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Is Your Company Using Project Portfolio Management (PPM) Effectively?
Nowadays, Project Portfolio Management is one of the most popular process going on in every business either it is small, medium or large scale.
With the help of Project Portfolio Management Process, the project team leader, entrepreneur along with the project team can plan, track and control each and every aspect that is related to the project that too from the initial step to closure.
Now the question is, is the process is fulfilling the needs and requirements of your project and organization or not.
It is important to determine that the PPM process should be used in such a manner that it should completely design and monitor the needs of the organization correctly. Additionally, it is important for the team to stick to the plan completely.
If you are also using the process then you must need to check that, is your company using PPM effectively?
Growth of PPM over the years
According to the statistics, more and more organizations are adopting the Project Portfolio Management process and using it completely.
From the last 10 years, more than 10 per cent of the organizations have adopted this procedure. But still there are several industries that are lacking in using this procedure.
Companies related to the Finance, healthcare, retail, insurance and IT industries are the largest adapters of the Project Portfolio Management process.
But there are several organizations related to the manufacturing, energy, defense, and construction industry are not making use of the Project Portfolio Management process as mush these organizations should do.
It is important for these organizations to use this process efficiency and effectively.
Best practices
As per the statistics there are more than 22% of the users who are not reviewing and improving their Project Portfolio Management processes more than two times in 12 months.
Even though this difference is just regarded as an assumption, perhaps such organizations never take a look on the processes seriously.
It is essential to note that the improvement and implementation of the progress of the project process should fall at the bottom in the list of practices at Project Portfolio Management processes.
A major authority should review and improve the practices adopted by the management and it is also required to check that is the organization is performing at its best or not.
PPM project prioritization
PPM project prioritization means calculating the number of projects running in a particular company. With the help of PPM project prioritization it becomes easier for the company to test that either the final results are negative or positive.
For Example, it varies according to the company that how much projects it should handle at once. The company should handle projects more than 100 projects or fewer than 20.
Advantages of PPM and final thoughts
The power of Project Portfolio Management process gets described by analyzing its advantages. While starting the research it was found that around 22% of companies were using this procedure.
Even there are several organizations that still do not use this processor having appropriate PPM practices. Additionally there are several organizations that do not even bother to review and monitor the process more than 02 times a year.
- Boasting a 26% improved ROI,
- 5% savings in the first year,
- Approximately 4 hours of weekly time saved on project reporting.
Well, there are several organizations that are using this process very efficiently and gaining a lot of benefits from practicing it. Some of the advantages which includes above.
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