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10 Best Project Portfolio Management Software (PPM ) for 2022

Portfolio management software

Staying organized and prioritizing tasks can be challenging when you have too many projects on your plate. 

For instance, when there are fifty projects in progress, how do you decide where to invest your time, budget, and resources? Which product, service, or new idea should be your top priority? 

The traditional methods to manage project portfolios can be costly and time-consuming. It can drain you of your resources and still give less than what you expected.

This necessitates deploying modern project portfolio management (PPM) software. It relieves you from the time-consuming task of looking at each project separately. With clear visibility into all your projects, you can manage current as well as future requirements with ease. 

But how do you select the best project portfolio management software? There’s no shortage of PPM tools out there. That is why in this blog, we will examine the best PPM tools available in the market along with their features, price, advantages, and limitations, so you can make an informed decision. 

Let’s start. 

A Quick Look at Top Project Portfolio Management Software & Their Key Features

Project Portfolio Management Software

Key Features

Price

ProProfs Project

  • Centralized dashboard to manage all projects
  • List view, Calendar view, Gantt Chart, and Kanban board
  • Track project progress and time spent on tasks
  • Generate project reports daily, weekly, and monthly
  • Manage billable & non-billable hours for smooth client billing
  • Essentials - $2/user/month
  • Premium - $4/user/month

Planview

  • Interactive Gantt Charts and Kanban boards
  • Manage project files in a secure, organized, and easily accessible manner
  • Easily compare actual time spent on a task against estimates
  • Easy integrations with Microsoft Teams, Dropbox, and Google drive.
  • Cloud-based solution
  • Available on Request

Wrike

  • Visualize project plans on a Gantt chart
  • Get real-time work updates on projects
  • Create interactive reports
  • Enhanced data center security and protection with SSO, 2FA, etc.
  • Custom processes, fields, branding, and 30+ integrations.
  • Free -$0user/month
    • Professional - $9.80 user/month
      • Business - $24.80 user/month

Clarizen

  • Cloud-based PPM software
  • Comprehensive reporting and intuitive interface
  • Get a complete picture of all resources, schedules, and tasks in real-time.
  • Integration with numerous business apps like Microsoft Teams, Zoom, and Gmail.
  • Automate repetitive work

  • Available on request

Planisware

  • Interactive Gantt Charts
  • Resource management
  • Risk and document management
  • Time and expense tracking
  • Project portfolio visibility & business intelligence.
  • Available on request

Workfront

  • Document Management
  • User-friendly and customizable dashboard
  • Project sorting and task management
  • Time tracking via real-time metrics
  • 50+ standard reports as well as an unlimited number of configurable reports

  • Available on request

Asana

  • Customized workflow templates
  • Simple user interface and tasks prioritization
  • Enterprise-level data security
  • Automate routine work
  • Easy integrations with Dropbox and Google Calendar.
  • Basic - $0
    • Premium - $10.99/ user
      • Business-$24.99/ user

Oracle Corporation

  • End-to-end project and portfolio Management Solution
  • Embedded social collaboration tools
  • Modular and simple project management solution
  • Collaborative project planning and scheduling
  • Task management in real-time
  • Price on Request

Trello

  • Well-organized board & card system
  • Allows users to keep track of their daily responsibilities
  • Track time spent on tasks by each member
  • Power-up calendar to prioritize tasks with short deadlines
  • Simple drag-and-drop interface
  • Basic - $0
    • Premium - $13.49/user/month
      • Business - $30.49/user/month

Jira

  • Supports roadmap requirements
  • Offers a single view for all user stories
  • Customize workflows
  • Track bugs on software and apps
  • Flexible Kanban boards
  • Free - $0
    • Standard - $7.50/month
      • Premium - $14.50/ month
        • Enterprise - Available on request

What Is Project Portfolio Management (PPM) Software?

