Enterprise Project Portfolio Management (EPPM) is a strategic approach to managing an organization’s entire portfolio of projects. It helps organizations to align their projects with their strategic goals and objectives, and to ensure that the right projects are being executed at the right time, with the right resources.
EPPM includes several key components:
- Portfolio Planning: Identifying, evaluating, and prioritizing projects based on their alignment with organizational goals and objectives.
- Portfolio Execution: Managing the execution of projects, including allocating resources, monitoring progress, and making adjustments as needed.
- Portfolio Governance: Ensuring that projects are executed in compliance with organizational policies, procedures, and standards.
- Portfolio Performance Management: Measuring and reporting on the performance of the project portfolio, including identifying areas for improvement.
- Portfolio Optimization: Continuously reviewing and optimizing the portfolio to ensure that projects are aligned with organizational goals and that resources are being used effectively.
EPPM is typically implemented using specialized software that provides a centralized platform for managing the project portfolio. This software allows organizations to plan, execute, govern, and optimize their project portfolio and provides real-time visibility into the performance of the portfolio.
EPPM is a comprehensive approach to project management that enables organizations to make strategic decisions about their projects and resources, improve project performance, and optimize the use of resources. It is particularly useful for organizations that manage a large number of projects simultaneously and need to ensure that they are aligned with their strategic goals.
Project Portfolio Management (PPM) is a process used to manage multiple projects and their resources in an organization. It helps organizations to align their projects with their strategic goals and objectives, and to ensure that the right projects are being executed at the right time, with the right resources.
Here are some steps to using PPM to manage projects:
How to Use Project Portfolio Management to Manage Projects?
- Define your project portfolio: Identify all the projects that your organization is currently executing or planning to execute. This will help you to understand the size and scope of your project portfolio.
- Assess the strategic alignment of your projects: Evaluate the alignment of each project with your organization’s strategic goals and objectives. This will help you to identify which projects are most important to your organization and which ones are less critical.
- Prioritize your projects: Based on the strategic alignment of your projects, prioritize them according to their importance to your organization. This will help you to ensure that you are focusing on the most important projects first.
- Allocate resources: Assign the necessary resources, such as personnel and funding, to each project. This will help you to ensure that each project has the resources it needs to be successful.
- Monitor and track progress: Continuously monitor and track the progress of your projects. This will help you to identify any issues or problems that may arise, and to make adjustments as needed.
- Communicate and report: Communicate the status of your projects to stakeholders, including project managers, senior management, and other stakeholders. This will help to ensure that everyone is aware of the progress of the projects and any issues that may arise.
- Continuously reassess: Continuously reassess your project portfolio to ensure that your projects are aligned with your organization’s strategic goals and objectives, and that the right projects are being executed at the right time, with the right resources.
By using PPM to manage your projects, you can ensure that your organization is executing the right projects at the right time, with the right resources, and that those projects are aligned with your organization’s strategic goals and objectives.