5 Essential Project Portfolio Management Tools Every Team Should Use

Project Portfolio Management

Managing a project portfolio can be a challenge for even the most experienced project manager. There are so many moving parts and different stakeholders to keep track of, not to mention the ever-changing landscape of project management tool options. 

Project portfolio management (PPM) is the process of selecting, prioritising, authorising, and controlling projects within an organisation. Project management software helps organisations optimise their portfolios by aligning them with strategic objectives, resource availability, and other constraints. 

In order to select the right mix of projects and ensure that they are executed successfully, teams need to have access to the right tools. 

Here are five project portfolio management tools that every team should use:

1. Task Management Tool 

A task management tool is a must-have for any project manager. It allows you to keep track of all the different tasks that need to be completed for each project, as well as who is responsible for each task. There are many different task management tools on the market, so finding one that fits the specific needs of your team is essential. Some popular options include Asana, Trello, and Jira.

2. Resource Management Tool

A resource management tool helps you keep track of all the different resources that are required for each project. This includes things like materials, equipment, and manpower. Having a resource management tool in place ensures that you always have what you need to complete a project on time and within budget. Many task management tools also include resource management features, so this may not be an additional tool that you need to purchase. 

3. Communication Tool

Effective communication is key to the success of any project. A communication tool helps ensure that everyone involved in a project is on the same page and has access to the most up-to-date information. There are many different communication tools available, from standard email to more sophisticated options like Slack or Microsoft Teams. 

4. Documentation Tool 

Documentation is an important part of any project portfolio. A documentation tool helps you keep track of all the different documents that are associated with each project. This includes things like contracts, proposals, reports, and manuals. Having a central location for all these documents makes it easy to find what you need when you need it and ensures that nothing gets lost in the shuffle. 

5. Reporting Tool 

A reporting tool is essential for any project manager who wants to stay on top of their projects and deliverables. A reporting tool allows you to generate reports on various aspects of your projects, including progress, milestones, budget, and more. This information can be used to troubleshoot issues, identify trends, and

make decisions about future projects. Reporting tools can be integrated with other tools in your portfolio or used as standalone applications. Some popular options include Crystal Reports and Tableau.

Project portfolio management is a complex process with many moving parts. However, by utilising some (or all) of the tools listed above, you can streamline the process and make managing your projects easier than ever before!

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.