ServiceNow Certified Implementation Specialist – Project Portfolio Management CIS-PPM helps get a detailed analysis of the project, resource, and project portfolio and explores the ways to improve the overall productivity and performance of the business.
The purpose of PPM is to prioritize projects, plan and staff them realistically with qualified and available employees, monitor them, and keep all involved parties informed about their status.
Firstly, we know what Project Portfolio Management is. Here we go:
A portfolio of projects is simply a set of projects managed together to achieve strategic goals or benefits. Unlike individual projects defined by specific deliverables, a portfolio supports the strategic directions of the enterprise or business function. Grouping multiple, interrelated initiatives into portfolios make it possible to optimize the allocation, prioritization, and scheduling of resources across various projects against the financial and strategic goals of the organization.
Just like an investment portfolio, a grouping of financial assets such as stocks, adhesives, currencies, and commodities owned by an investor, who requires to make sure the mix of assets offers an excellent balance to maximize profit with limited or controlled risk a project portfolio should be balanced between short and long-term projects, and between high-risk/high-value initiatives and bread-and-butter projects.
The paramount significance of project portfolios for business drives managers to search for highly efficient support tools to overcome the complex challenges of their management. A significant trade-off is to acquire tools to produce a convenient portfolio project prioritization process on which business investments are selected.
Benefits of Project Portfolio Management Certification
The benefits of project portfolio management contain a holistic approach that monitors project status and health, interdependencies, and the performance of resources allocated to the projects. PPM provides real-time updates of the project metrics and improves the efficiency of the overall process.
Here are the benefits of project portfolio management:
1. Align Project Goals with Business Planning
The ultimate mission of any firm is to meet its strategic and short-term goals. And every project that a firm undertakes is a step toward that goal. Thus, project managers must ensure that projects are aligned with business strategy and objectives; if the projects do not align with these set goals, project overload, waste of company resources, and workforce efforts. Without this connection with the long-term motives, the project portfolio is almost random to the organization’s needs.
Project portfolio management (PPM) appears as a method to manage this puzzle. The core of the strategy lies in evaluating, prioritizing, and selecting a project in line with the business strategy. PPM helps put things in viewpoint and supports making difficult decisions based on the company’s vision.
2. Better Decision-Making
Project portfolio management delivers high levels of visibility both from a strategic and a tactical perspective. It provides insights into past project metrics such as project costs, profitability, duration, quality, and resource usage.
It enhances predictive analysis for better resource utilization, risk management, and project selection. A helpful project portfolio management strategy lends weight to your decisions by developing data in real-time, preparing you to address every project-centric activity.
Crossing the project portfolio gives you a project history that reflects the symbiotic relationship between people and projects. The data-driven insights enable managers to make educated decisions and draw findings, contributing to general portfolio success.
3. Improved Project Selection Process
Often, companies have an ambiguous choice standard for the new projects. The lack of information makes it difficult to assess the project as per the company strategy. Not every project can align with the strategic goal, nor can it establish profitability.
Moreover, once a project fails, the company creates additional small projects to pay for the failure. It makes project management more problematic, and the project portfolio loses strategic alignment and value.
4. Increased ROI
ROI is the revenue/profit generated after the deployment of the project. Any organization has the purpose of achieving increased returns.
Investing in portfolio management tools and training your people makes it possible to enhance the project success rate and make cost-saving decisions. A PPM helps clarify the broader company goals, improve resource management, and improve productivity and agility. With PPM, project investment is more likely to pay off and set companies on a better footing for the future.
Also, with the help of a PPM, you can cut down resourcing costs. You can forecast the shortfalls and hire cost-effective global resources, guaranteeing that you have the right resources for your future projects.
PPM solutions help companies identify the best investment opportunities and efficiently manage them from design to maintenance to maximize ROI.
Conclusion
PPM applies the required strategic planning, resource scheduling and management, and monitoring for all projects. An intuitive project portfolio management software bridges the gap between company goals and project performance and provides an effective system with countless advantages. Moreover, departmental teams will be driven by experiential instinct and PPM guidance to deliver projects that accrue business value.
