Portfolio and Project Management Features and Functions
Project portfolio management organizes a series of projects into a single portfolio consisting of reports that capture project objectives, costs, timelines, accomplishments, resources, risks, and other critical factors. Executives can regularly review entire portfolios, spread resources appropriately, and adjust projects to produce the highest departmental returns. As its name implies, project portfolio management groups projects so that they can be managed, the same way an investor would manage stocks, bonds, and mutual funds.
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Portfolio Management
Project portfolio management (PPM) organizes a series of projects into a single portfolio consisting of reports that capture project objectives, costs, timelines, accomplishments, resources, risks, and other critical factors. Executives can then regularly review entire portfolios, spread resources appropriately, and adjust projects to produce the highest departmental returns.
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Project Management
Project management is a methodical approach to planning and guiding project processes from start to finish. According to the Project Management Institute, the processes are guided through five stages: initiation, planning, executing, controling, and closing. Project management can be applied to almost any type of project, and is widely used to control the complex processes of software development projects.
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Risk Management
Managing risks formally identifies, quantifies, and manages risks to a project, during the project's execution. It entails completing a number of actions to reduce the likelihood of occurance and the severity of impact of each risk.
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Earned Value Management
Earned value management (EVM) allows users to compare a snapshot of actual project spending and progress with planned spending and progress, allowing the earned value to be easily monitored. This capability is critical for project managers in regulated environments.
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Demand Management
Demand management creates a critical connection between the service and project functions of the information technology (IT) organization. It provides a single view where demand can be evaluated and managed, while offering total visibility of resource utilization. Organizations know that IT governance, portfolio planning, and financial management are ineffective without a view into the service work that creates demand and taps precious resources.
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Process Management
Process management allows all business processes to be managed as a unified whole, making it easier to optimize and standardize processes across the entire organization. Because a process manager can manage characteristics inherent in a process business, processes become more automated, adaptable, cohesive, collaborative, and reusable. This results in increased business agility and lower process costs. Organizations can monitor their innovation, growth, and strategy through the process manager's support for knowledge-intensive processes.
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Workflow Management
Workflow is the operational aspect of a work procedure: how tasks are structured, who performs them, what their relative order is, how they are synchronized, how information flows to support the tasks, and how tasks are being tracked.
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Idea Management
Idea management solutions allow organizations to obtain tangible return on investment (ROI) from the collective knowledge in their midst. Idea management applies knowledge management principles to gather, share, and apply the collective insight of an organization's employees in critical subject areas.
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PPM for Internal Departments Features and Functions
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