APPROACH SELECTION METHOD FOR PROJECT PORTFOLIO MANAGEMENT AND ITS APPLICATION

Abstract

Project portfolio management has evolved in recent decades from an empirical field to a field with advanced management technologies, including the active use of information technology. A number of standards and guidelines for project portfolio management have been created. Many dozens of specialized software tools have been developed. The effectiveness of an organization's project portfolio management significantly depends on the chosen management approach, as well as the level of use of project portfolio management capabilities. The level of utilization of project portfolio management capabilities is the level of maturity of an organization in this area. The aim of the article is to apply the method of project portfolio management approach selection. The article proposes to carry out the selection of a project portfolio management approach by solving a two-criteria problem. The first criterion is the risks inherent in this approach in the management of the organization's project portfolio under specific conditions. The less these risks, the more qualitative approach is applied. The second criterion - the costs of applying the evaluated approach. The application of the proposed method to improve project portfolio management in one of the technical universities in Ukraine was considered. Risks from non-performance or imperfect performance of portfolio management processes at the university were assessed. We also assessed the existing costs of managing the portfolio of projects.  To improve the quality of management at the university, it is advisable to improve the execution of portfolio management processes and implement those processes that are not yet performed. This can be done by implementing a computerized portfolio and project management system for the university. Jira Portfolio Commercial can be used as such a system. With the use of computerization, new processes for project portfolio management will appear. For a number of existing processes in the organization, employee payroll costs will be reduced. For many processes, risks from non-performance or imperfect execution will be reduced. Computerization of project portfolio management will enable to reduce management costs by 1.8% and risks by 49.4%, i.e. almost by half.