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Exploring the Facets of PPM
Michael R. Wood is a Business Process Improvement & IT Strategist Independent Consultant. He is creator of the business process-improvement methodology called HELIX and founder of The Natural Intelligence Group, a strategy, process improvement and technology consulting company. He is also a CPA, has served as an Adjunct Professor in Pepperdine's Management MBA program, an Associate Professor at California Lutheran University, and on the boards of numerous professional organizations. Mr. Wood is a sought after presenter of HELIX workshops and seminars in both the U.S. and Europe.
If you have more than one project going on, then you have a Project Portfolio Management function--even if it is informal and unrecognized as such. Of course that doesn’t mean it is effective or purposeful. If you have a pipeline of projects--some pending, some active, some in deployment--then you need to consider implementing a formal PPM function in order to ensure that projects are properly and successfully vetted, approved, conducted and implemented.
PPM was originally modeled after an investment portfolio concept; that being a basket of investments, each selected based on the best risk-to-reward ratio and overall return on investment. The objective of PPM (as stated on Wikipedia) is to “determine the optimal mix and sequencing of proposed projects to best achieve the organization’s overall goals”. One of the best definitions I have found was penned by Michael Greer in his article “What’s Project Portfolio Management (PPM) & Why Should Project Managers Care About It?”:“Project Portfolio Management (PPM) is a management process designed to help an organization acquire and view information about all of its projects, then sort and prioritize each project according to certain criteria, such as strategic value, impact on resources, cost, and so on. The objectives of PPM are similar to the objectives of …
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