Project Portfolio Management (PPM) means something different to every person, company, or government entity. But, in a nutshell, PPM is a set of business practices and processes that help an organization prioritize and align the work it performs to its strategic objectives.
If you are reading this page, you probably have an interest in one or more of the business processes included under the PPM umbrella. Most organizations look to PPM to help them improve their bottom line. Issues arise because it’s hard to know what's causing the most problems and which business processes will help you the most.
QuantumPM has consultants with in-depth experience who can help you decide on and implement the business processes that will provide the most benefit. No organization can implement everything at once but we can help you prioritize your needs and execute changes that will bring timely, real world results. We’ve been doing this for many years so let us help you implement your PPM processes successfully.
At QuantumPM, we look at three major categories of PPM business processes: Governance, Project Management Practices, and Continuous Improvement.
1) The ABCs of Governance
Make sure your organization chooses the right projects and executes them well.
Align project concepts and requests with business goals. Make sure the organization understands and works on the right things.
Business Cases, Budgets, Benefits
Before a project is approved for funding, analysis is done to determine the costs and benefits. The level of detail in the analysis will vary with the complexity of the project and with the criteria needed for systematic review.
Charter the right set of projects with the budgets and resources required for success. Optimize your portfolio by using best practices such as the “Efficient Frontier” to make the best decisions for your business. Monitor the projects throughout their life cycle to ensure they perform to plan.
2) PM Practices
There are several internationally respected organizations that have created standards and methodologies for good project management. PMI Standards, PRINCE2, and Agile are examples of different approaches for different needs. The QPM team has worked with all of these standards and has also developed its own best practices to blend the best of processes with the best of software technologies. Our team can help you integrate your own requirements with industry standards so you find the workflow and methods that work best for you.
3) Continuous Improvement
Fact-based decisions are easier with real-time reporting and a clear understanding of what’s going on with your projects. Establish metrics to measure what is important to you, for example: commitment to/participation in the best practices, performance against goals. It’s also critical to establish a methodology to ensure metrics are analyzed and improved at regular intervals.