PPM TOOLS AND THE VIEW VALUES
STUDENT’S NAME
INSTITUTIONAL AFFILIATION
Project portfolio management is a strategic aligning project to the business goals by which process of evaluation to identify the fit, purpose, and benefits in a company and how they relate to the management organization. An organization needs the project management tools to identify the potential returns on a project. It also generally makes the organization to be in a position of investing in the project that would forecast risks built-in it thus enhancing proper decision making. The company also credits the project It is a tool for obtaining the buy-in of all the stakeholders within the organization.
The tools used in the project portfolio management are liquid planner, smart sheet, acuity project portfolio management tool, and work otter. These tools serve a key factor within the organization as they keep the projects on track; thus, decision making is informed on relevant data. The allocation of resources is also considered within the project management by using the multiple distributions of support appropriately. Identification of risks and their quantification through the tools also help the organization on the fact that the insights for the solutions are easily acquired.
An advantage noticed in the organization on the managing project is the successful execution of the organization strategy. The main merit is that the project portfolio enables the working with various financial algorithms and the economic models to align the company’s projects and their strategic objectives.
On the other hand, the organization will benefit from the enterprise-wide tool approach since it would be easy for easy and accurate identification of risks and redemption association strategies. Furthermore, there will be an easy cancellation of projects that do not align with the company’s strategy. Also, the organization will archive the right tools to keep on track and easy ways to simplify the company’s operations.
References.
Basu, R. (2015). Managing projects in research and development. Ashgate Publishing, Ltd.
Mortensen, P., Gouw, J. W., Olsen, J. V., Ong, S. E., Rigbolt, K. T., Bunkenborg, J., … & Andersen, J. S. (2010). MSQuant, an open-source platform for mass spectrometry-based quantitative proteomics. Journal of proteome research, 9(1), 393-403.
Rialp, A., Merigó, J. M., Cancino, C. A., & Urbano, D. (2019). Twenty-five years (1992–2016) of the International Business Review: A bibliometric overview. International Business Review, 28(6), 101587.