The term of Product portfolio is implemented on the situation when an organization is projecting a group of products, and the process of selecting and managing the products is delineated as product portfolio that is a synonym of product portfolio management. The strategies of project portfolio are elected with extra precautions as to meet the organizational goals of the corporation.
- The applications of project portfolio management (PPM) are supervised by project managers and project management officers with the intent to analyze and manage the projects that are proposed or currently included based on the numerous key characteristics.
- The purpose of PPM is to utilize the minimal resources for delivery of products and direct the activities through the operation in a way that organizational and financial goals can be satisfied keeping in mind the demands of customers and maintaining the external real world factors.
Books on Product portfolio
Book 1 –
Project Portfolio Management: Earning An Execution Premium By Shan Rajegopal, Philip McGuin, James Waller (published by Project Portfolio Management, 2007)
Book 2 –
Project Portfolio Management By Harvey A. Levine (published by John Wiley & Sons, 2010)
How Product portfolio works?
Here is an array of areas where the concept of project portfolio management can be implemented,
- In the management of the projects, the strategies of PPM can be administered.
- With the PPM system, a project manager can identify what scopes projects or programs have.
- PPM system aids to determine the information of project performance should be reviewed, for example, duration vs. effort vs. costs.
- PPM system indicates the implementation of a common methodology which includes inputs and outputs, roles and processes in order to complete the operation of priority projects.
- Through PPM system, the roles of training project manager can be acquired, and the usage of product management resources can be supplied by PPM methodology.
- PPM system supplies the tools which are used to gather information report of performance.
- Maintain the roles of a project manager can be decided by PPM system.
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