Contemporary Developments in the Use PM Application Systems

Question: Discuss about theContemporary Developments in the Use PM Application Systems. Answer: The portfolio management application system is a program that enables an individual to access and analyzes the applications in a portfolio, analyzes the potential transformations, and comprehends the threats and effects of these transformations or changes to the portfolio itself. It PM application system is a discipline and an instrument or a toolset that also allows a CIO to respond to pressures of controlling an application portfolio. Portfolio management system evolved in the late 1990s when companies started inventing and creating inventories of applications, mainly as a source of getting rid of different problems experienced. Over a period, cost data were included, categorization among other things such as business process linkage information to the inventories that offered new understanding into how applications assist or support business operations. Currently, since the use of technology has increased in business, the application inventory procedure and process has also come out as a more focused discipline, with devoted individuals and tools to control and manage it (VOEHL, 2017). Applications have now become a key resource in executing strategy and represented a noteworthy cost and probable risk area. The initial drivers for the portfolio management system were to reduce costs and threats. Extenuating costs and risks are still significant; however, organizations are using the PM application system to drive growth and revenue (Bible Bivins, 2012). This is one of the current developments that most organizations are now putting in place in the use of PM. Similarly, the use of PM application system has changed from being an assessment tool to a tool of transformation where companies have made it a tool for executing strategies for generating profits or revenues. References VOEHL, C. H. R. I. S. T. O. P. H. E. R. F. (2017). EFFECTIVE PORTFOLIO MANAGEMENT SYSTEMS. S.l.: CRC PRESS. Bible, M. J., Bivins, S. S. (2012). Mastering project portfolio management: A systems approach to achieving stategic objectives. Boca Raton, Fla: J. Ross.