The Benefits of Using Project Portfolio Management Organization-Wide

Before diving into the benefits of PPM, it’s essential to understand the various project management methods that can be employed within a PPM framework. Here are some popular methods:

1. Waterfall: This traditional method involves a linear approach to project management, where each phase must be completed before moving on to the next. It is best suited for projects with well-defined requirements and minimal changes.
2. Kanban: Kanban focuses on visualizing work, limiting work-in-progress and maximizing efficiency. It is ideal for teams that need to manage a continuous flow of tasks and prioritize work based on demand.
3. Agile: Agile methodologies, such as Scrum, emphasize flexibility, collaboration and iterative progress. It is best suited for projects with evolving requirements, where rapid delivery and adaptation to change are crucial.
4. Hybrid: A hybrid approach combines elements from different methodologies, allowing organizations to customize their project management process according to their specific needs.

Each project management method has its own set of advantages and disadvantages, which can impact the success of a project. Here are some key points to consider:

• Waterfall: While the waterfall method provides clear structure and predictability, it can be inflexible and may struggle to accommodate changes in requirements or scope. This rigidity can lead to delays and increased costs.
• Kanban: Kanban offers a high degree of flexibility and adaptability, making it suitable for dynamic environments. However, it may not provide enough structure for complex projects with multiple dependencies.
• Agile: Agile methodologies allow for rapid response to change and continuous improvement. However, they require a high level of collaboration and can be challenging to implement in organizations with rigid hierarchies or resistance to change.
• Hybrid: A hybrid approach can offer the best of both worlds, combining the structure of waterfall with the flexibility of agile. However, it can be more challenging to manage and may require additional training for team members.