The Importance Of Project Portfolio Management

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Introduction:
Since the collapse of the dot-com bubble in the early 2000s there has been a necessity to manage, evaluate, and prioritize projects. The emergence and growth of Project Portfolio Management stems from this. Through experience, companies learned of the value added to a company through the careful consideration of project portfolios. Today, in modern day businesses, from the largest Multi-National Corporation to the independently run small-medium business, managers will be executing several different projects at any one time. In order to evaluate and prioritise these potential projects, a Project Portfolio Management framework of methodologies and strategies aligning with company goals is essential.

The Challenge:
In an increasing IT-based world, managers are more and more often culling their legacy systems to implement new, sophisticated projects in order to streamline processes and run a smoother business. The wide availability of IT infrastructure to companies today, especially since the introduction of Cloud software services, has given managers the opportunity to further the functional capabilities of their business. The challenge here is the implementation, and constant maintenance of such infrastructures can be quite costly, timely, and a strain on company resources. The solution to this problem, is, Project Portfolio Management. …show more content…

Futhermore, 61.5% of project were deemed to be over-budget, over-time estimates and offered fewer features than originally

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