Project Portfolio Management

Top Ranked Products

monday.com
  899 ratings 90/100
Project Management
Samepage
  150 ratings 89/100
Project Collaboration
Targetprocess
  178 ratings 88/100
Agile & Other Methods
Mavenlink
  386 ratings 88/100
Project Management
Celoxis
  75 ratings 88/100
Project Management

Project Portfolio Management Software

Project portfolio management software is used by businesses looking to manage a range of concurrent projects. Using PPM solutions can help make it easier to manage a large variety of tasks across multiple projects, which facilitates the ability to more consistently finish work according to schedule.

Project portfolio management software differs from project management software in that it focuses on taking care of a collection of or multiple projects while the latter is generally for monitoring and tracking individual (or a very limited number of) projects. PPM solutions, in other words, take into account each project to determine their possible effect and contribution to the overall goals and limitations of the business. As such, these solutions help to provide project managers and their teams with essential data needed for generating accurate analytics that can be used for forecasting each project, especially when there are potential partners, clients or investors.

Additionally, PPM software allows project managers to seamlessly consolidate and organize data by automating many administrative tasks—from the planning and budgeting to management, and all the way to the execution and delivery of the projects.


Expert Pick

monday.com

monday.com 90

899 ratings

An easy and intuitive tool for your team to plan, track, and organize work View Listing...

Monday.com is a fully-featured project management solution that provides a simple and intuitive portfolio management template. It helps users to collaboratively monitor project progress and money invested at every stage of the project.


How is project portfolio management software used?

Project portfolio management software is recommended for all types of businesses—small and medium-sized companies, large corporations and multinational enterprises. It also works for all types of industries, with some vendors offering PPM solutions tailored to specific industries. However, regardless of which industry a business belongs to, the tool is used to provide important insights essential in ensuring effective and efficient resource utilization and management of existing and potential projects.

The following project portfolio management functionalities are key to helping managers and their teams properly manage their skills, resources, budget and time so they can seamlessly work and consolidate project tasks:

Resource management

Effective resource management is important for the efficient allocation of the business’ resources as they are needed. These resources vary—from human resources to financial, technical and inventory resources. The resource distribution feature also has models for what-if scenarios—and this can be used throughout the portfolio.

Pipeline management

This feature ensures the company or business team has enough evaluated project proposals so they can determine if the projects—or a project—have the necessary resources and can be completed in the required time. An overview of these resources, as well as the projects, in real-time is provided to the manager for efficient assessment and monitoring.

Work intake processes, ideation and phase-gate or waterfall or stage-gate process are the three sub-components of Pipeline Assessment.

Risk management

This feature allows teams to assess how risk-sensitive a project or their projects are. Additionally, it allows teams to analyze whatever risks reside within every project so they can determine how viable it is. Risk management likewise helps teams determine the confidence level they should attach to every project.

The risk management feature helps businesses and teams draw up good and solid risk contingency and response plans, which also helps to ensure compliance.

Financial management

This feature will help financial managers to come up with an efficient estimate of a project or projects’ financial resources, particularly in relation to the company’s priorities and strategic objectives. Financial administration also makes financial resources management easier.

Since financial managers will be able to access financial updates in real-time, they will be able to assess and predict quite accurately whether projects are bound to succeed or fail to live up to their purpose and objectives.

Change management

This feature serves as the repository for change requests. The efficient facilitation of each request is essential for the success of every project. These requests can vary from new features to requirements, technical improvements, functions, regulatory demands and operational constraints.

As a central database of these change requests, project portfolio management software allows teams to evaluate and monitor what resources are available for every demand. Likewise, this feature provides real-time monitoring of the budgets and timelines of all projects.

Other PPM features businesses should take note of include the availability of third-party software integrations, deployment options, capability-based best practices, global support and mobile access.

Customizable dashboards are also an important feature of PPM tools. These are where teams can track their desired progress, achievement and milestone metrics, according to what the teams need or prefer to display.

In addition, PPM software allows teams to monitor valuable performance indicators through reports and analytics. A good tool that effectively demonstrates this is Planview, a comprehensive project management platform. Aside from providing users with information that’s easy to access, it also allows teams to easily visualize their data. As such, it will be easy for them to picture their metrics and get a grasp of how projects are performing.

The most preferred project portfolio management solutions are often the ones that come with the maximum amount of functionality and provide user-friendly interfaces, which helps to avoid the need to constantly swap between (and pay for) multiple solutions. As such, communication and collaboration features that function even when teams work remotely are also often highly desired.

What are the benefits of project portfolio management software?

Project portfolio management software provides many benefits to businesses, especially for the ones that come up with multiple projects simultaneously, as well as for those that want to ensure the feasibility of their potential or planned projects.

More than anything else, project portfolio management software contributes to the effectiveness and efficiency of businesses because the tools help managers, leaders and stakeholders to come up with well-informed decisions. This is largely a result of the comprehensive and reliable real-time data they generate through these solutions. In addition, every step and process is properly analyzed and planned before being implemented. As a result, reaching and fulfilling goals is simpler and easier.