Project portfolio management (PPM) software offers a centralized solution to manage and track multiple projects together. It gives you a detailed view of all your projects, allowing you to easily plan activities across projects, manage resources, and lead the entire portfolio to successful completion. 

While this software helps you see the big picture of how your portfolio is progressing, it also gives a peek into every single activity happening, so you can analyze the progress and make practical decisions along the way. 

Read More: 21 Best Project Management Software in 2022

What Does Project Portfolio Management Software Do and How Can It Help You?

A survey by the PMI Pulse of the Profession Report states that businesses investing in proven project management practices save 28 times more money than the ones that don’t. 

It’s no wonder, then, that project portfolio management (PPM) has now become immensely important for businesses. But managing a portfolio of projects is easier said than done. It is a laborious process requiring more resources, time, as well as budget. 

Adopting the right PPM software can significantly reduce your workload while giving you the results you want. It brings all your projects on a single platform so your team can juggle between projects easily and get work done faster. 

Let’s look at some of the main advantages of a portfolio management tool. 

  • Align Projects With Company Objective

Every business undertakes various projects to meet its strategic objectives. But when you have numerous projects lined up, how do you decide which project to prioritize first? Or which one will bring more revenue to meet the long-term goals?

Project portfolio management software emerges as a way for resolving this problem. It helps you centralize and manage the organization’s projects to ensure strategic alignment with company goals. It helps you put things in perspective and aids you in making practical decisions based on your company’s vision.

  • Reduction in Project Management Failure Rates

Project portfolio management tools ensure that project managers have exactly what they need, thereby increasing the likelihood of project success. These tools address issues such as mismanaged resources, mismanaged budget, delay in the project, and missed deadlines by providing you with a centralized system to work. 

  • Make Well-Informed Decisions

Portfolio project management software provides deeper visibility into different aspects of your project portfolio, so you can make the right decisions on time. It provides you a peek into how each project is progressing, the roadblocks different project teams are facing, and which area requires your immediate attention. 

As the PPM software brings all your projects under a single roof, it is easy to spot problems across projects and fix them quickly. 

  • Track Progress of Your Portfolio

Another significant benefit of PPM software is that it helps you track the progress of multiple projects on a single dashboard. It allows you to track individual project progress through every stage, identify roadblocks and prevent delays in project delivery. 

When you’re juggling many projects, it’s helpful to have a PPM tool for guidance as it gives project managers a bird’s eye view of which tasks are pending and how much time it takes to complete a particular project. 

Read More: 11 Best Product Management Software in 2022

List of the Best Tools For Project Portfolio Management

Here is a list of the top-rated project portfolio management solutions to help you manage multiple projects, optimize your workflows and improve team collaboration.

1. ProProfs Project

ProProfs is an easy-to-use and feature-packed portfolio project management software. It enables you to manage activities across numerous projects and deliver projects from a single collaborative workspace. You can effortlessly create, prioritize, and track tasks using interactive views such as Gantt charts, Kanban boards, Calendar view, and List view. 

To make work across projects more manageable, you can prioritize crucial tasks and automate repetitive ones that take up more time. The tool’s collaboration options allow members of all projects to discuss roadblocks, give feedback, and provide suggestions to each other.  

You can also generate daily, weekly, and monthly reports on all your projects to track the overall progress, due dates of projects and tasks, and identify bottlenecks on time. 

Features:

  • Simple and intuitive interface
  • A single dashboard to manage multiple projects 
  • File sharing & task comments to collaborate in real-time
  • Built-in reports to unlock insights into project status and progress 
  • Real-time alerts and notifications to keep teams updated
  • Manage billable and non-billable hours for smooth client billing

Pricing:

Essentials – $2/user/month

Premium – $4/user/month

What we liked: The software is very simple to use.

What could be better: It would be nice if the tool could support additional third-party integrations.

2. Planview

Planview is an end-to-end project and portfolio management software that assists businesses in transitioning projects from the request phase to project execution and delivery. It provides industry-specific solutions for product developers, service providers, and finance professionals.

