Surveys show that defining effective PPM processes (along with building stakeholder support) is the biggest challenge for successfully implementing PPM.

Among other things, implementing PPM requires establishing governance, defining portfolio domains, assigning responsibilities, and specifying tasks, timelines, and workflows.

The procedures must ensure that appropriate data are collected and kept up-to-date, new projects are prioritized against existing projects, risks are assessed, resources are allocated, and projects are accelerated, cancelled, or de-prioritized when opportunities exist to increase portfolio value, cut costs, or reduce portfolio risk.

For information on establishing PPM processes, see Keys to Implementing PPM and Achieving Best Practice.