The Complete Guide to Project Portfolio Management Software

Well, one might wonder about the need to manage a portfolio. But yes, portfolio management means a lot for your business.

Every project is crucial for your business, and if you execute even a single project adversely, it can be enough to defame your service to a more significant extent.

In a nutshell, we can define portfolio management as a mediator between the strategy and its execution. All the projects run ahead with a strategy and organizational principles. But are we executing it right is the question! Hence with the perfect portfolio management structure in place, it helps to execute the strategy well for your business.

Strategy is the pillar as it defines how your business functions and what decisions you can take by understanding the strengths and weaknesses of every aspect of it. Without implementation, every strategy cannot survive. Understanding the same, adapting to the changes, and executing them effectively are key to portfolio management.

Table of Contents

What is Portfolio Management?

It deals with selecting, controlling and optimizing your business projects and programs. It establishes a standard of governance across the organization and its goals. If a company is in line with the business strategies, it’s more important to prioritize. Building a project portfolio management is critical as you can make tough decisions on delivering your strategy in the best way possible.

Different types of Project Portfolio Management

A kanban board is a visual tool that helps you track the progress of your project. Each task is represented by a card, which is placed on the board in the appropriate column according to its stage in the project. This makes it easy to see what needs to be done and who is working on what.

  • Active 

  • Passive

  • Discretionary

  • Non-discretionary

Let’s see each of these in a different section. Stay tuned and subscribe to get the details in your inbox!

Know the difference between project, portfolio and program management?

What are these?

Looking in terms of hierarchy, it means the following:

Project management is the process of managing temporary endeavours focussed on the product.

Program is the consolidated approach to managing multiple projects to meet goals.

Portfolio management is the cumulative projects or the programs to manage them collectively to meet the overall objectives.

Projects make up a program, and their collective segment is the portfolio.

What are some of the best practices for Project Portfolio Management?

While we talk about every project or portfolio, there can be many ways you can achieve the best results. Let us see some best practices to follow to get the desired results.

Hands-on Project Inventory management is key

Inventory defines the product stocks you have. Keeping a close eye on them is crucial for every phase of the project. It will help you understand the cost, overall business objectives, expected ROI, and more.

On top of everything, you can restock before there is a delay. It helps you make solid and result-oriented decisions at a given time. 

Now, here is the fundamental trick on how you keep track of the records. It will take the hell out of you if you use manual reporting in Excel or a notebook. You may be highly prone to errors. But, if you want to get the best out of it, opt for a software platform that would help you automate things effectively.
Evaluate Projects Effectively

Setting the priority of projects is critical because it defines how soon you complete and closes the most crucial ones. Some projects may seem risky, while others may take a longer duration to complete as it involves brainstorming at large. The portfolio manager has to identify and finalize the project evaluation and prioritization to ensure the project is in line with the objectives.

Categorize projects

The categorization of projects is important because it helps you to segregate the projects. 

Let us put some benchmarks for categorization like:

  • A project with a score of 5 means less risky and highly beneficial. 
  • A project with a score of 3 means more risk and needs to be addressed soon. 

So, it is essential that you need to define the scope of the project and based on the segregation, you can redefine the strategy and close them one by one.

Review and analysis
Every project portfolio has to be reviewed closely as much as possible. It needs to have a clear dashboard that would help you to use it wisely. Yoroproject has an appealing user interface that would help you to review and analyze the projects quickly and make the right decisions.
Breaking down big projects into small testable experiments

Working on complicated projects? The best way to get good results is to break them down into minute ones so that you can easily delegate and make it a whole new successful one.

The benefits of a project portfolio management software for your business

If you are looking for the best ways to make your portfolio a grand success, you must consider having an integrated platform for your business. Project portfolio management can mean a lot to you.
  • Select your projects with ease 
  • Get a clear picture of where you are heading to 
  • Focus more on business goals 
  • Resource allocation becomes more efficient 
  • Deliver your projects on time 
  • Define the project roadmaps clearly
  • Take decisions wisely and a lot more Decide on the stages of your process. This will depend on the nature of your project. For example, if you’re creating a website, your stages might be: research, wireframing, design, development, testing, and launch. 
  • Create columns for each stage on your board. 
  • Add tasks to the board in the appropriate column. You can add tasks as you think.

Yoroproject is a user-friendly and more reliable project portfolio management platform that helps you to manage your portfolio efficiently. With many interactive features useful to transform your business, it can elevate how you deal with projects.

Want to get a whole new experience in portfolio project management?