![]() At this stage, we might call them initiatives, opportunities, ideas, or placeholders instead of projects, as they are not projects as defined in A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) – Fifth Edition (PMI, 2013a, p.3) meaning objective might not be defined yet, or after our analysis, the ideas might become a program or an operation activity. Project lifecycle starts with Demand management. The project lifecycle from project ideation to its delivery might be depicted as follow:Įxhibit 1: Projects life cycle. “Where program and project managers focus on ‘doing work right,’ portfolio managers focus on ‘doing the right work’” (PMI, 2013b, p.14).Īll processes described in this paper can be applied to all portfolio components, but to ease the understanding, we will focus only on projects. There is an interesting definition in The Standard for Portfolio Management – Third Edition, to help understand what the value of portfolio management is. After an overview of some portfolio management principles, I will give a high level presentation of the PPM software marketplace and bring some insights to help you answer one key question: what is the best tool? The article will conclude with a concrete example of how one of the leading PPM softwares helps define a portfolio via weighted ranking and scoring techniques using a simple three step approach. This paper aims at showing portfolio managers the added value of using a Project and Portfolio Management (PPM) tool when defining the portfolio that will be authorized. ![]() Through these unbiased calculations, will come the missing objectivity when it comes to selecting the projects to run. They might require tools to support the process and even if a spreadsheet might be sufficient, experience shows that the biggest benefit of portfolio management tools is the automatic calculation of portfolio components. When it comes to real life, you need to ensure that the leaders making the decisions make the right ones. Understanding the The Standard for Portfolio Management – Third Edition (Project Management Institute, 2013b) might help you to better comprehend the goals of a portfolio and the advantage in selecting the right one(s).
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