The open-mic #pmchat discussion on twitter today made me wonder if there are new or aspiring PMs out there that could use a basic introduction to Project Portfolio Management, or PPM. Here’s a basic definition: Project portfolio management is the selection and management of projects so as to maximize their contribution to the overall welfare and success of the enterprise. The objective is to create the mix of projects most likely to support the achievement of the organization’s goals, aligned with the preferred strategies, and within the organization’s resource (people and funding) constraints (Levine, 2005). Sometimes, it can be easy to find materials about PPM, but they aren’t written for the newbie and often contain some relatively thick technical language. Here is my explanation in layman terms: Projects are temporary efforts that have a beginning, end, and a result, which is called the deliverable. It’s the thing that you make over the course of the project. Companies and organizations usually have a strategy – make more money, save more money, expand into new markets, comply with new laws, conduct business electronically, protect their customers … the list goes on.
See more here:
Project Portfolio Management – A Basic Explanation