Beginner’s Guide To Project Portfolio Management–Critical Steps, Tools, Benefits

The world has changed. Why is this happening? Smartsheet transforms your work.

Project portfolio management (PPM), describes how we manage the often confusing mix of interrelated, dependent and connected projects. PPM looks at the whole picture of all projects, past, present and future, and calculates the best prioritization and sequence of projects to maximize ROI.
This post will cover everything you need to know about PPM, the best tools and how to implement PPM to maximize project returns.
This article explains.
What is project portfolio management?
Project portfolio management software
The process of managing project portfolios
Tips to ensure PPM success
Benefits of PPM
Ten of the Best Project Portfolio Management (PPM), Tools
Here are some of the most powerful project portfolio management tools available:

Smartsheet PPM tool that is best for reporting The best PPM tool for custom workflows

Celoxis Best has built-in resource management features

Hive Fast-moving Platform for PPM used by large companies such as Google and Starbucks

Accelo Best PPM tool to automate

Liquid Planner is the best PPM tool, with an easy-to-use interface

Acuity PPM Best lightweight PM tool

Sciforma Best PM tool for product development and IT teams

Wrike A powerful collaboration tool for teams of any size

What is Project Portfolio Management (PPM), and How Can It Help You?
Project portfolio management is the central management of one or more project portfolios in order to achieve strategic goals. It bridges the gap between strategy implementation and execution and allows organizations to maximize their project selection and execution. Here are some examples of PPM:
Organizations use PPM to determine the potential returns of a project. It allows companies to forecast the risks involved in different projects and make informed decisions during project planning.
It facilitates team communication best practices and ensures that all parties are on the same page.
PPM can be a valuable tool to get buy-in from all the stakeholders within an organization. It allows them to see the bigger picture, understand, manage and mitigate risks. This makes it less likely that there will be discord which can often be a hindrance to project and work management success. PPM improves transparency, governance, accountability, and communication with stakeholders.
What are the Objectives of Portfolio Management?
PPM’s primary goal is to maximize the company’s benefits from the projects it takes on. This means that projects must be chosen that provide the most value and deliver the desired project performance. It also requires that resources are considered in relation to the available resources.
Another objective is to achieve balance in the project portfolio, by ensuring a balanced mix of high- and low-risk projects and long-term projects. PPM helps companies achieve their strategic objectives and financial goals by ensuring a balanced mix of projects.
What is the role of the Project Portfolio Manager?
Portfolio project managers are responsible for overseeing the project portfolio of an organization. This is crucial to the achievement of the organization’s strategic objectives. Portfolio managers often have to manage multiple portfolios. They also need to be able to use different financial models and financial algorithms to align projects with the company’s strategic goals. Portfolio managers often create management standards to guide their portfolio. They also keep a close eye on the health of their employees.