In highly dynamic, service-oriented environments like academic libraries, much staff time is spent on initiatives to implement new products and services to meet users’ evolving needs. Yet even in an environment where a sound project management process is applied, if we’re not properly planning, managing, and controlling the organization’s work in the aggregate, we will have difficulty achieving our strategic goals.
Project portfolio management provides a way to ensure that this project work supports the organization’s strategic vision, the active projects represent the highest priorities of the organization, and there are enough resources to accomplish all the project work at hand.
A project portfolio (or project registry) is a list or inventory of all the present and future projects of the department, organization, or institution being overseen. The goals of PPM are: to prioritize work (for strategic alignment); to manage resources (staff, money, time, and so forth); and to manage risk (of failure, cost overruns, and the like). Just as the goal of project management is to increase productivity and effectiveness at the project level, project portfolio management is designed to increase efficiency at the organizational level.
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