11 Best Project Portfolio Management Software You Can’t Afford to Miss
Did you notice that more and more teams are juggling multiple projects at a time? And if you’re one of them, you know the hassle of keeping everything aligned.
You need to take care of each project’s progress and make sure it supports your organization’s long-term strategic goals – a challenge that can quickly become overwhelming. Imagine doing so with hundreds of projects.
Project portfolio management software, on the other hand, helps bring structure to any project process. It helps you prioritize, allocate resources, and contribute to the broader strategic vision.
But with a plethora of project portfolio software available, it’s easy to get lost. So, drawing from years of experience, we’ve curated a list of reliable tools. Let’s not waste time and get straight to the point and learn all you need know about portfolio management and the best tools.
Best Portfolio Management Tools: A Quick Shortlist
- Teamhood – best overall project portfolio management software.
- Smartsheet – best for teams that prefer spreadsheet-style interface.
- Wrike – best for mid-sized teams looking for detailed project tracking.
- Jira – best for software development projects.
- Monday – best for teams that prefer intuitive drag-and-drop interface.
Best Portfolio Management Tools: A Comparison Table
| Feature | Teamhood | Smartsheet | Wrike | Jira | Monday | Businessmap | Asana | MS Project | ClickUp | Planview | Zoho Projects |
|---|---|---|---|---|---|---|---|---|---|---|---|
| G2 Rating | 4.7 ⭐⭐⭐⭐⭐ | 4.4 ⭐⭐⭐⭐ | 4.2 ⭐⭐⭐⭐ | 4.3 ⭐⭐⭐⭐ | 4.7 ⭐⭐⭐⭐⭐ | 3.9 ⭐⭐⭐⭐ | 4.4 ⭐⭐⭐⭐ | 4 ⭐⭐⭐⭐ | 4.6 ⭐⭐⭐⭐⭐ | 4.1 ⭐⭐⭐⭐ | 4.3⭐⭐⭐⭐ |
| Free Plan | ✅ (up to 10 users) | ❌ (trial only) | ✅ (unlimited users) | ✅ (up to 10 users) | ✅ (up to 2 seats) | ❌ (trial only) | ✅ (up to 2 users) | ❌ (trial only) | ✅ (unlimited users) | ❌ (trial only) | ✅ (up to 5 users) |
| Portfolio Overview | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Resource allocation | ✅ | ✅ | ✅ | ❌ | ✅ | ❌ (WIP limits only) | ✅ | ✅ | ✅ | ✅ | ✅ |
| Gantt + Kanban | ✅ (Kanban/Gantt/List) | ❌ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Budget tracker | ✅ | ✅ | ✅ | ❌ | ✅ | ❌ | ❌ | ✅ | ❌ | ✅ | ✅ |
| Performance reports | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Dependencies | ✅ | ✅ | ✅ | FS only | FS only | ✅ | ✅ | ✅ | FS only | ✅ | ✅ |
Benefits of Project Portfolio Management Software
I could go on and on about all the benefits that come with reliable portfolio management software. But let’s break down what you actually can do:
- Allocate and handle resources. You can see all the available resources and check the workload. For example, you can avoid overbooking a developer who’s already assigned two high-priority projects.
- Align company and project goals. Portfolio software allows you to see all the company projects in one place, so you can reschedule and plan tasks your way, aligned to companies’ goals
- Track performance. Each tool comes with real-time dashboards and different reports that help you track tasks, KPIs, and overall goals. This way you can easily show project value to stakeholders or turn down projects that are underperforming.
- Improve cross-team collaboration. Sometimes it gets difficult for cross-teams to communicate with one another, but when you have access to the same boards, it solves the problems. Marketing and product development, for example, can align their timelines when using the same tool.
- Strengthens organizational agility. Since you get full access and view over project status and capacity, companies can quickly pivot or reallocate resources in response to changes.
Top 10 Project Portfolio Management Software
1. Teamhood
Best overall project portfolio management software.
