Excel is a widely used and cost-effective solution for Project Portfolio Management (PPM). It offers customizability, a user-friendly interface, and excellent data visualization capabilities.
A structured approach is essential when managing a portfolio in Excel. Key project details should be stored in a central document, and a well-structured dashboard can provide a high-level overview of all projects.
While Excel has several benefits for PPM, it also has limitations. Handling large data sets, manual data entry risks, version control issues, and limited advanced features are some of the challenges.
To maximize Excel's potential for PPM, it is recommended to use structured tables and filters, automate calculations, implement data validation rules, and integrate Excel with other tools for enhanced functionality.