It offers innovation, portfolios and lean management, strategic and financial planning, lean and agile delivery, and enterprise architecture. Planview can consolidate all product, service, and project ideas and requests from employees, consumers, and partners and classify, align and build scenarios for them.

Features:

  • Interactive Gantt Charts and Kanban boards
  • Manage project files in a secure, organized, and easily accessible manner.
  • Easily track time and compare actual time spent on a task against estimates
  • Easy integrations with Microsoft Teams, Dropbox, and Google drive. 
  • Cloud-Based Solutions
  • User PowerBI to analyze the information
  • GDPR Certifications

Pricing: Available on Request.

What we liked: Easy to navigate and clean interface.

What could be better: Reporting features could be added.

3. Wrike

With Wrike, project managers can collect and organize project requirements, allocate tasks, and visualize the timeline on the Gantt chart. As work progresses, project plans can be adjusted easily, and all the team members can be updated about the changes with real-time notifications. 

Using this tool, teams will no longer have to spend unreasonable time searching for work updates since all the files, tasks, and discussions are available in a centralized workspace.

Features:

  • Gantt charts to visualize project plans, track time and project budget
  • Edit and share files online and get real-time work updates
  • Interactive reporting options
  • Enhanced data center security and protection with SSO, 2FA, etc. 
  • Custom processes, fields, user groups, branding, and 30+ integrations.

Pricing:

Free – Forever free plan with limited features

Professional – $9.80 user/month

Business – $24.80user/month    

Enterprise: on request  

Pinnacle: On Request

What we liked: It is a flexible and comprehensive PPM tool.

What could be better: There could be more integration with third-party vendors. 

Read More: 14 Best Resource Management Software & Tools Of 2022

4. Clarizen

Clarizen is an award-winning enterprise work management tool for managing project portfolios. Its interface is simple to use, configure and personalize. The software provides the transparency required to increase your company’s efficiency and profitability. Project managers can utilize this PPM tool to ensure that all projects are completed on time and within budget.

This software tool provides businesses with a well-defined work structure by connecting projects, activities, and interactions. Clarizen prioritizes tasks, portfolios, resources, projects, and budgets automatically and ensures that vital resources and information are adequately managed.

Features:

  • Cloud-based PPM software
  • Comprehensive reporting and an intuitive interface
  • Get a complete picture of all resources, schedules, and tasks in real-time
  • Intuitive UI with one-click resource management.
  • Upgrades and integrations are automatic
  • Easy to do administrative work
  • Resource management and capacity planning

Pricing: Available on Request

What we liked:  One can easily get project insights.

What could be better: There could be more integrations with other cloud apps.

5. Planisware

Planisware is a management-focused project portfolio management tool that includes cost scheduling, risk management, and collaboration features. Suitable for businesses of all sizes, the software’s machine learning capabilities allow for more accurate and faster project movement. You can use analytics and reports to improve decision-making and increase end-to-end visibility.  The tool allows you to manage resources and prioritize portfolios from one centralized location.

Features:

  • Gantt charts
  • Resource and cost management
  • Time allocation between project and non-project activities.
  • Cost-to-completion tracking
  • Provides historical project data and real-time forecasts
  • Capacity planning for optimized resource allocation
  • Portfolio prioritization

Pricing: Available on Request

What we liked:  Powerful, robust, and highly configurable tool

What could be better: Minor software errors can be improved from time to time for a seamless user experience. 

6. Workfront

Adobe Workfront is one of the top-rated project portfolio management tools.  Workfront connects people and data across the company and helps you manage work from start to end to achieve measurable results. The software provides useful insights into portfolios, programs, and projects, allowing companies to prioritize work, immediately detect bottlenecks, manage risks, and deliver the right results. 

Key Features: 

  • Time tracking and real-time metrics for workflow automation 
  • Smart analytics to measure team productivity and project performance
  • Decisioning dashboard to allocate resources
  • Project management, Workflow automation, and team collaboration features
  • Integrations with collaborative and productivity tools

Pricing: On Request

What we liked:  Easy to use and easy to configure software with the best support team.

