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Table of Contents

• What is Project Portfolio Management Software?
• The benefits of Project Portfolio Management Software
• Typical features of Project Portfolio Management Software
• The cost of Project Portfolio Management Software
• Considerations when purchasing Project Portfolio Management Software
• Relevant project Project Portfolio Management Software trends

What is Project Portfolio Management Software?

Project Portfolio Management Software helps businesses manage risk analysis, budgeting, and resource allocation for project portfolios of all sizes. It automates the process of gathering data from multiple projects, analyzing the collected information, and using the results to streamline project planning, execution, and delivery across portfolios.

The software offers organizations a high-level overview of project progress and prioritization. It helps:

• Identify potential returns on different projects
• Facilitate seamless project communication and collaboration
• Provide a complete picture of the status and profitability of various projects in a portfolio

The benefits of Project Portfolio Management Software

Here’s a list of the various benefits offered by project portfolio management software:

• Balanced resource allocation across portfolios: The software offers the resource tracking feature, which provides a real-time view of how many members are working on project tasks and how many are available. This allows project managers to maintain optimal resource capacity by balancing resource allocation for short-term as well as long-term projects across portfolios.
• Enhanced decision-making: The software helps visualize project progress, so you can better plan timelines, resource and workload allocation, budgeting, etc. It also facilitates timely review of project performance, which lets you identify noncontributing projects in advance. This ensures the project decisions you make are aligned with company objectives.
• Improved project success rate: When planning project delivery timelines, the software takes into account factors such as resource capacity, estimated costs, expected turnaround time, and technical requirements. This reduces the chances of project failure and helps deliver projects on time.

Typical features of Project Portfolio Management Software

• Portfolio management: Create risk-return project profiles, analyze potential returns, and ensure all projects in a portfolio are aligned with business goals.
• Resource management: Allocate resources to project portfolios based on skill requirements and availability.
• Risk management: Identify, evaluate, mitigate, and report on the risks associated with project execution.
• Task management: Create project tasks, assign them to team members, and track their completion status.
• Project planning: Create a project plan to organize and schedule tasks, set project goals, allocate resources, and manage employees and workload.
• Budgeting: Plan, allocate, forecast, and reorganize funds based on the needs of multiple projects in a portfolio.
• Dashboard: Track and visualize the progress of projects against criteria such as project budget, timeline, and milestones.

The cost of Project Portfolio Management Software

Most products in this market are priced on a “per user, per month” basis. Pricing can be divided into three tiers based on the starting price.

Price ranges*:

• $6 - $10
• $10 - $16
• $16+

*The pricing included in this list is for the entry-level/lowest-priced offering found on vendor websites on Jan. 6, 2021. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include additional features such as advanced analytics, proofing and approvals, and timesheets.

Considerations when purchasing Project Portfolio Management Software

• Scalability: When selecting a project portfolio management tool, take into account current as well as future project needs, i.e., the number of departments and users the software is expected to support not only now but also in the future. Software scalability will let you accommodate team expansions or the addition of stakeholders without making further investments in software upgrade.
• Collaboration and communication needs: The project portfolio management software you select should allow members from different teams to communicate with one another and participate in discussions. It should also allow external stakeholders to join the conversations, if required.
• Mobile accessibility: Check if the software you’re planning to purchase offers mobile apps for iOS and Android devices, such as smartphones and tablets. A mobile app will let you manage project portfolios, track tasks, and shuffle resources, even when you’re on the go.

Relevant Project Portfolio Management Software trends

• Cloud-based project portfolio management solutions are witnessing rapid growth: Businesses are increasingly adopting cloud-based project portfolio management solutions due to benefits such as greater level of scalability, lower cost of implementation, sharing of infrastructure among multiple users, and continuous development. These benefits are expected to further drive the growth of cloud-based solutions across business verticals.