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Product portfolio management brings plenty of benefits to companies who make it a part of their strategy. … While project management is about directing a single project successfully, project portfolio management is about selecting and successfully executing the right projects for the organization. Optimize your project management, impulse your competitivity and maximize your ROI thanks to the right PPM tool. Simply put, project portfolio management (PPM) is the process of scheduling, prioritizing, and budgeting many projects. Project Portfolio Management Software for Better Decision Making. Done right, this practice aligns the product portfolio with business strategies to achieve target revenue and profitability. However, they are very different. PPM considers the big picture of all projects grouped … Portfolio Management of project is an important component that plays an important part in a plan’s execution. Product portfolio management helps you make better resource allocation, marketing activity, and product strategy decisions by providing an overall picture (both current and projected) of the market positions … While product managers focus on specific products, product portfolio managers are responsible for portfolios of products. To illustrate the different responsibilities of these two roles, consider this. Project Portfolio - This type of portfolio management specially addresses the issues with spending on the development of innovative capabilities in terms of potential ROI, reducing investment overlaps in situations where reorganization or acquisition occurs, or complying with legal or regulatory mandates. Project portfolio management software enables the user, usually management or executives within the organisation, to review the portfolio, which helps them in making financial and business decisions for the projects. With better insight into pipeline bottlenecks and other problem areas, you can quickly and proactively pivot and see immediate results. A product portfolio manager may be responsible for allocating resources for optimal ROI, identifying areas of improvement, and keeping the products aligned with the organization’s broader strategy. Definition of Product Portfolio Management. The portfolio can be balanced based on alignment with strategic objectives, acceptable risk and resource capacity. Project, Program, and Portfolio Management. A product portfolio strategy is the collection of all the products or services offered by a company. Rachaelle Lynn, a Certified SAFe Agilist, is a marketing manager and subject matter expert at Planview, a market-leading provider of project portfolio management, lean and agile delivery, project management, and innovation management software. Project Management, Program Management, and Portfolio Management are very important terms in project scope management. Project portfolio management is aimed at reducing inefficiencies that occur when undertaking a project and eliminating potential risks, which can occur due to lack of information or systems available. Product portfolio management software may track product growth prospects and operational risk. The ability to trust the numbers and each other becomes crucial when under-performing products are on the chopping block. Planview has appointed a Data Privacy Officer (DPO) for ensuring processing is lawful. It is your route to getting strategy implementation closer to the financial goals you have formulated. Comments. Product Portfolio Management centralizes all of the information and processes you need to identify, prioritize and manage products. Portfolio Product Management is a customer-outcome framework for building, marketing and selling solutions that grow market share and wallet share. Successful Product Portfolio Management can be defined as applying your people and your money to the most profitable products. Collaborate from virtually anywhere with the right tools for project managers, project teams and decision makers. Many PMP aspirants don’t know the differences between them. Both kinds are needed simultaneously. A project portfolio … That means that not every idea makes it through the pipeline, and not every product lives out its lifecycle in the marketplace. A product portfolio manager (PPM) strategically oversees all of the products in a business’s portfolio and ensures alignment with the organization’s overall strategy. A centralized solution streamlines communication and removes barriers to collaboration, so teams can be more productive. Product Portfolio Management is a practice designed to... Leveraging Technology for … See Planview’s product innovation and portfolio management solution in action. Responsibility for the product portfolio will typically fall within the remit of the Product … Automating these processes provides the transparency and visibility you need to make smart decisions about product mix, fit to strategy, risk vs. opportunity, resource allocation, investments and scaling. Copyright © 2020. ; It works as a significant tool for the corporate financial planning of the firm and also for the investors conducting the equity research analyzing the return on investments. To point out the differences, we’ll briefly go over what project management is first. See also: Product Manager, Program Manager, Product Owner, Program Management. Management brings plenty of benefits to companies who make it a part of the project portfolio has..., you can back the winners and widen your margins removes barriers to collaboration, teams! 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