{"id":16170,"date":"2023-03-15T10:00:29","date_gmt":"2023-03-15T09:00:29","guid":{"rendered":"https:\/\/parm.com\/?p=16170"},"modified":"2026-06-03T09:14:32","modified_gmt":"2026-06-03T07:14:32","slug":"project-management-abc-p-for-project-portfolio-management-2","status":"publish","type":"post","link":"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/","title":{"rendered":"Project management ABC: P for project portfolio management"},"content":{"rendered":"\n<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section\"><div class=\"et_pb_row_0 et_pb_row et_block_row\"><div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h1>Project Management ABC: P for Project Portfolio Management<\/h1>\n<p>The key to successful project management<\/p>\n<\/div><\/div><\/div><\/div><div class=\"et_pb_row_1 et_pb_row et_block_row\"><div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_image_0 et_pb_image et_pb_module et_block_module\"><span class=\"et_pb_image_wrap\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/04\/Post_PM-ABC_EN18-2.jpg\" alt=\"Project Management ABC: P for Project Portfolio Management\" title=\"Post_PM-ABC_portfoliomanagement\" width=\"2500\" height=\"1313\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/04\/Post_PM-ABC_EN18-2.jpg 2500w, https:\/\/parm.com\/wp-content\/uploads\/2023\/04\/Post_PM-ABC_EN18-2-1280x672.jpg 1280w, https:\/\/parm.com\/wp-content\/uploads\/2023\/04\/Post_PM-ABC_EN18-2-980x515.jpg 980w, https:\/\/parm.com\/wp-content\/uploads\/2023\/04\/Post_PM-ABC_EN18-2-480x252.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 2500px, 100vw\" class=\"wp-image-16183\" \/><\/span><\/div><\/div><\/div><div class=\"et_pb_row_2 et_pb_row et_pb_equal_columns et_block_row\"><div class=\"et_pb_column_2 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><p>When it comes to selecting projects, it can be difficult to keep track of what's going on and ensure that the projects you choose are in line with your company's strategic goals. Project portfolio management offers a solution to these challenges. It enables companies to select, prioritise and monitor projects to ensure that resources are used effectively and projects are completed successfully. In this blog post, we will take a closer look at project portfolio management and see how it can help organisations to successfully complete their projects.<\/p>\n<\/div><\/div><\/div><\/div><div class=\"et_pb_row_3 et_pb_row et_block_row\"><div class=\"et_pb_column_3 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_2 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#What_is_project_portfolio_management\" >What is project portfolio management?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Differences_to_multi-project_management_programme_management_and_project_management\" >Differences to multi-project management, programme management and project management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Typical_applications\" >Typical applications<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#How_does_project_portfolio_management_work\" >How does project portfolio management work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#How_can_projects_be_evaluated\" >How can projects be evaluated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#PPM_in_agile_project_management\" >PPM in agile project management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Challenges_of_PPM\" >Challenges of PPM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Advantages_of_PPM\" >Advantages of PPM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Disadvantages_of_PPM\" >Disadvantages of PPM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Tips_for_applying_PPM\" >Tips for applying PPM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_project_portfolio_management\"><\/span>What is project portfolio management?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a rapidly changing environment and economy, it is essential for companies to effectively plan, monitor and manage their projects to achieve the company's goals. Project portfolio management is an important part of any successful corporate strategy, as it helps companies to select projects that best support the corporate strategy.<br \/>Project portfolio management (PPM) is therefore a systematic approach to optimizing the selection, management and monitoring of projects within a company. The goal of PPM is to maximise the overall performance of the company through the effective use of available resources. This is achieved by selecting projects that best support the corporate strategy as well as by carefully planning and managing resources. It is also important to monitor and control projects to ensure that they meet the company's strategic objectives and that adjustments can be made if necessary.