The best project portfolio management (PPM) software helps project leads and organizations manage resources, analyze goals across all projects, and communicate between teams. It enables project managers to execute projects and complete them on time while navigating any complications. PPM software allows project teams to identify the potential return of a given undertaking by putting together data from proposed and current projects. It provides business analysis and forecasting for companies that are planning to invest in new projects.
Project portfolio management vs. project management
Project portfolio management and project management both oversee projects from inception to completion. However, at the most basic level, PPM manages every project or potential project as part of a larger portfolio to help gauge the value of each project and meet overall business needs. PPM thus helps organizations prioritize projects so project managers can create flexible timetables.
Project management focuses on just a single project and its journey to completion. PM is managing a temporary endeavor and making sure it results in a desired service or a product.
Project portfolio management software tools
Portfolio managers need a number of tools to manage a portfolio:
Online Gantt charts allow them to prioritize tasks and link them across all projects for better progress tracking
Resource management features balance the resources of a given project and track workloads with timesheets and resource allocation tracking
Reports can be generated to provide historical data, timesheets, status, issues, project variance, expenses, and issues
Best project portfolio management software
There are numerous project portfolio management software products in the market today. Listed below are the best ones based on customer reviews: