The modern world is characterized by a great development of market relations. Almost all spheres of everyday life nowadays are influenced by this issue. That is why it is obvious that our time can be also called the age of rivalry. To survive a person should become successful and overcome all difficulties in his/her way. The same situation can be observed in the world of business. There is a great number of different companies in the world which provide different services. The rivalry between them is extremely severe. That is why to survive and become prosperous organizations need a clear and efficient plan which will describe the main stages of a companys development and functioning. Project Portfolio Management (PPM) is one of the main remedies which can guarantee the prosperity of a company.
PPM is a set of different business strategies whose main aim is to describe and regulate all spheres of the activity of a company. Moreover, it allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives (Optimize project results by selecting and allocating resources to the right projects n.d.). All actions of the officials of a company should be made with the approval of the main strategies described in PPM.
Being the instrument that regulates the work of the whole organization, PPM has some different components in its structure. First of all, it should be said that PPM allows the connection between project management and the management of a company. In combines such aspects as human resource management, financial management, and risk management. All these remedies should be used by PPM. Moreover, only their combination can promote the creation of a clear and efficient strategy that will be able to guaranty the prosperity of a company (Levine 2005). All sources should be under the control of PPM and only under such conditions success can be achieved.
There is no use denying the fact that PPM is a very important issue, that is why there are special departments whose main aim is to create and imply certain sets of strategies that take into account peculiarities of the market and current state of a company (Martinsuo 2013). There are special project managers who create Project Portfolio. It should be said, that the work of project managers depends on the objectives of a company and its current situation on the market. Moreover, these managers analyze the facilities of a company to create the most efficient strategy.
Having analyzed the main peculiarities of the PPM, it is possible to make a certain conclusion. It becomes obvious, that nowadays a company can’t become prosperous without a clear and distinct strategy of its development. That is why the issue of PPM becomes especially important. Project managers develop certain sets of remedies and actions which take into account all aspects of the work of a company and will be able to promote its development and further existence. With this in mind, Project Portfolio Management can be called one of the most important aspects of the work of every company nowadays.
Reference List
Levine, H 2005, Project Portfolio Management: A Practical Guide to Selecting Projects, Managing Portfolios, and Maximizing Benefits, Jossey-Bass, San Francisco.
Martinsuo, M 2013, ‘Project portfolio management in practice and in context’, International Journal of Project Management, vol. 31, no.6, pp.794-803, Web.
Optimize project results by selecting and allocating resources to the right projects n.d., Web.