<br \/>The tasks of project portfolio management therefore include:<\/p>\n<ul>\n<li>Identifying corporate goals<\/li>\n<li>Collecting project requests and ideas<\/li>\n<li>Evaluating, prioritising, selecting, initiating and rejecting projects<\/li>\n<li>Analysing dependencies between projects<\/li>\n<li>Monitoring and controlling the portfolio as well as the individual projects<\/li>\n<li>Evaluating completed projects<\/li>\n<\/ul>\n<p>PPM thus enables companies to plan, monitor and control their projects more effectively in order to achieve the company's goals. This minimises <a href=\"https:\/\/parm.com\/en\/risks-in-project-management\/\" target=\"_blank\" rel=\"noopener\" title=\"Risks in project management\">risks<\/a>, optimises the use of resources and ensures that projects meet the company's strategic goals.<\/p>\n<\/div><\/div><div class=\"et_pb_text_3 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Differences_to_multi-project_management_programme_management_and_project_management\"><\/span>Differences to multi-project management, programme management and project management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Project portfolio management (PPM):<\/strong> PPM refers to the management and monitoring of all projects within a company or organisation. It helps companies align their projects with their strategic goals, prioritise projects and use resources effectively.<\/li>\n<li><strong>Programme management:<\/strong> Programme management refers to the control and monitoring of a group of projects that are grouped together to achieve common goals. So it refers to the totality of projects that are grouped together to achieve a larger goal.<\/li>\n<li><strong>Multi-project management:<\/strong> Multi-project management refers to the control and monitoring of several projects simultaneously. It refers to the ability to successfully plan, execute and complete multiple projects at the same time.<\/li>\n<li><strong>Project management:<\/strong> Project management refers to the control and monitoring of a single project. It therefore refers to the ability to successfully plan, execute and complete one project.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"et_pb_image_1 et_pb_image et_pb_module et_block_module\"><span class=\"et_pb_image_wrap\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/02\/Differences_PPM_PM.jpg\" width=\"842\" height=\"595\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/02\/Differences_PPM_PM.jpg 842w, https:\/\/parm.com\/wp-content\/uploads\/2023\/02\/Differences_PPM_PM-480x339.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 842px, 100vw\" class=\"wp-image-16209\" title=\"Differences_PPM_PM\" alt=\"Differences from project portfolio management to project management\" \/><\/span><\/div><\/div><\/div><div class=\"et_pb_row_4 et_pb_row et_block_row\"><div class=\"et_pb_column_4 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_4 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Typical_applications\"><\/span>Typical applications<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>IT industry:<\/strong> For numerous potential IT projects, PPM helps with selection, planning, prioritisation and monitoring so that the selected projects are in line with the company's business objectives. This is particularly necessary as the IT industry suffers from a severe shortage of labour with the necessary skills. So, with a good PPM, the available professionals can work on projects that optimally support the company's success.<\/li>\n<li><strong>Construction industry:<\/strong> In the construction industry, PPM helps to make the most effective use of the resources needed while ensuring that construction projects meet the clients' requirements. As construction projects often have a very long implementation phase of several years, a lot can change during this time. Project portfolio management helps companies in the construction industry to keep an eye on the big picture even in this case while keeping the goals in mind.<\/li>\n<li><strong>Pharmaceutical industry:<\/strong> In the context of drug or therapy development, PPM can be used to plan, prioritise and monitor projects. In this way, it helps to successfully implement the development strategy. <\/li>\n<li><strong>Financial industry:<\/strong> PPM can also be used in the financial industry to implement the financial strategy with the right projects and thus achieve the business goals. Portfolio management thus helps companies in the financial sector to keep an eye on the performance of their projects and to adapt to trends.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"et_pb_text_5 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"How_does_project_portfolio_management_work\"><\/span>How does project portfolio management work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Project portfolio management usually involves five steps that are closely linked:<\/p>\n<h3>1. Identification of corporate goals:<\/h3>\n<p>In the first step, corporate goals and strategies are identified in order to ensure in the next steps that the selected projects support them. This includes analysing current and future business conditions as well as identifying opportunities and challenges.