Best Practices in Project Portfolio Management for Dynamic Decision Making
The industrial world is witnessing decision making in a very dynamic and competitive environment. Project portfolio management (PPM) is one of the aspects, where, it plays a vital role in dynamic decision-making. Project portfolio management has evolved from a mere strategy to a complete management consisting of decision making at strategic level to implementation at its best level. Researchers have proved that companies following standard procedures of PPM did not strive hard for success. Success for any organization has become synonymous with the correct implementation of PPM. Some organizations do focus on their own signature processes than to follow certain standard methods. These signature processes may prove fruitful to the organizations having varied experience in their own field but for new organizations or not so experienced organizations, developing signature processes may boomerang in long run. Project Portfolio Management sets a standard for processes for business success for such organizations. This paper reviews the best practices of PPM been followed in the organizations.