Did you know? “About 60% of the organizations implement Project Portfolio Management (PPM) primarily to align their business objectives with their project objectives”.
Why PPM? In order to stay competitive in today’s global business environment, there is a quintessential need for organizations to utilize their resources by working on projects that will satisfy both their strategic and business objectives. This process can be optimized through the implementation of Project Portfolio Management (PPM) system. PPM awareness starts by taking an inventory of the current projects in the portfolio and determining what is important to all the stakeholders at the same time. It enables a more professional and consistent way of managing projects and program throughout the organization. As straightforward as this may seem, in reality every organization (from small start-ups to established organizations) struggle with several challenges during its implementation of portfolio management.
A Project Management Research performed as a part of my Graduate Research Project at University of Houston in 2014 to identify the top challenges faced by organizations all over the world during their PPM implementation revealed the top 4 unique challenges. This blog gives you a quick look at the research results.
A survey was conducted among PPM Industry experts as a part of my Graduate Research Project at University of Houston in 2014. The PPM industry experts were selected from more than 20 countries around the world to participate in the survey. There were 120 respondents to the survey from different organizations, of which, 67% of organizations had PPM in place and 33% of the organizations were currently in the process of implementing PPM.
Survey Respondents & Interviewees by Geography
The survey revealed the top PPM Implementation challenges as follows:
- Organization Culture (29%)
- Change Management (27%)
- Allocation of resources (13%)
- Buy-in from management (12%)
Did you find these facts interesting? Continue reading EPMA blogs to get deeper insights into PPM implementation. In my next blog I will discuss the underlying need realized by organizations for a PPM implementation. For any Project Management related questions, please contact EPMA and speak with one of our experts.
Please refer to this link for the survey details: sites/all/files/Data_All_140424.pdf
I hope you find this blog post helpful. For more tips and tricks on Project Management, please visit www.epmainc.com