Characteristics And Features Of Project Portfolio Management Tools

Just as proteins are necessary for a living being to grow

, similarly projects is a necessity for the growth of a business house. Absence of projects in a company could lead to stunted growth of the company. Not only absence but even excessive of projects could jeopardise the company and even lead to its extinction. Every company is formed of different departments which could be likened to the branch of a tree. Each of these departments would be looking after its own goals and having projects which cater for their particular goals. Top management needs to be aware of all such individual projects and there relevance to the ultimate single goal set by the company. To help this evaluation and decision process Project Portfolio Management Tool has come into the market.

These tools are software program which run on computers. Input in the form of statistics on all projects that are running in a particular company is fed into this software or tool. Different makers have their own algorithm built into the program which carries out a check on the progress of each project as well as its interconnection if any to another project running within the same company. It also checks for the effectiveness of the project towards the achievement of the company's main goal.

Given its high protein value to a company, there has been a heavy demand for such Portfolio Management Tools. Reciprocating to this demand firms started up and variety of this genre of software sprouted and soon there was a glut in the availability of such tools.

The task of selecting one which is best suited for a company has turned out to be a difficult task of its own. The fundamental features that need to be seen in a particular Project Management Tool could be a fair guide to help in the selection process.

The first and foremost aspect that needs to be checked is the how much the particular Portfolio Management Tool is costing. It is not at all mandatory that higher the cost greater be its utility to the company it is to be implemented in.

Ease of learning the software is the other factor that is a sensible aspect to look for. If learning the various intricacies of the software takes a lot of time then the basic function of checking project status would be defeated.

Life cycle of the program should be another deciding factor for selecting one particular program. It has to be remembered that types of projects in a business house is not going to follow one simple straight process all along. There would be variations in types and the very essence of each project than what would have been stated at the implementation stage. Project Management Tools that can adapt to such changes without a complete makeover should be the preferred program.

Helpful indeed are Project Portfolio Management Tools and essential too. However selection of an appropriate one is as essential to ensure that optimal benefits are accrued by the company upon implementing this tool.

by: Ian Needs

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