G2 rating: 4.7/5 ⭐⭐⭐⭐⭐
Pros:
- Excellent visual project boards (Kanban, Gantt, List, and more)
- Portfolio overview and other task management tools
- Easy resource allocation and workload tracking
- Intuitive user interface
- Easily scales up or down
- Personalized onboarding
Cons:
- No mobile app
Price starts at:
- $9.5 per user/month; free plan with 10 users.
Overview:
Teamhood is a visual-first project management platform. Your team can use Teamhood to track the daily task progress and manage other aspects of any project. The tool allows you to switch from Gantt chart to portfolio Kanban or list views without losing any progress and create custom dashboards.
One of the standout features is portfolio overview. It comes with portfolio dashboard of all projects in a workspace, so teams can easily compare key metrics such as start and finish dates, budget, progress, earned value (EV), and the Schedule Performance Index (SPI).
Unlike some other tools on this list, Teamhood comes with a unique design – it shows more actionable information on a single screen. What’s more, you can easily customize any board.
Teamhood has an intuitive user interface, and beginners should find the tool easy to use as well. With higher paid plans, you also get personalized onboarding.
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2. Smartsheet
Best for teams that prefer spreadsheet-style interface.
G2 rating: 4.4/5 ⭐⭐⭐⭐
Pros:
- Easy to use and highly customizable
- Project and portfolio reporting
- Portfolio prioritization
Cons:
- No review of multiple projects or synchronized copies
- No workload view
Price starts at:
- $9 per user/month
Overview:
Smartsheet is a project management platform with a spreadsheet-style interface and a range of collaborative tools. It comes with customizable templates, automation, and advanced reporting features.
However, the lack of a true project-level structure makes managing multiple related sheets a bit difficult. Also, the latest updates to the product have led to rising licensing costs and limited customer support responsiveness.
3. Wrike
Best for mid-sized teams looking for detailed project tracking.
G2 rating: 4.2/5 ⭐⭐⭐⭐⭐
Pros:
- Offers customizable dashboards and reports
- Extensive integration options with other software
- Built-in time tracking and collaboration tools
Cons:
- A portfolio view can be created, but not out-of-the-box
- Some features are available only in higher-tier plans
Price starts at:
- $10 per user/month; free plan available
Overview:
Wrike is a feature-rich project management platform. It offers customizable dashboards, detailed time tracking, and task management tools. The platform also supports extensive integrations with popular business tools, so teams can stay connected across systems.
On the other hand, some advanced tools are only available in higher-tier plans. Some users report that the onboarding process isn’t straightforward.
4. Jira
Best for software development projects.
G2 rating: 4.3/5 ⭐⭐⭐⭐⭐
Pros:
- Well known tool – large community
- Extensive reporting and analytics
- Strong integration with other Atlassian products
Cons:
- Steep learning curve, especially for non-technical teams
- Can be overkill for non-software projects
- No native workload management
Price starts at:
- $7.91 per user/month; free plan available
Overview:
Jira is a leading project management tool designed specifically for agile teams. It’s primarily used in software development. Jira supports scrum and Kanban boards. You can easily prioritize tasks with features like issue tracking, reporting tools, and backlog management. Also, the tool has intuitive integration with other Atlassian products like Confluence.
However, Jira’s technical focus may make it more challenging for non-technical teams. Additionally, it sometimes will load slowly.
5. Monday.com
Best for teams that prefer intuitive drag-and-drop interface.
G2 rating: 4.7/5 ⭐⭐⭐⭐⭐
Pros:
- Highly customizable workflows
- Intuitive interface with drag-and-drop functionality
- Great for cross-functional teams
Cons:
- Can become expensive for larger teams
- Takes time to set up
Price starts at:
- $9 per user/month; free plan available
Overview:
Monday.com is a visual and flexible project management tool. The software is known for its intuitive drag-and-drop interface and the ability to create custom workflows. Like Teamhood, Monday.com allows you to specify custom statuses and track item progress through them.
