Characteristics Of Project Portfolio Management Tools

Proteins are a necessity for the sustenance of growth in any living being

. In a similar fashion a business house depends on its existence and sustenance of growth on projects that run within the various branches or departments that make up the company as a whole. Absence of projects in a company indicates no thinking or effort being put in to keep the company in the competitive market that exists. On the other extreme, excessive projects with no monitoring could also herald a financial collapse for the company. Realising this reality gave rise to Project Portfolio Management Tool which helps the management to assimilate all projects running and their interconnectivity to achieve the single goal set as the company objective.

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.

Selection of one particular from the plethora of Project Management Tools has also become a decision making game of its own. There are some factors which are common and may provide introductory or perfunctory points to be checked for deciding on one particular program.

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.

The software should be easy to learn and therefore implement in the company to be able to accrue optimal financial gains from it. Long lead time in implementation or learning would defeat the very purpose that the software is being purchased for.

Processes and projects in a business house cannot be predefined, and new projects could very well be a complete out of the box thinking result. Project Management Tools that have fixed boundaries or parameters that are accepted and analysed would require a complete revamp in such cases. These sorts of tools are said to have very short life cycle and should not be accepted.

In order for the management to have a bird's eye view of all the projects that are running concurrently in the company as well as to decide on newer projects being proposed tools like Project Portfolio Management Tools is indeed a boon. However they need to be selected from the many that are available with caution and consideration.

by: Ian Needs

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