subject: Benefits Of Program And Portfolio Management [print this page] Investment is the driving force for any organization, while the presences of other resources are desired for using that force. In order to effectively invest in the different parts of the organization, be it R&D, product development or something else, portfolio management is required. Portfolio Management helps the enterprises to figure out the assets which are consistent in their functionality according to the goals and perspectives of the investor as well as under its risk tolerance.
It is also required for a software development company to concentrate all of its efforts on its goal or set of goals. In order to do so, program management for a company is required, which aims at managing several related projects simultaneously in order to improve the productivity of the enterprise. Program management provides a broader view and context for the project which improves the understandability of the management.
Some benefits of program management are:
It keeps activities focused on business change objectives by providing a framework to the senior management.
Provides better risk management speculation because of the availability of wider context and knowledge of business goals.
Helps in achieving consistent organizational system by integrating planning, delivery, assurance etc. with new policies, standards and work practices.
More elaborate business operations are provided. This gives a more detailed view on improving performance and desired benefits by linking with new practices.
More efficient co-ordination is observed among the teams and with various departments and more control is practiced by defining the roles and responsibilities of different individuals in the team.
Portfolio management is about doing right projects which saves and builds the reputation of a company by a supported business strategy and brings success. Some benefits of portfolio management are:
Efficient portfolio management strategy helps in identifying the scarce resources and focuses them on a particular task for efficient and effective outcome.
It helps in object-based selection of projects, so that a company does not select a project which it didnt have the resource to develop. Trying to develop a project out-of-the-scope of the company brings down the credibility of the organization.
It makes projects more susceptible to risk and failure and provides with in-control failure rates and risk tolerance strategies.
Therefore, full utilization of organizational resources, even in scarce conditions, is what helps a business to grow. These techniques also improve the productivity through strategic planning and implementation of policies and working practices.
