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Business

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Colorado Technical University

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PM 430

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Running head: PPM SOFTWARE TOOL AND STRATEGIC PLANNING SOFTWARE

Benefits and Issues for the Management of Project Portfolio Management

Software Tool and Strategic Planning Software.

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PPM SOFTWARE TOOL AND STRATEGIC PLANNING SOFTWARE 2

Project managers need to manage the implementation of the project portfolio

management software tool as well as the implementation of strategic planning of the

software. Project Portfolio management is defined as the centralized management of the

processes, the methods, and techniques to achieve the success of the software or the goal by

the project manager or managers. Strategic software planning is the process of defining the

strategy, the direction and allocating the resources to achieve the goal of implementing the

software. It also extends to controlling the implementation of the software. This application

of project portfolio management and strategic planning of the software has several benefits

which include; minimizing risks, maximizing resources, better decision making, enabling

continuing success, proving stakeholders' value, streamlining data and increasing

collaboration, achieving the project goals among others. We shall discuss all these benefits in

this report.

The first benefit in implementing portfolio project management of software tool is the

minimization of risk. These risks include governance, financial, resource utilization, and also

misdirected efforts (Turner, 2016). On the commercial chances, the project manager can

calculate the benefits and cost portfolio project software tool. It will help so much in

minimizing governance risks since there is set of an accountability framework that will

ensure the best level of compliance is well followed in all the steps of the project lifecycle.

PPM software tool and strategic planning implementation help in reducing the delays and

also costs relating to dealing with risks and issues in the software development cycle. It is

ensured by adopting the best ways and practices. It is good to note that risks can occur at any

stage of the software development.

Implementation of PPM software tool helps in the maximization of the resources to

develop the software. The software system should be designed for the project and portfolio

management, providing inbuilt tools to plan, allocate and manage the software resources.

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Running head: PPM SOFTWARE TOOL AND STRATEGIC PLANNING SOFTWARE Benefits and Issues for the Management of Project Portfolio Management Software Tool and Strategic Planning Software. Student’s Name School affiliation Date PPM SOFTWARE TOOL AND STRATEGIC PLANNING SOFTWARE 2 Project managers need to manage the implementation of the project portfolio management software tool as well as the implementation of strategic planning of the software. Project Portfolio management is defined as the centralized management of the processes, the methods, and techniques to achieve the success of the software or the goal by the project manager or managers. Strategic software planning is the process of defining the strategy, the direction and allocating the resources to achieve the goal of implementing the software. It also extends to controlling the implementation of the software. This application of project portfolio management and strategic planning of the software has several benefits which include; minimizing risks, maximizing resources, better decision making, enabling continuing success, proving stakeholders' value, streamlining data and increasing collaboration, achieving the project goals among others. We shall discuss all these benefits in this report. The first benefit in implementing portfolio project management of software tool is the minimization of risk. These risks include governance, financial, resource utilization, and also misdirected efforts (Turner, 2016). On the comm ...
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Tags: program management PM430