<\/p>\n<h3>2. Collecting requests and ideas:<\/h3>\n<p>Ideas for new projects come from different sources within a company. These ideas should be collected in a central place so that they can be evaluated in the next step. For this you can keep a simple spreadsheet, or enter the data into a project portfolio management software.<\/p>\n<h3>3. Selection of projects:<\/h3>\n<p>Once the corporate goals and strategies are established, projects are evaluated and those that best support the corporate goals and strategies are selected. This is done using a standard company process with criteria such as strategic value, risk, time, resource requirements and finances. As projects are evaluated, the criteria are applied individually to each project and the results are then correlated. This helps to identify which projects are the most suitable. In this step, a ranking of the projects can also be made to simplify the selection and prioritise the projects. However, in this step you should also bear in mind that not only the individual projects should be feasible, but also the portfolio as a whole. Thus, the selected projects as a whole should not be too big, too expensive, too risky or too interdependent.<\/p>\n<h3>4. Resource planning:<\/h3>\n<p>In the next step, you can assign a project leader to the selected projects and thus initiate the projects. This also includes the allocation of the necessary resources (personnel, time, budget) for each project in the portfolio, taking into account the priorities of the projects and the availability of resources.<br \/>In PPM, resource planning can be done roughly so that the project manager takes over the detailed planning. Nevertheless, resource planning is an important part of PPM to ensure that resources are used effectively. During project implementation, resource planning should also be continuously monitored so that it can be adjusted if necessary. This may require resources to be diverted from one project to another to ensure that a higher priority project can be successfully completed.<\/p>\n<h3>5. Monitoring and control:<\/h3>\n<p>Projects evolve over time and new ideas can appear at any time. Therefore, it is important to continuously review both the progress of the projects as well as the new project ideas and make adjustments if necessary. This ensures that projects are implemented successfully and that they still meet the strategic goals of the company, even if some time has passed since they were selected and planned. Frequent project reports and project status meetings allow all stakeholders to stay up to date on the implementation of the projects in your portfolio and to react, for example, to new <a href=\"https:\/\/parm.com\/en\/risks-in-project-management\/\" target=\"_blank\" rel=\"noopener\" title=\"Risks in project management\">risks or opportunities.<\/a><\/p>\n<h3>6. Reporting and communication:<\/h3>\n<p>The preparation of project status reports is also of crucial importance. These should be regularly shared with management and other interested parties to document the progress, performance and expenditure of each project. These reports help management to react quickly to changes and make necessary adjustments. Only by communicating properly will you ensure that all stakeholders are aware of the progress as well as the results of the projects, and that any issues can be addressed quickly.<\/p>\n<\/div><\/div><div class=\"et_pb_text_6 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"How_can_projects_be_evaluated\"><\/span>How can projects be evaluated?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In project portfolio management, projects are usually evaluated against certain criteria to select those that best support the organisation's strategic objectives. Some commonly used criteria are:<\/p>\n<ul>\n<li><strong>Strategic value:<\/strong> How well does the project support the company's strategy and contribute to achieving the company's goals?<\/li>\n<li><strong>Financials:<\/strong> What are the expected costs and revenues of the project, and how does it fit into the company's financial budget?<\/li>\n<li><strong>Risk:<\/strong> What are the risks associated with the project and how can these be minimised?<\/li>\n<li><strong>Resource requirements:<\/strong> What resources are required for the project, and how readily available are they?<\/li>\n<li><strong>Timing:<\/strong> How long will the project take, and does it fit into the company's schedule?<\/li>\n<li><strong>Potential for success:<\/strong> What is the probability that the project will be completed successfully?<\/li>\n<\/ul>\n<p>The weighting of these criteria varies between companies and may also change over time. It is important that the criteria are clearly defined and understandable so that all people involved can understand and apply them, as well as that the evaluation of projects is consistent and objective.