IT Portfolio Management is the application of systematic management techniques to control costs and derive the desired benefits while implementing large IT initiatives or procuring such other IT services as application maintenance and support. Portfolio Management helps to quantify the benefits vis-à-vis the expenditure, and provides an objective evaluation of investment scenarios. The ultimate goal is to deliver predictable and higher returns at the lowest level of risk possible. IT Portfolio Management can be classified into Application Portfolio Management (APM) and Project Portfolio Management (PPM).

APM analyzes expenditure on existing systems relative to their value to the enterprise. Organizations typically spend as much as 75% of their IT resources (human and capital) maintaining an ever growing inventory of applications and supporting infrastructure. APM attempts to contain costs by identifying and eliminating duplication and redundancy and retiring systems that have outlived their usefulness.

PPM focuses on new IT initiatives or acquisitions, analyzing them in terms of potential ROI and suitability of the resulting solution to the requirements on hand, and attempts to optimize pay-off against resources allocated (money, time, people, infrastructure, etc.) and potential risks.

The Portfolio Management service offering from PVM Innvensys can help organizations gain control over IT projects to deliver meaningful value to their business. Innvensys takes a holistic view of a company's overall IT strategy, and ensures completion of IT projects within time and budget by adopting a Portfolio Management methodology that adheres to the following procedures:

• Compile list of projects with details regarding business objectives, estimated costs, expected duration, ROI, business benefit and associated risks
• Eliminate those with poor business cases and those not close to the organization's corporate goals.
• Prioritize projects giving greater value to projects that are more closely aligned with the company's strategic objectives
• Whittle down size, scope and complexity of projects to the minimum level that is required and manageable
• Evaluate risks and return on investment
• Proactively manage the projects, monitoring them continuously, communicating frequently with stakeholders, and ensuring adherence to project specifications, scope, standards, timelines and costs