On the downside, some advanced reporting and automation features are only available in higher-tier plans.
6. Businessmap
Best for enterprises looking to align work to business objectives.
G2 rating: 3.9/5 ⭐⭐⭐⭐⭐
Pros:
- Easy to map work across multiple projects.
- Advanced reporting for better predictability and work analysis.
- Deliver work smart and faster with AI-powered features.
Cons:
- Not suitable for smaller teams
- Learning curve may be notable
Price starts at:
- $9.93/user/month for 15 users (billed annually)
Overview:
Businessmap is a cost-effective Lean project and portfolio management tool that helps teams connect strategy to execution in a clear, structured way. It comes with flexible execution boards that allow teams to track dependencies, priorities and progress across workflows. Enhanced by AI, Businessmap provides conversations, data analysis, insights, and recommendations that explain trends and help optimize portfolio alignment.
On the downside, setting up more advanced workflows may require time and training. Some users may also find it less intuitive than simple.
7. Asana
Best for teams that need a user-friendly project management tool.
G2 rating: 4.4/5 ⭐⭐⭐⭐⭐
Pros:
- Simple to use with great task management features
- Effective at managing both small and large projects
- Project-focused
Cons:
- Lacks advanced project portfolio management tools
- Limited reporting in free versions
Price starts at:
- $10.99 per user/month; free plan available
Overview:
Asana is a user-friendly project management tool, which makes it easy to track tasks, deadlines, and responsibilities in one place. It comes with features like task dependencies, project templates, and team communication tools.
However, for larger-scale portfolio management or more complex reporting, Asana’s basic plans won’t be enough. What’s more. some users report on difficulties managing user plans and making changes to their subscriptions.
8. Microsoft Project
Best for Enterprise teams dealing with complex projects.
G2 rating: 4.0/5 ⭐⭐⭐⭐⭐
Pros:
- Rich set of features for advanced project management
- Deep integration with Microsoft Office and other enterprise tools
- Offers powerful scheduling and resource management tools
Cons:
- Steep learning curve for new users
- Expensive licensing
Price starts at:
- Starts at $10 per user/month
Overview:
Microsoft Project is probably the most well-known tool designed for teams that need detailed project planning, scheduling, and resource management. The software is a good choice for large teams or complex portfolios, and it comes with features like Gantt charts, critical path analysis, and advanced reporting. It also simply integrates with other Microsoft tools.
But the platform’s complex interface and learning curve can be challenging for new users, and it lacks team collaboration features.
9. ClickUp
Best for teams looking for robust collaboration features.
G2 rating: 4.6/5 ⭐⭐⭐⭐⭐
Pros:
- Offers a wide range of customization options
- Many features like task templates, and tracking, portfolio overview
- Add project information right to the task board
Cons:
- Takes time to set up
- Interface may be cluttered for some users
- Bugs and performance issues
Price starts at:
- $7 per user/month; free plan available
Overview:
ClickUp is a versatile project management platform that has quite a set of collaboration features. You get customization options, and you’ll see Gantt charts, timeline views, portfolio overview, time tracking, automated reports, and more.
Drawbacks? The initial setup is quite overwhelming, and the performance could be improved – slow performance and some occasional crashes are reported from time to time.
10. Planview
Best for large companies in need of excellent reporting.
G2 rating: 4.1/5 ⭐⭐⭐⭐⭐
Pros:
- Deep resource and portfolio management features
- Excellent reporting and resource forecasting tools
- Scalable for large enterprises
Cons:
- Expensive, which may be prohibitive for smaller teams
- Can be difficult to set up and configure initially
Price starts at:
- Quote-based depending on your organizational size and needs
Overview:
Planview focuses on large enterprises. It excels in resource planning, budget management, and portfolio optimization. The platform has powerful reporting, resource forecasting, and risk management tools.
