There are two primary components of the PPM process. Although they are intertwined, each has its specific objectives and practices:
• Prioritization and selection of candidate projects for the portfolio
• Maintaining the pipeline: continuing, delaying, or terminating approved projects
Both of these segments of PPM compel us to apply structured, repeatable, proactive practices to the selection and continuance of projects:
• PPM extends traditional project management practices and tools to situations beyond the planning and control of approved projects.
• PPM requires the development and application of new practices and tools.
If you already have processes and tools to support planning and scheduling, earned value management, risk management, and communication, you are well on your way to having a PPM capability. But you will need additional capabilities to complete your PPM arsenal.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.