Project Portfolio Management (PPM) is all about doing the right things right. Picking the right projects for your organization that are linked to your business strategy and executing them with excellence and hopefully realising strong business and financial benefits.
The fundamental objective of any PPM process is to determine the optimal mix and sequencing of proposed projects that best achieve the organization’s overall goals – typically expressed in terms of hard economic measures, business strategy goals, or technical strategy goals – while honouring constraints imposed by management or external real-world factors. Typical attributes of projects being analyzed in a PPM process include each project’s total expected cost, consumption of scarce resources (human or otherwise) expected timeline and schedule of investment, expected nature, magnitude and timing of benefits to be realized, and relationship or inter-dependencies with other projects in the portfolio.
Many organisations are only now beginning to see the importance of Project Portfolio Management as a critical business process that can help them select the right projects and capital investments for their enterprises and organisations. The current economic climate has placed greater financial constraints on businesses and it is now even more critical that funding and resources only be allocated to project portfolios that are likely to yield maximum benefits and return on investment.
As the discipline of PPM builds momentum in Ireland there is a strong appetite for a forum where practitioners can come together on a regular basis to share best practices and learn from others who are already on the PPM ladder or higher up the PPM maturity scale.
The International Project Portfolio Management Forum (IPPMF) has been established as a not-for-profit professional community of practice to help satisfy this requirement.