<\/p>\n<\/div><\/div><div class=\"et_pb_gallery_0 et_pb_gallery et_pb_bg_layout_light et_pb_slider et_pb_gallery_fullwidth clearfix et_pb_module\" data-auto-rotate=\"off\" data-auto-rotate-speed=\"\"><div class=\"et_pb_gallery_items et_post_gallery clearfix\" data-per_page=\"4\"><div class=\"et_pb_gallery_item et_pb_gallery_item_0_0\"><div class=\"et_pb_gallery_image landscape\" data-per_page=\"4\"><a href=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline.jpg\" title=\"Portfolio_Management_-_Timeline\"><img loading=\"lazy\" decoding=\"async\" width=\"1466\" height=\"921\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline.jpg\" alt=\"Portfolio Management - Timeline\" class=\"wp-image-14643\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline.jpg 1466w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline-1280x804.jpg 1280w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline-980x616.jpg 980w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Timeline-480x302.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 1466px, 100vw\" \/><span class=\"et_overlay\" data-icon=\"\" data-icon-tablet=\"\" data-icon-phone=\"\"><\/span><\/a><\/div><\/div><div class=\"et_pb_gallery_item et_pb_gallery_item_0_1\"><div class=\"et_pb_gallery_image landscape\" data-per_page=\"4\"><a href=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control.jpg\" title=\"Portfolio_Management_-_Financial_Control\"><img loading=\"lazy\" decoding=\"async\" width=\"1467\" height=\"921\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control.jpg\" alt=\"Portfolio Management - Financial_Control\" class=\"wp-image-14638\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control.jpg 1467w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control-1280x804.jpg 1280w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control-980x615.jpg 980w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management_-_Financial_Control-480x301.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 1467px, 100vw\" \/><span class=\"et_overlay\" data-icon=\"\" data-icon-tablet=\"\" data-icon-phone=\"\"><\/span><\/a><\/div><\/div><div class=\"et_pb_gallery_item et_pb_gallery_item_0_2\"><div class=\"et_pb_gallery_image landscape\" data-per_page=\"4\"><a href=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management.jpg\" title=\"Gestione del portafoglio\"><img loading=\"lazy\" decoding=\"async\" width=\"1394\" height=\"915\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management.jpg\" alt=\"Gestione del portafoglio\" class=\"wp-image-14632\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management.jpg 1394w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management-1280x840.jpg 1280w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management-980x643.jpg 980w, https:\/\/parm.com\/wp-content\/uploads\/2023\/01\/Portfolio_Management-480x315.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 1394px, 100vw\" \/><span class=\"et_overlay\" data-icon=\"\" data-icon-tablet=\"\" data-icon-phone=\"\"><\/span><\/a><\/div><\/div><div class=\"et_pb_gallery_item et_pb_gallery_item_0_3\"><div class=\"et_pb_gallery_image landscape\" data-per_page=\"4\"><a href=\"https:\/\/parm.com\/wp-content\/uploads\/2022\/09\/Portfolio_Analyse_2.jpg\" title=\"Portfolio-Analysis_2\"><img loading=\"lazy\" decoding=\"async\" width=\"1199\" height=\"711\" src=\"https:\/\/parm.com\/wp-content\/uploads\/2022\/09\/Portfolio_Analyse_2.jpg\" alt=\"Portfolio analysis\" class=\"wp-image-10929\" srcset=\"https:\/\/parm.com\/wp-content\/uploads\/2022\/09\/Portfolio_Analyse_2.jpg 1199w, https:\/\/parm.com\/wp-content\/uploads\/2022\/09\/Portfolio_Analyse_2-980x581.jpg 980w, https:\/\/parm.com\/wp-content\/uploads\/2022\/09\/Portfolio_Analyse_2-480x285.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1199px, 100vw\" \/><span class=\"et_overlay\" data-icon=\"\" data-icon-tablet=\"\" data-icon-phone=\"\"><\/span><\/a><\/div><\/div><\/div><\/div><div class=\"et_pb_text_7 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"PPM_in_agile_project_management\"><\/span>PPM in agile project management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Agile PPM is an approach that integrates the agile principles and methods of project management into project portfolio management. It uses agile approaches such as Scrum, Kanban and Lean principles to complete projects faster and more flexibly. It enables companies to react quickly to changes and better adapt projects to the company's needs.<br \/>In contrast to traditional PPM, where projects are planned and executed in long phases, projects are planned and executed in shorter iterations and steps. For example, at the operational level, sprints are conducted every week, up to every four weeks, while at the tactical level it can be two to three months and at the strategic level even one to two years. This enables companies to react more quickly to changes and better adapt projects to the company's needs.