However, its pricing structure isn’t favorable to small companies. Additionally, the navigation functionality sometimes doesn’t work properly.
11. Zoho Projects
Best for small businesses looking for a budget-friendly tool.
G2 rating: 4.3/5 ⭐⭐⭐⭐⭐
Pros:
- Easy to use with a simple interface
- Affordable pricing, making it ideal for small businesses
- Includes time tracking, task management, and document sharing
Cons:
- Limited integrations with third-party tools
- Basic reporting features compared to other tools
Price starts at:
- $4 per user/month; free plan available
Overview:
Zoho Projects is a cost-effective project management platform for small businesses. It includes essential features like task management, time tracking, and file sharing.
However, it lacks some of the more advanced reporting and integration features that may be necessary for larger teams. Also, customer support could be improved as well.
Tips for Choosing the Best Project Portfolio Management Software
Choosing the right project portfolio management software is a difficult decision, but good news is that there are several tips that can guide you:
- Define your needs. Identify your company’s goals, different team workflows, and features you need.
- Take note of the user interface. A user-friendly interface won’t overwhelm teams, and they will be able to easily navigate through the tool.
- Look for customizable dashboards. Flexible dashboards let you customize views and reports to different team needs.
- Consider easy and/or personalized onboarding. Choose a platform that offers an intuitive onboarding process. Bigger teams with complicated projects should look for personalized support, so they can customize the tool to specific project requirements.
- Explore the knowledge base. A comprehensive knowledge base is like customer support – always there to help you with fast answers.
- Consider the price. Some tools have a lot of features, but if you don’t need them, why should you pay? Well, unless they come with competitive pricing.
Key Features of Project Portfolio Management Software
| Feature | Explanation |
| Portfolio overview | Quickly compare and analyze the key metrics of all the projects in the same workspace, and manage portfolios. |
| Project status indicators | Performance metrics, such as budget used, timeline progress, and completion. It also tracks the health of projects, indicating whether they are on track, at risk, or delayed. |
| Resource allocation | Insights into how well your resources, including team members, budget, and equipment, are being used across projects. |
| Financial metrics | Track project spending, compare budgeted versus actual expenses. It also calculates the ROI of high-value projects and monitors cost variances. |
| Risk and issue tracking | Monitor potential risks across the entire portfolio and identify roadblocks early. |
| Performance metrics | Key performance indicators (KPIs) such as delivery rate, quality scores, and customer satisfaction. Additionally, it comes with historical performance trends. |
| Interactive filters & visuals | Interactive filters and visuals like charts or graphs give quick insights into project performance. Customized views allow you to filter data based on project type, department, or priority. |
The Bottom Line
After evaluating the top project portfolio software, one thing is clear: the right software depends on your team’s specific workflow needs and strategic objectives. In essence, choosing the right project portfolio management software isn’t just about features – it’s about finding a tool that aligns with your team’s needs and scales with your growth. While each tool on this list offers unique strengths, Teamhood stands out as the best overall option.
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Frequently asked questions
What is project portfolio management software?
Project portfolio management is the process that allows you to select, manage, and evaluate multiple projects to align with your company’s strategic goals. In essence, portfolio management focuses on the bigger picture, so that individual projects align with each other and do not conflict.
Why is it a problem? Usually, mid to large-sized companies deal with multiple projects that use the same resources as budgets, teams, and time. In this case, PMM helps to prioritize based on things like risk, ROI, and deadlines.
How does project portfolio management software work?
Project portfolio management software helps organizations manage multiple projects in one place. It lets you prioritize projects based on strategy, allocate resources efficiently, track performance, manage risks, and monitor budgets. It provides dashboards and reports so leaders can make informed decisions and keep everything aligned with business goals.
Reasons why project planners use project portfolio management software.
Project planners use PPM software to align initiatives with overall business goals and to prioritize the most valuable work. Such software helps to distribute resources across multiple projects, track performance, and identify risks early in the process.