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Beginner’s Guide to Project Portfolio Management (PPM)
Beginner’s Guide to Project Portfolio Management (PPM)
Chapter 1:

Getting Started

PPM is managed by a group of decision makers, who in some cases, are led by a Project Management Office (PMO).

In order to evaluate and prioritize projects in a way that’s aligned with corporate objectives, there need to be some standard processes in place:

  1. A method for collecting project ideas. Ideally, these project requests will be sent through a project management solution with the capability of providing a full back story on the new project idea. Whatever the process may be, it’s important that it remain consistent. Ideally all the project ideas will be kept in one single database with detailed information such as estimated cost, length, objectives, ROI and benefits.

  1. A process for prioritizing and selecting which projects to work on. This process must include the consideration of both current projects and new.

  2. Clearly defined goals and objectives. The company's goals should be laid out on a timeline over the next 3-5 years and projects should be listed and prioritized against this timeline.

  3. A group of decision makers who decide which projects are a go, and which need to either be put on hold or halted completely.

  4. Approval processes during the standard phases of a project lifecycle; this process allows control of project funding, which is released at the end of each phase after the project feasibility is evaluated.

  1. Monthly checkups and reporting to monitor the health of the project.

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