The concept of project portfolio management, or PPM, has been around for so long that the core functionality of PPM software products doesn't really vary all that much. Firms in the market for such software, then, need to focus on a variety of other factors, from scalability to regulatory compliance to support for industry regulations, when choosing PPM software.

That was the message of a recent Forrester report, aptly titled PPM Tool Selection: Look Beyond Core Functions. The report's advice applies to companies in numerous industries, but there are some helpful tidbits that apply to AEC firms. (For some additional reading, our Construction Project Management and Scheduling Software Buyers Guide aims to help you identify the key features of PPM software and how they apply to your business.)

One key is to look for project-based PPM software that covers more than just planning and scheduling. Though PPM can trace its roots to engineering, aerospace and defense firms in the late 1950s, nowadays the IT industry makes the most use of PPM. As a result, report authors Margo Visitacion, Phil Murphy and Justinas Sileikis offered two suggestions -- either look for PPM software that offers additional functionality (depending on your needs, this could include contract management, administration, job cost accounting, facilities management and even CAD) or look for PPM software vendors who have a wide partner network capable of providing the functionality you want. (This explains in large part why Microsoft Project is such a popular PPM software tool, as it is both project-centric and, due to its wide use, a safe bet.)

Another consideration is how PPM software addresses compliance with government regulations and industry requirements, particularly when it comes to the reporting that such compliance necessitates. This relates to the above point, the authors said -- AEC firms need to make sure that the PPM software they implement either offers reporting functionality or integrates with third-party reporting software.

Finally, the right PPM software should be scalable. This, the authors said, needs to literally work both ways, as planning, scheduling, management and so on is just as important for small projects as it is for massive ones.

Is there one perfect PPM software tool? Of course not. How, then, can you find the right PPM software? Here the authors of "PPM Tool Selection" leave one more bit of advice: Do some soul-searching. Look at the project management processes that you already have in place and find PPM software that best complements those processes. Also, look at your business plan and make sure the PPM systems you are considering can accommodate your growth but, at the same time, aren't so robust that there's no way you'll use all the main features. Remember, there is no reason to settle for a product that doesn't meet your needs.