Analysis of product portfolios can give deep and nuanced insight into the workings of a company … 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. It is your route to getting strategy implementation closer to the financial goals you have formulated. Project Portfolio Management (PPM) is a fancy term to describe how we manage the often-confusing mix of interrelated, dependent, and connected projects. Portfolio Management is the responsibility of the senior management team of an organization or business unit. Project Portfolio Management is the concept of a unique strategy that refers to a centralized management process of multiple project portfolios to attain strategic objectives. Product portfolio and program management (PPM) is the continuous cultivation of a product set and the set of capabilities to prioritize and manage product development programs. Product portfolio management refers to the practice of managing an organization’s entire product portfolio, which consists of all the products the organization has. Project portfolio management (PPM) describes how we manage the often-confusing mix of interrelated, dependent, and connected projects. Project management software and tools. hbspt.cta.load(3434168, '6fa10245-3006-4cd8-ac3a-41be902a0dac', {}); Businesses often hire product portfolio managers as they expand their product lines. See also: Product Manager, Program Manager, Product Owner, Program Management. Product Portfolio Management is to provide overarching administration of all of the products owned by an organization. It provides the repeatable and auditable processes required to reduce project duration and deliver on time, whether you’re developing a new product, line extension, product fix, or performing sustaining engineering activities. A product manager might be focused entirely on trying to maintain the market viability of a specific product. 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. As a result, decisions are based on accurate, real-time analytics instead of gut reactions. Portfolio Management … It refers to the centralized management of one or more project portfolios to achieve strategic objectives. Create beautiful roadmaps in minutes. Rachaelle holds a BA in Communication Studies from the University of Florida. Product managers focused on improving the products they are already managing might miss market opportunities to develop new products to address the needs of their user personas, or add new tools to their existing products to attract user personas in adjacent industries. 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. A product manager will focus on identifying additional features that could address the needs of a given product’s users. Your team can work together to weigh KPIs against strategic objectives, and cull low-value products before they drain your resources. Successful companies are ready to address change every day. 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