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Top 10 Major Advantages of Project Portfolio Management

Top 10 Major Advantages of Project Portfolio Management

For IT leaders, the key advantages of project portfolio management are how it allows them to optimize their project portfolios, balance capacity against demand, and link plans and resources to project execution. At Planview, we’re helping a wide-range of companies – from universities to manufacturers – achieve great success with their project portfolio management.

We’ve compiled a Top 10 List to highlight the great benefits and results many of these companies are realizing, thanks to their implementation of our project portfolio management solutions. Here’s our list of how your organization can benefit from implementing project portfolio management:

  1. You can simplify the way people work, collect data, collaborate, and make decisions so you end up with a single source of record for the project portfolio, which can be easily accessed, visualized, and shared.
  2. When you can make better strategic planning decisions, you can forecast incoming demand for capacity.
  3. A top-down view of information and metrics means you can drive improved and sustained compliance and support key business decisions across the organization.
  4. With all of your projects in one place, you can begin to compare projects within a business unit and across the division more effectively, becoming much more agile.
  5. By prioritizing work, portfolio managers can begin to better manage the project portfolio, so resources are deployed more effectively and projects are based on value rather than relationships.
  6. You can more easily reduce overhead and bottlenecks, creating a culture of collaboration and business growth.
  7. Project costs and scope become more visible when aligned to projects and services, allowing your organization’s spend to be reduced — even while speeding up project turn times.
  8. When you optimize your portfolio, you can generate reports that offer fast answers to questions for improved decision making and business outcomes.
  9. With a governance framework, you can more easily enforce standards and ensure programs are delivering against their commitments and ensure consistency across the enterprise.
  10. Using objective scorecards with automated status reporting allows you to better understand how decisions will impact your business.

The advantages of project portfolio management are continous and worth the investment. To learn more about how you can help improve portfolio process and governance in your organization, watch a demo today.

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Leyna O’Quinn
Written By

Leyna O’Quinn is Planview Blog manager and editor. She writes about portfolio management news and industry trends as well as information related to portfolio and resource management, project collaboration, and enterprise architecture. She has 10 years of experience writing about technology and trends. She earned a Bachelor of Science in Business with a concentration in Marketing.