What is Project Portfolio Management Software?
Project Portfolio Management (PPM) Software maintains a centralized, top-down view of the projects and initiatives undertaken by an organization. The goal of Project Portfolio Management is usually to optimize the use of resource and selection of projects to best achieve the organization’s operational, financial and strategic objectives.
PPM Features & Capabilities
In addition to project management features, PPM software often includes the following capabilities:
Project Portfolio Management vs. Project Management
Project Portfolio Management (PPM) is related to Project Management. Project management tools focus on enabling the planning and execution around individual, discrete projects. PPM software is more about enabling the right selection of projects and allocation of resources. Many PPM products also include project management features and/or integrate with project management tools.
A central component of PPM software is the ability to group various projects into portfolios, allowing for top-down analysis. The software helps users analyze how well each project and portfolio is performing based on objectives. This knowledge can then be leveraged in future planning. Some PPM software uses predictive technology to help with project prioritization.
PPM software might be used by the Project Management Office, the CIO, and other executives.
Project Portfolio Management Software Comparison
Before purchasing new PPM software there are a few key things to consider:
PPM vs PM: It is possible to find project management software that also functions as an all-in-one platform that allows you to focus on individual projects as well as manage multiple projects and how they connect. Project portfolio management software can help align your projects with business goals, meet business requests and demands, and help projects be more successful. However, if your entire organization doesn’t operate on a “project” mindset or you are just using this for smaller teams, project management software should suffice.
Integrations: Given their nature as facilitating cross-functionality, look for PPM software that has built-in integrations with software you’re already using. While many will allow you to integrate via APIs, save time (and money) by opting for tools that have already dealt with configuring these processes for you.
Free trials: As we suggest for project management software as well, before purchasing a new PPM platform, make sure you have taken full advantage of any free trials (or free versions) the vendor offers. Setting up a realistic but test portfolio of projects is a great way to make sure you actually like the interface and features of any given PPM platform. Exposure to the software during the free trial will also help you make a more informed decision about whether it will fit into your team’s workflow.
Start a Project Portfolio Management software comparison Pricing Information
PPM providers usually do not list pricing on their websites, and there is variation in pricing schemas, making direct comparison difficult. But as a rule of thumb, pricing begins at about $30 per user per month.