<br \/>However, it is important to note that agile PPM is not suitable for every area of application and in some cases it may make more sense to use traditional project portfolio management methods.<\/p>\n<\/div><\/div><div class=\"et_pb_text_8 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Challenges_of_PPM\"><\/span>Challenges of PPM<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are some challenges and risks related to project portfolio management:<\/p>\n<ul>\n<li><strong>Insufficient resources:<\/strong> One of the biggest challenges is to provide enough resources (staff, time, money) for all projects. Lack of resources can lead to projects being delayed or not being successfully completed.<\/li>\n<li><strong>Inadequate prioritisation:<\/strong> Another risk is that projects are not prioritised properly and resources are wasted on projects that have no strategic value.<\/li>\n<li><strong>Difficulties in communication and collaboration:<\/strong> Project portfolio management requires close collaboration and communication between different departments and functional areas of the company. This can lead to difficulties when it comes to monitoring and controlling projects.<\/li>\n<li><strong>Lack of transparency and traceability:<\/strong> Another risk is that it can be difficult to monitor and track the progress and performance of projects if there are no appropriate mechanisms and reporting procedures in place.<\/li>\n<li><strong>Project selection risks:<\/strong> Poor selection of projects that are not in line with business strategies can lead to wasted resources and time without a successful outcome.<\/li>\n<li><strong>Insufficient adaptability:<\/strong> In fast-changing environments, it is important to be flexible in order to adjust projects and resource requirements accordingly when the business environment or strategic objectives change.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"et_pb_text_9 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Advantages_of_PPM\"><\/span>Advantages of PPM<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Ideal alignment of projects with corporate goals as well as projects with each other<\/li>\n<li>Improved resource management<\/li>\n<li>Risk reduction<\/li>\n<li>Better transparency<\/li>\n<li>Holistic planning of projects<\/li>\n<li>Clear basis for decision-making<\/li>\n<\/ul>\n<\/div><\/div><div class=\"et_pb_text_10 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Disadvantages_of_PPM\"><\/span>Disadvantages of PPM<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>High effort:<\/strong> Project portfolio management requires a lot of time and resources to select, prioritise and monitor projects.<\/li>\n<li><strong>High cost:<\/strong> Project portfolio management can be expensive, especially if specialised software or consultants are needed.<\/li>\n<li><strong>Potentially complex:<\/strong> Project portfolio management can be complex and requires a deep understanding of the business strategy and environment.<\/li>\n<li><strong>Difficulty in implementation:<\/strong> It can be difficult to implement the right project selection, resource planning and monitoring processes, especially in companies with numerous departments and projects.<\/li>\n<li><strong>Conflicts in resource allocation:<\/strong> Project portfolio management can also lead to conflicts in resource allocation, especially when it comes to the allocation of limited resources.<\/li>\n<li><strong>Possible misunderstandings in collaboration:<\/strong> As project portfolio management requires collaboration and communication between different departments and functional areas, misunderstandings may arise that can affect the implementation and successful completion of projects.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"et_pb_text_11 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Tips_for_applying_PPM\"><\/span>Tips for applying PPM<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To avoid potential difficulties with PPM, here are some tips and best practices:<\/p>\n<ul>\n<li><strong>Clear objectives and strategies:<\/strong> It is important that business objectives and strategies are clearly defined so that projects that support them can be selected.<\/li>\n<li><strong>Consistent criteria:<\/strong> Use consistent criteria to evaluate projects to ensure that all projects are evaluated fairly. Also make sure that all people involved understand and can apply these criteria.<\/li>\n<li><strong>Resource management:<\/strong> It is important that resources (staff, time, money) are carefully planned and managed to ensure that they are available for the selected projects.<\/li>\n<li><strong>Monitoring and control:<\/strong> Regularly monitor the progress of projects and make adjustments if necessary to ensure that projects continue to meet the strategic objectives of the organisation.