In this quick article by Woody Walker you’ll find a few questions to ask yourself if determining whether PPM is a solution you need in your IT organization. For instance, is “project demand rising and exceeding supply?” or do you find that “project resources are working overtime and burning out?” These are indicators that your project workflow isn’t correct, and perhaps a more rigid project portfolio management process would help.
Many IT organizations don’t believe they need a formal system to determine the priority of upcoming projects ““ but this is a very dangerous way to do business. Quite often there is a possibility of stakeholders rapidly changing the priority of projects or cancelling a project altogether, leaving IT to only guess at what project is most aligned with the business. PPM helps avoid these risks:
A formal and fully institutionalized Project Portfolio Management function will allow your organization to reduce costs through the removal of redundant and underperforming projects; avoid poorly aligned projects with little positive business impact and increase utilization and efficient resource allocation. These items will enhance revenue and increase project value as strategic IT initiatives are delivered and integrated earlier and risk is reduced through project and portfolio visibility.
Project Portfolio Management is an effective way of keeping costs down and resources focused on the most important work (without straining them to complete multiple important projects). Give the questions a review and ask yourself how useful project portfolio management would be if made more formal in your organization.