
Within the framework of a project's objective, the PPM must make it possible to manage the 8 stages of a project's implementation and to guarantee its sustainability. This will notably verify that the project can be implemented during the expected life of the project, which is on average between 3 and 5 years, and that the project can be implemented in a sustainable way, which guarantees its durability.
Establish a plan
One of the main objectives of using a project management tool is to facilitate project planning. Indeed, it ensures that you have all the necessary information for the smooth running of projects. Furthermore, thanks to a project plan, it is possible to modify it according to the changes that may occur, which allows you to adapt to any evolution of the situation.
The impact of different decisions
When integrating project management into your PPM, it is important to determine what information will be highlighted and how much data should be kept in the PPM. To ensure that this information is always up to date, it is necessary to have a regular verification system, 3-4 times a year.
4 How to set up a PPM?
While the concept of project management (PPM) is simple, putting it into practice can be complex. To help you set up an efficient and effective PPM, we have put together these 12 steps to follow.
Define the objectives
When defining the objectives of a PPM, it is important to ensure that the company can achieve them. These objectives can be, for example, the number of projects to be managed and/or the success rate of the projects. If several objectives are defined, it is important to prioritize them to know what is most important and to ensure that projects are funded accordingly.
The PPM allows you to prioritize and know which projects should be implemented first. This is useful if you have several projects you want to invest in, as it allows you to evaluate and prioritize some of them with up to 90% accuracy.
To implement a PPM (Project Management Plan), it is essential to define criteria to evaluate whether a project is relevant or not. These criteria must be clear and easy to apply in order to facilitate their use during the selection of projects. Thus, you will be able to choose the next project to be carried out in less than 5 minutes.
Define action plans
To ensure the success of a PPM project, it must be well defined and have a precise and detailed action plan including objectives, tasks and actions to be performed. This will help monitor the progress of the project and make it visible to all participants.
Define performance indicators
To implement a Project Performance Plan (PPM), it is essential to define performance indicators to identify metrics to measure project performance. This allows you to measure the results of the various stages of the PPM process and ensure that the objectives are met.
The implementation of a project portfolio management is essential for the management of a company. It allows not only to select and prioritize the projects to be included in the portfolio, but also to define clear objectives and to evaluate the results obtained. Thanks to this tool, the company can ensure the good management of its projects and optimize its use of resources, taking into account the budget and constraints, up to 40 to 50%.