There is a lot to consider when it comes to reviewing a requested project—scope, timeline, budget, etc. And if the request is approved, you need to manage that project, and that bring a lot of other considerations into the mix—project methodology, resources, schedules, and so on. But, that’s just one project. What happens when you have a few—or several—running at the same time. And what if some depend on others?
is a Portfolio?
you can see, things can quickly snowball and to the point that simple
“project management” isn’t enough. Enter Project Portfolio
Management (PPM). Managing a portfolio of projects is not just a
fancy term for managing multiple projects either. A portfolio is a
higher-level view of all of the projects within an organization. But
it’s more than that—it’s also ensuring that those projects are
aligned with and meetingthat
organization’s strategic goals.
illustrate the difference, let’s look at teachers as an example.
Every day, teachers follow a lesson plan to instruct their students
on a given topic. Individually, those lessons are like projects—each
is defined in scope, duration, and had a specific objective for what
students will have learned by the end. However, those lessons are
also part of a larger, more strategic plan—a curriculum—which
organizes lessons in way that covers the requisite amount of
coursework during the school year that is aligned to a specific set
of state and national standards. So, based on this example, lessons
are similar to projects, while the curriculum is similar to a
managing a portfolio, there are things you need to consider and have
access to beyond what’s required for managing projects in
isolation. These including reporting the status of all active
projects to stakeholders on a regular cadence and balancing project
resources between multiple concurrent projects while also taking
their day-to-day operational work into account—just to name a few.
Portfolio Management Software
it stands to reason that managing a project portfolio requires a
software solution that’s built for the job. PPM software is
designed with scalability and flexibility in mind. This enables you
adapt your approach to the projects you’re working on (and project
teams you’re working with), and it also provides you with the
ability to look across all of these projects to ensure that
everything is tracking as it should in alignment with organizational
Have you been treating your portfolio like it’s just a bunch of projects? Learn more
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