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Beginner’s Guide to Project Portfolio Management (PPM)
Beginner’s Guide to Project Portfolio Management (PPM)
Chapter 5:

FAQs

Q: What’s the difference between Project Management and Project Portfolio Management?
A: Project management is focused on an individual project, making sure it achieves its objectives,  and adheres to cost schedule baselines and performance standards. Project portfolio management on the other hand takes into consideration all the projects within a portfolio. The primary objective here is to select and maintain the appropriate mix of projects and to assess the costs, risks and returns of running these projects in relation to how they match with organizational goals. Simply put, project management is about doing the project right, project portfolio management is about doing the right projects.

Q:What is the Value of Project Portfolio Management?
A: PPM helps to ensure that only the most valuable work, as in that which most aligns with company objectives, is undertaken.


Q: What Problems Can Project Portfolio Management Address?
A: Project Portfolio Management helps companies avoid project overload and working on projects that are not aligned with the ultimate vision. In other words, project portfolio management helps companies to work towards their goals without getting sidetracked by too many shiny pennies (ie. projects that appear to be enticing but actually drain their resources for little return).

Q: How does PPM help with new product development?
A: PPM supports companies is assessing, evaluating and ranking new product ideas before they become projects, so that time, money and human resources can be spent working on projects that support strategic objectives. This becomes increasingly important and relevant for companies that receives dozens if not hundreds of project proposals.

Q: What is the difference between project prioritization and portfolio management?
A: Project prioritization is a component of project portfolio management - it’s the piece to PPM that helps companies first address if they’re executing on the right projects!

Q: What are the key elements of successful portfolio management?
A:Goals, objectives, governance, approval processes and monitoring portfolio performance. Please refer to Chapter 1 for more details on this answer/question.

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