Project Portfolio Management Tools - Which Approach Is Best? - Sponsored Whitepaper

Project Portfolio Management Tools - Which Approach Is Best?
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Lee Merkhofer Consulting
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Project portfolio management is a hot topic, and there is no shortage of advice on how to do it. Consulting companies and software vendors are offering tools for the job. Organizations can benefit considerably from using modern tools that support selecting projects and managing the project portfolio, but "caveat emptor," let the buyer beware.

Much of the current advice on project portfolio management PPM is incomplete, inexact, or flat- out wrong. Available software provides good data management and reporting capabilities, but most current programs lack sound algorithms for identifying optimal project portfolios. Providing the wrong project recommendations is worse than providing no recommendations at all. The weak link for most tools is the lack of a quality decision model for recommending projects.

This 39-page, 7-part paper identifies currently available project portfolio management tools, describes the model that must be included within the tool if it is to make accurate project recommendations, suggests criteria for evaluating tools, and provides recommendations for organizations interested in acquiring tools.

Before purchasing a tool, potential buyers are advised to familiarize themselves with established theories for valuing projects and to reject tools that cannot be properly tailored to correctly apply these theories. Armed with understanding, organizations can avoid being "burned" by unsuitable and inadequate tools that are being pushed in the marketplace.

Copyright 2010, Lee Merkhofer Consulting.
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