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Project Portfolio Management
Published in Gary L. Richardson, Brad M. Jackson, Project Management Theory and Practice, 2018
Gary L. Richardson, Brad M. Jackson
Project Portfolio Management (PPM) represents a centralized management process for project related activity and it is a companion activity to a Project Management Office (PMO) in many cases. The primary goals for this function are to identify, prioritize, authorize, manage, and control projects, programs, and other related work. Actual selection decision processes for this type of function vary widely. Included in this process is a single, organized view of all proposed and active projects and programs, including data regarding objectives, costs, timelines, status, resources, risks, and other critical factors.
Project selection and portfolio management
Published in John M. Nicholas, Herman Steyn, Project Management for Engineering, Business and Technology, 2020
John M. Nicholas, Herman Steyn
Project portfolio management (PPM) includes processes and techniques to support decisions in the selection and prioritizing of projects and provides an effective way to implement strategy and maximize the business value of investments in projects. By providing objective, transparent, and consistent decision-making processes, it facilitates and depoliticizes project decisions that often are politically charged. Limited funds and other scarce resources are allocated in rational ways to maximize business value.
Application Scenarios
Published in Günther Ruhe, Product Release Planning, 2010
Project portfolio planning is part of Project Portfolio Management [Levine ‘05]. Prioritization among a larger set of candidate projects is expected to help find the right mix of projects in terms of their value, expected benefit, risk and alignment with the organizational business objectives. Once started, constant project monitoring needs to be done to support the decision if the project should still remain in the pipeline even if it no longer serves the company’s best interest.
The front-end of projects: a systematic literature review and structuring
Published in Production Planning & Control, 2019
Terry Williams, Hang Vo, Knut Samset, Andrew Edkins
Project Portfolio Management (PPM) serves as a bridge between organizational strategy and project management (Tharp 2007), selecting and prioritizing the most suitable projects (Too and Weaver 2014). Narayanan and DeFillippi (2012) describe the project portfolio of an organization as a reflection of its underlying corporate strategy. Front-end success is an essential determinant for the success of the project portfolio, with real benefits relying on a large number of ‘potential contingency factors’ (Kock et al. 2016, 118). There is considerable literature on the PPM, including the need for the organizational structure to align (Kaiser, El Arbi, and Ahlemann 2015), ‘Mission Breakdown Structure’ (Andersen 2014), the importance of considering stakeholders in an integrated fashion across the portfolio (Voss 2012; Voss and Kock 2013), the effect of uncertainty on portfolios managed in dynamic environment (Petit and Hobbs 2010), the movement of technology and where decisions have irreversible implications (Focacci 2017) and particularly on the selection of what to fund (e.g. Tharp 2007; Wibowo and Kochendoerfer 2011), and the need for new PPM frameworks besides rational decision making processes, such as viewing PPM as negotiation and bargaining and as structural reconfiguration (Martinsuo 2013). PPM practices have a solid base in the management of innovation projects (Killen, Hunt, and Kleinschmidt 2008); there is, however, a general lack of research in the concept of an innovation portfolio and its link to the organizational strategy (Mathews 2010).