PPM tools make sure every aspect of existing and potential projects go through a complete feasibility process. Teams and managers get what-if scenarios they can use to determine the possible overall value of the projects. This way, they not only minimize or eliminate risks, but they can also come up with decisions that are aligned with the goals of the project portfolio and the company.

Project portfolio management tools make it easy for teams, especially its leaders or managers, to get a complete project portfolio overview. They no longer need to do everything manually as all the information or data they need is in one central location.

PPM software also helps managers properly delegate tasks. At the same time, monitoring the progress of each of these tasks likewise becomes easier.

Enhanced and improved resource management is another benefit that businesses can get from PPM tools. This means teams are better able to maximize the skills and potentials of team members and the tasks and projects that are allotted or assigned to them. Moreover, managers no longer have to worry about over or underworking a team member.

This helps to ensure businesses that the right resources are utilized and workforces are utilized to the fullest of their potentials. It will then be easier to expect a significant improvement in terms of productivity/output, effectiveness and efficiency.

Project portfolio management software also encourages collaboration. In fact, it is generally considered the central storage of information for project management teams and businesses. Thus, there is no need to resort to the traditional, manual processes that usually take up a lot of manpower and hours to complete. Monitoring, analyzing, updating and sharing of information can all be done in one central place. Even clients can easily receive updates about projects they invested in.

Overall, this makes PPM tools an ideal channel of communication for all parties involved: team members, managers, company leaders, clients and stakeholders alike.


All Software Products

monday.com 90

899 ratings

monday.com is the easiest work platform to manage any team and any project: Simply pick from a variety of templates or create your own workflow to get started. Sync, plan, organize, and track your teams proj... View Listing...

90%
2 Award(s)

Samepage 89

150 ratings

Samepage is a project collaboration tool for business teams. View Listing...

89%
Product Leader

Targetprocess 88

178 ratings

Targetprocess provides a visual Agile work management solution that enables companies to scale Agile from a single team to the enterprise level. Teams can customize Targetprocess to match their ways of worki... View Listing...

88%

Mavenlink 88

386 ratings

Mavenlink is an enterprise-grade business and project management solution for professional services & businesses. View Listing...

88%
1 Award(s)
Champion

Celoxis 88

75 ratings

Celoxis is an award-winning, affordable, all-in-one project management and collaboration solution for teams of all sizes. View Listing...

88%
1 Award(s)
Product Leader

RationalPlan 87

25 ratings

RationalPlan is a project management software that follows the general recommended guidelines from project management domain. View Listing...

87%
1 Award(s)
Product Leader

Replicon 87

424 ratings

Solves your Complex Time, Global, Mobile and Gross Pay Compliance requirements. Replicon has solutions for any workforce management challenge. View Listing...

87%

Planview 86

306 ratings

Planview is a project and portfolio management platform for better organization performance. View Listing...

86%
Product Leader

Workfront 86

1446 ratings

Workfront is a web-based work management and project management software. View Listing...

86%
Champion

Wrike 86

1932 ratings

Wrike makes managing multiple projects and cross-functional, distributed, or growing teams easier. Our end-to-end solution takes your projects from the initial request stage all the way to tracking work prog... View Listing...

86%
1 Award(s)

Easy Projects 85

168 ratings

Easy Projects is a robust, all-in-one project management platform used by IT, Marketing and Operations teams for better collaboration, project control and organization. View Listing...

85%
Product Leader

Smartsheet 85

4156 ratings

Transform the way you work with Smartsheet, a uniquely collaborative task and project management app. Organizing projects and tracking due dates is a dream with the familiar spreadsheet interface, date co... View Listing...

85%
1 Award(s)

Clarizen 85

109 ratings

Clarizen is an enterprise-class project management and work collaboration solution. View Listing...

85%
1 Award(s)
Product Leader

airfocus 85

50 ratings

The most powerful way to prioritize what to do and build more effective roadmaps. Get everyone aligned and the right stuff done. View Listing...

85%

Forecast 84

21 ratings

Forecast helps you execute large projects effectively without compromising on time, quality, budget or other projects. View Listing...

84%
1 Award(s)
Product Leader

Proggio 84

12 ratings

Proggio - the #1 visual project management software. The whiteboard feel for project planning, centered on the team instead of tasks, with comprehensive task management. View Listing...

84%
Product Leader

Precursive 83

22 ratings

Precursive helps improve workforce planning, bid management, and resource allocation; increasing alignment between sales and delivery teams. 100% native to Salesforce. View Listing...

83%

Workamajig Platinum 82

169 ratings

The #1 Project Management Software for Ad Agencies and In-House Creative Teams. View Listing...

82%
Product Leader

VersionOne 81

85 ratings

VersionOne is agile project management platform for software development teams. View Listing...

81%
Product Leader

Genius Project 79

10 ratings

Genius Project enterprise project management software is flexible and highly configurable to adapt to client needs. View Listing...

79%
Product Leader

AlchemyWorks Projects 60

2 ratings

AlchemyWorks Projects is a cloud-based project management solution with collaboration tools, document management, task scheduling, permissions management & more. View Listing...

60%

PPM-Factory

0 ratings

Triskell PPM-Factory allows you to define the exact Portfolio Management Solution you need. View Listing...

Back to top