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Project Portfolio Management

What is Project Portfolio Management?

Project portfolio management (PPM) is a process used by project managers and project management offices (PMOs) to analyze and manage an organization’s current or proposed projects. It involves the selection, prioritization, authorization, and control of projects in order to meet strategic business objectives. PPM helps organizations make better decisions about which projects to pursue and how to allocate resources among them.

PPM also helps organizations identify potential risks associated with their projects and develop strategies for mitigating those risks. By using PPM, organizations can ensure that their projects are aligned with their overall business goals and objectives. This helps them maximize the return on investment for each project.

Benefits of Project Portfolio Management

Project portfolio management provides numerous benefits to organizations. It allows them to prioritize projects based on their strategic importance, ensuring that resources are allocated to the most important initiatives. This helps organizations focus on the projects that will have the greatest impact on their bottom line.

PPM also helps organizations identify potential risks associated with their projects and develop strategies for mitigating those risks. By using PPM, organizations can ensure that their projects are aligned with their overall business goals and objectives. This helps them maximize the return on investment for each project.

How Time Tracking Can Help With Project Portfolio Management

Time tracking can be a valuable tool for project portfolio management. By tracking time spent on individual tasks, teams can get a better understanding of how much time is being devoted to each project. This information can then be used to adjust resource allocations accordingly.

Time tracking can also help teams identify areas where they may be able to improve efficiency or reduce costs. For example, if a team notices that they are spending too much time on certain tasks, they may be able to streamline processes or find ways to automate certain steps in order to save time and money.