Applying Project Portfolio Management In Project Management Office

Along with the spreading of project management and wide practices by almost allproject managers, project management is now becoming the core and base unit inproject-based business companies. But traditional project management only resolvesissue about how to manage project well, but what kind of project one company shoulddo and why to do it, are still questions need to be addressed. In addition, due tovariesrequirement from customers and amount of project is getting bigger and bigger,previous management pattern is not suitable anymore, and caused issues relative tocompany strategy and internal communication.To resolve these issues and ensure success of projects, some companies built newdepartment named Project Management Office to centralize project managementactivities, to become the communication hub between project managers and functionalsections.Project portfolio management (PPM) is a set of business practices that brings theworld of projects into tight integration with other business operations. It brings projectsinto harmony with the strategies, resources, and executive oversight of the enterpriseand provides the structure and processes for project portfolio governance. PPM isdifferent with common Project Management (PM)and Operation Management (OPM),but it’s a bridge between them。Enterprises will increase their OPM efficiency and PMlevel via PPM, especially for project-based ones。This article illustrates the PPM practices in an off-shore company, exploring twomain procedures in project portfolio management and practice to implement them：1．Portfolio build：including candidate project selection, portfolio project category,project prioritization, and in-portfolio project balance practice；2． Portfolio monitoring： introducing a practice of project human resourcemanagement in a portfolio context and it process；...