What could be better: It would be better if users could automate tasks.

7. Asana

Asana gives you a quick snapshot of all your tasks and resources. You can easily drag and drop tasks and assign or reassign resources. You can also use the tool to estimate the effort required for a particular work by selecting task count, hours, and points. It is an excellent tool for streamlining operations and saving time while directing the team’s attention to the appropriate project activities.

Features:

  • Collaborate in real-time
  • Automate routine work
  • Multiple project views: List view, Timeline view, and Board view.
  • 200+ integrations with platforms like Google Sheets, Microsoft Team, Zoom, Adobe, Salesforce, etc.
  • Milestone tracking
  • Customizable workflows

Pricing:

Basic – Forever free plan with basic features

Premium – $13.49/user/month

Business – $30.49/user/month

What we liked: This tool provides a clear overview of all the tasks instantly

What could be better: Time tracking can be improved

Read More: 12 Best Project Management Techniques to Use for 2022

8. Oracle Corporation

Oracle’s Project and Portfolio Management software provide the one thing that today’s project managers value the most: control. This PPM software is designed for large-scale, highly sophisticated, and multidimensional projects. Work plans, revisions, documents, costing information, budgets, status reports, and all project information are consolidated into a single repository. 

Features:

  • End-to-end project and portfolio management solution
  • Built-in social collaboration tools 
  • Collaborative project planning and scheduling 
  • Real-time task management 
  • Balance resource capacity
  • Monitor and visualize project performance versus project plan

Pricing: Available On Request

What we liked:  Excellent scalable and resource scheduling tool.

What could be better: It is not user-friendly and requires dedicated and specialized training. 

9. Trello

Trello is visual collaboration software for task and project planning. The web-based project portfolio management software includes tools for defining projects, their requirements, and the workflow to ensure that projects are completed in the planned manner. It offers a digital board for creating, organizing, and prioritizing actions. Administrators and supervisors can also build workflows, assign tasks to people or groups, establish deadlines, and track progress.

Features:

  • Well-organized board & card system
  • Track daily tasks on a single platform
  • Power-Up calendar to prioritizes projects with shorter deadlines 
  • Create boards for specific participants that contain their tasks
  • Simple drag-and-drop interface.
  • Task prioritization.
  • Card colors and covers for easier collaboration.

Pricing:

Basic – Forever free plan

Premium – $13.49/user/month

Business – $30.49/user/month

What we liked:   Highly visual, simple-to-use tool that requires minimum training.

What could be better:  It would be better if one could modify cards also. Currently, users can only comment on cards. 

10. Jira

Jira is a cloud-based PPM software designed to handle team coordination in an agile software development setup. With Jira, the team can track work, plan and build products in a significant way. It enables teams to assign tasks, track individual and team progress, and identify and solve issues and blockers within the workflow. Jira supports scrum and kanban project methodology. It enables users to manage products and create roadmaps to map out all projects in progress.  Jira offers access to 3000+ apps to improve your workflow with world-class integrations so that your team can achieve their goal efficiently.

Features:

  • Supports roadmap requirements
  • Offers a single view for all user stories 
  • Customize workflows 
  • Flexible Kanban board
  • Excellent Customer Service
  • Enterprise-grade security

Pricing

Free – Forever free plan with limited features

Standard – $7.50/month

Premium – $14.50/ month

Enterprise – Available on request

What we liked:  Excellent bug tracking tool, especially for Agile software teams.

What could be better: Third-party integrations.

Must-have features of Project Portfolio Management Software

Before coming to the different project management software available in the market, let’s take a step back and examine the key features that project portfolio management software must have. The top PPM software tools have vital features that help you manage multiple projects, manage resources efficiently, and take each project to its successful completion. 

To help you out, we have highlighted the top 5 project portfolio management software features you must look out for while selecting the tool. 

