Evaluation of Project Portfolio Management using the WSM Method

Abstract

Project Portfolio Management (PPM) is a strategic approach that organizations employ to effectively manage their projects and align them with their overall business objectives. It involves the selection, prioritization, and control of projects to maximize their value and ensure successful project delivery. By implementing PPM, organizations can optimize resource allocation, mitigate risks, and improve decision-making processes. This abstract provides an introductory overview of PPM, highlighting its importance and key components. It emphasizes the role of PPM in driving organizational success by creating a balanced and diversified project portfolio that aligns with strategic goals. The abstract also mentions the benefits of PPM, such as improved resource utilization, enhanced project visibility, and better decision-making based on objective criteria. Overall, PPM serves as a vital tool for organizations to effectively manage their projects, achieve their strategic objectives, and maximize business value. Research on Project Portfolio Management (PPM) holds significant value as it contributes to the development of best practices and informed decision-making in project management. By investigating strategic alignment, resource optimization, risk management, decision-making processes, performance measurement, organizational agility, and stakeholder engagement, researchers can help organizations improve project selection, resource allocation, and overall portfolio management practices. This research significance is crucial for practitioners and organizations aiming to enhance project outcomes, achieve strategic objectives, and maximize business value. In this research we will be using weighted-sum method. Project 1, Project 2, Project 3, Project 4, Project 5 and Time, Cost, Quality, Risk, work health and safety out of all the 5 projects, Project 1 gets first rank in Project Portfolio Management. With the weighted sum method, we are able to find the best project in Project Portfolio Management has been evaluated with various parameters and methodology.