How to Use monday.com for PPM

monday.comOrganizations that invest in and pursue proven project management practices are more efficient, profitable, and successful. Since in the early 2000s, project portfolio management (PPM) has enabled companies to evaluate potential projects and account for their likely success, risks, and alignment with the overall company strategy. With the help of PPM software like monday.com, companies can select the right projects within the context of their short- and long-term goals, and address business needs with greater focus.

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What is monday.com?

monday.com is a flexible online work platform suitable for a variety of use cases including project management, task management, sales and CRM, and project portfolio management. Its highly visual, customizable solution can be configured for all types of users, business sizes, and industries. Its features help users streamline work processes, centralize information, and improve communication and collaboration across the organization.

monday.com is ideal for portfolio project management. It centralizes up-to-date and relevant information from all individual projects into a single work platform. Real-time information is accessible to all, especially to decision-makers. It provides different views, including a high-level view to see the big picture at a glance. It also has dynamic detailed views, automations, conversation tools, and custom dashboards.

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How to Use monday.com for Project Portfolio Management?

monday.com provides users greater transparency, connected information, and flexibility to tailor-fit the software to the way their companies do business. Here are some ways users can go through the selection, prioritization, and management processes of PPM with a custom monday.com project portfolio management solution.

Perform an Inventory

According to the Project Management Institute (PMI), project portfolio management is the continuing process of selecting and managing the right set of projects that will deliver the most business value. The first phase of successful PPM is for the organization to perform an inventory that takes stock of all current projects in its portfolio.

To facilitate this important phase, monday.com makes it easy to capture relevant project and organizational data from individual projects through its in-depth boards and dashboards. Users can include custom columns that indicate both financial and non-financial data to help in the analysis phase. They can also view, share, and comment on project and portfolio information through monday.com’s collaboration features.

monday.com PPM

Analyze and Evaluate

In the analysis phase, data collected from inventory will undergo evaluation to assess the portfolio’s strengths and weaknesses. Leaders can check the problems that individual projects are trying to solve, then determine if they are still relevant, or if there are multiple projects underway trying to solve the same problem.

Furthermore, the monday.com workload view and templates for resource management can identify the resources for each project and if there are enough of them. Users can check dependencies between tasks and projects as well as risks involved with a Gantt chart. All this information can help company leadership make a thorough analysis in preparation for the next phase.

Prioritize and Align

At this phase, decision-makers have enough information to rank the projects that they feel are necessary to continue. This is also the time to make the hard decision of stopping projects that are not helpful or to delay projects that the company cannot afford to implement simultaneously.

monday.com can include priority columns for scoring or ranking to show which projects deliver the highest benefits with the least risk. Custom dashboards can show real-time, high-level data for budgets, goals, schedules, and resources. The dashboards also show milestones to mark significant checkpoints that help measure alignment and success.

Review and Manage

Once leadership has realigned and rebalanced the company’s project portfolio, the initiative shifts to one of continuing management. The most useful monday.com features at this point are for communication and collaboration. Another vital step is connecting individual project boards to the portfolio management board and tracking performance facilitated by notifications.

monday.com dashboards provide clear, real-time visuals to provide all stakeholders with important information. Color-coded statuses give information at a glance that instantly shows which projects are on track and which ones need immediate intervention. Automation in boards also simplifies and standardizes processes.

monday.com PPM

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monday.com PPM Templates

monday.com offers several ready-to-use PPM templates in its template library. Users can customize the templates by adding action items, reordering the items according to priority, and customizing the plan to meet specific business needs. Once formatted, it’s time to execute the plan by assigning team members to be responsible for each action item, and to monitor the progress on a regular basis.

monday.com’s visual boards offer more than 30 column types like status and connect boards to help customize workflows for project portfolio management. PPM templates also have different available views like Gantt and calendar, as well as automations and integrations.

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Jose Maria Delos Santos

Jose is a subject matter expert and member of the writing team for Project-Management.com and Bridge24. He has written hundreds of articles including project management software reviews, books reviews, training site reviews, and general articles related to the project management industry.