A. Planning and Scheduling

The best project portfolio management software allows you to plan and schedule tasks, delegate tasks to team members, and set milestones and deadlines. It helps you plan the project’s start and end date, determine the duration and track the resources assigned to each task. The right tool lets you oversee all the ongoing project activities at a glance without switching between screens.

B. Team Collaboration

Clarity, Transparency, and open communication among team members is critical to the success of any project. Effective PPM software must offer real-time updates into project progress and allow team members to collaborate with each other using task comments and file-sharing options. 

C. Insightful Project Reports

Project reports allow you to keep track of the project’s progress and the team’s overall performance. The top-rated project portfolio management tools offer insightful reports that give you a peek into how your projects are progressing, how much time is spent on which projects and tasks, etc. You can obtain these reports whenever you need them — weekly, monthly, or yearly.

D. Time tracking

Time tracking is critical for project completion. A good web-based project portfolio management software aids in keeping track of which team members are involved in which project tasks and activities. It aids in measuring a team’s productivity through the number of hours it spends on a particular project. 

E. User-Friendly

A good Project & Portfolio Management tool is simple to use. It takes little to no time to install and set up. The best aspect is that both beginners and professionals can use these tools. It means that even if you don’t know how to code, you can take advantage of their features. A short learning curve guarantees that the team quickly gets accustomed to using the software.

Read More: Different Project Management Terms Beginners Should Know

How to choose the Project Portfolio Management Software?

Project portfolio management software functions as a real-time workspace that allows you to keep an eye on the big picture while efficiently carrying out day-to-day tasks. If you are looking for the best project portfolio management software to support your projects, the following are some essential aspects to consider before making a decision:

a. Easy to Use

The PPM software you select must have a user-friendly interface so that even new members can quickly start using it without any learning curve. Since most businesses cannot invest adequate time, money, and resources in learning using project portfolio management software. Hence, it becomes crucial to select the tool that all the team members can easily use and its features efficiently.

b. Price

PPM software is available at various price points. It’s critical to understand whether setup, training, and support services are included in the software cost. Besides, the price plans should offer the best value for money for the features the tool provides. 

c. Free trial

The best way to find out if a tool works or not is to put it to the test before investing in it. Assume you’ve narrowed down a list of PPM tools and are ready to put them to the test. Fortunately, most project portfolio management software offers a free demo or trial period. Go for the trial version and see if the tool is a good fit for your project needs. 

d. Software Reviews

To better know the PPM software, look at the customer reviews online. User reviews will give you an exact idea of the advantages and demerits of the software, the problems customers face while using it, which features work well and which don’t. 

Read More: Buyers Guide: How to Choose the Project Management Software

Comparison of Project Portfolio Management Software

Software

Gantt Charts

Time Tracking

Ease of Use

Mobile Friendly

Team Collaboration

Project Reporting

24*7 Support

Real-Time notification

ProProfs Project Yes Yes Yes Yes Yes Yes Yes Yes
Planview Yes Yes Yes Yes Yes Yes Yes Yes
Wrike Yes Yes Yes Yes Yes Yes No Yes
Clarizen Yes Yes Yes Yes Yes Yes Yes Yes
Planisware Yes Yes Yes Yes Yes Yes Yes Yes
Workfront Yes Yes Yes Yes Yes Yes Yes Yes
Asana Yes Yes Yes Yes Yes Yes Yes Yes
Oracle Corporation Yes Yes Yes Yes Yes Yes Yes Yes
Trello Yes Yes Yes Yes Yes Yes No Yes
Jira Yes Yes Yes Yes Yes Yes Yes Yes

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About the author

David is a Project Management expert. He has been published in elearningindustry.com, simpleprogrammer.com. As a project planning and execution expert at ProProfs, he has offered a unique outlook on improving workflows and team efficiency. Connect with David for more engaging conversations on Twitter, LinkedIn, and Facebook.