What is Project and Portfolio Management Software?
Project and portfolio management (PPM) software manages project portfolios and the projects associated with each portfolio. PPM software is used to organize resources and activities across multiple project portfolios as well as maintain interdependencies between portfolios. Companies use PPM solutions to optimize their project portfolios and maximize revenues and return on investment. PPM software is implemented by professional services and project management teams and is mostly used by project controllers and project managers. This type of software can also be used by any other internal or external users involved in delivering projects that are part of the portfolio of the company.
PPM is delivered as a standalone software solution, but does not always include extensive project management features. Some vendors provide separate solutions for portfolio management and project management, which can also be implemented as a suite. PPM products integrate with accounting software and ERP systems, which allow companies to track costs by portfolio.
To qualify for inclusion in the Project and Portfolio Management category, a product must:
Define different types of portfolios and the associated projects
Manage dependencies between portfolios and projects
Allocate resources across multiple portfolios and projects
Identify the optimal portfolio mix to achieve business goals
Monitor the business performance of all portfolio types
Address and mitigate project risks related to portfolios