The higher the maturity level, the more integrated and automated the associated software solution should be. The company’s PPM maturity level can be an indicator for the choice of project portfolio management software. How to evaluate a project portfolio management tool? If the functions mentioned here as examples are integrated within one software and applied identically across several projects, a powerful control tool for successful portfolio management is created. Monitoring & reporting of project statistics.Risk management through risk tracking and consolidation.Resource management in the form of workload plans and task allocation.Project planning in the form of time and task planning.In order to create transparency and provide decision support, PPM solutions have various functions, which are listed below and are usually scattered across different tools: For this purpose, project portfolio management software accompanies the entire life cycle of a project, from the receipt and prioritization of project applications to control and documentation of results. Decentralized information is consolidated and aggregated in accordance with defined structures and methods. The central task of this software solution is to create transparency across project and team boundaries. To avoid multi-project management decisions being made on incorrect or non-existent information, project portfolio management software is used. The most important tasks of a project portfolio software? This can help contain individual errors for repetition and achieve savings. In addition, PPM software solutions create the possibility of recognizing patterns and synergies between individual activities, which only become relevant indicators when added together. This enables centralized control of decentrally organized projects. Project information, such as the degree of target achievement and current cost schedules, is aggregated and visually presented for the management level or other stakeholders. The central goal of using project portfolio management software is to create transparency in order to make higher-level decisions. Why do you need a project portfolio management tool? These framework conditions include, for example, access to a defined sum of limited resources. The goal of using a PPM solution is to orchestrate the individual projects in order to achieve overarching goals and comply with framework conditions.
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