Reason #3: Solve Problem Projects Faster
Nobody likes to scream for help and nobody wants to abandon a project too soon or admit to even bigger problems. That is why projects in the green are often discussed in more detail than problem projects.
The fallacy is that, as a project manager, you might think you'd be blamed. However, many things are simply beyond your control or are completely understandable. Believe me, PPM helps project managers in difficult situations, be it through advice, decisions, or actions. You don’t have to be afraid that you will immediately be seen in a bad light.
Incidentally, many executives suspect that project managers are missing out on the "bad and ugly" in their reporting, which poses a great risk to the project's career. Incidentally, many executives suspect that project managers omit the negatives from their reports, which poses a great risk to the development of projects.
The good news? Project portfolio management enables early detection of problems and, therefore, also timely interventions. It closes the dangerous communication gap within the organization and empowers you to get quick support for projects that are performing poorly or for conflicts that become visible through easy-to-understand reports and dashboards. And that happens without you having to specifically ask for help.
Thanks to PPM, more and more projects are added to the portfolio only if they are of high value for the company, have a controllable risk and can be realized in terms of resources and budget. In other words, the risk of failed projects drops immensely.