Definition Of Portfolio Management
Portfolio Management (finance): the administration of an individual’s or corporation’s financial investments. It refers to the processes, policies, decisions and methods on how to invest someone’s funds. The purpose is to minimize risks and achieve average or above-average returns.
(Project) Portfolio Management: it refers to the process an organization adopts in order to manage, monitor and measure its ongoing projects as a whole. Eventually, the purpose of this system is to make sure these projects met your goals and realize the expected return. In a long term perspective, moreover, this allows managers to focus solely on those investments that are profitable and coherent with corporate culture.
Breaking Down (Project) Portfolio Management
If you are a project manager of a big corporation and simultaneously work on different projects, it is vital to rely on a way to centralize, manage and optimize all of them from a single place. And the easiest way to do it is with a project management software. You can stay in track of every single project, have a better general overview, monitor the results and be ahead of the game if something is not working out. Moreover, a software help you streamline your tasks. Also, your employees will be more productive since they all have to interact with the same interface. Therefore, there will be no space for misunderstanding and inefficiency, with the work process running smoothly.
The typical features of a software of the sort are the following:
- Project overview: you need to keep all your ongoing projects under control from one single interface.
- Task management: assign tasks, monitor their progress and handle them properly.
- Document overview: manage all your documents from one single place.
- Financial report: assess your projects, rank them and see if they met your financial targets