<\/li>\n<li><strong>Communication and reporting:<\/strong> Frequent reporting to management and other interested parties is necessary to keep everyone informed about the progress and performance of the projects.<\/li>\n<li><strong>Flexibility and adaptability:<\/strong> Be flexible and adaptable to adjust projects and resource needs accordingly as the business environment or strategic objectives change.<\/li>\n<li><strong>Project portfolio governance:<\/strong> Project portfolio governance defines the structure and procedures used to govern the selection, control and monitoring of projects within an organisation. It includes the decision-making processes, policies, procedures and responsibilities established for this purpose within the company. It also includes the creation of mechanisms to monitor compliance with these rules and the creation of reporting mechanisms to monitor the progress and performance of projects. Effective project portfolio governance is important to ensure that the projects being implemented are in line with the company's strategic objectives and that resources are being used effectively. In this way, it also helps to minimise risks and ensure that projects are completed successfully.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><div class=\"et_pb_row_5 et_pb_row et_block_row\"><div class=\"et_pb_column_5 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_12 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Project portfolio management can help you achieve the company's goals and select the right projects to achieve them. It makes the basis for decision-making transparent and helps you to make the best use of available resources.<\/p>\n<\/div><\/div><\/div><\/div><div class=\"et_pb_row_6 et_pb_row et_block_row\"><div class=\"et_pb_column_6 et_pb_column et_pb_column_1_2 et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_13 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><p>While a small project portfolio is still easily manageable, it quickly becomes confusing when there are numerous ideas and projects. However, good project management software also includes the possibility to control and monitor project portfolios. In this way, you can link the corporate strategy with the daily tasks, keep track of your tasks and projects at all times and evaluate projects or entire portfolios according to criteria you define. The myPARM project management software allows you to collect projects and ideas, add them to different portfolios and evaluate them. In this way, you can conveniently prioritise the individual projects and select those that best fit your corporate strategy. Keep an eye on your portfolios in the software at all times, create projects directly in the same system and manage your resources there.<\/p>\n<\/div><\/div><\/div><div class=\"et_pb_column_7 et_pb_column et_pb_column_1_2 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\"><div class=\"et_pb_text_14 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><p>Find out more about the myPARM project and portfolio management software:<\/p>\n<\/div><\/div><div class=\"et_pb_module et_pb_button_module_wrapper et_pb_button_0_wrapper preset--module--divi-button--default_wrapper\"><a class=\"et_pb_button_0 et_pb_button et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-button--default\" href=\"https:\/\/parm.com\/en\/myparm\/\">Further information about myPARM<\/a><\/div><div class=\"et_pb_text_15 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--module--divi-text--default\"><div class=\"et_pb_text_inner\"><p>Would you like to get to know myPARM in a demo? 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Read Parm AG&#8217;s latest blog post to find out what exactly project portfolio management is and how it can help you to successfully implement your projects.<\/p>\n","protected":false},"author":1,"featured_media":16183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[695,54,1200,696],"class_list":["post-16170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management","tag-portfoliomanagement-en","tag-project-management","tag-projektmanagement-abc-en","tag-projektportfoliomanagement-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Project management ABC - P for PM\u00b2<\/title>\n<meta name=\"description\" content=\"With good project portfolio management, you select the projects that meet your company&#039;s strategic goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/parm.com\/en\/project-management-abc-p-for-project-portfolio-management-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Project Management ABC: P for Project Portfolio Management\" \/>\n<meta property=\"og:description\" content=\"When it comes to selecting projects, it can be difficult to keep track of what&#039;s going on and ensure that the projects you choose are in line with your company&#039;s strategic goals. 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