Risks

The biggest risk of failing to implement Project Portfolio Management is that you really don't have a way to measure the relationship between money you spend on projects and the success of your business or your organization.

If that information is important to you, not having a live, accurate and managed view of that data is really bordering on being irresponsible or negligent. 

Without Project Portfolio Management, there is a significant risk that you will spend an enormous amount of money and get poor results. 

Opportunities

Project Portfolio Management information gives you a clarity of accountability and ownership. Having the data makes everyone more relaxed and more productive.

It's amazing what happens when you have transparency  People can really bear down and focus. It's not a mystery what I'm working on. You want to know what I'm working on? Here's the list. Here's the three projects I own. That's what I'm working on. Want to add a fourth? Maybe I can take it on, maybe I can't. But at least I know exactly what I'm talking about.

But the biggest opportunity is you can create a much more quantifiable alignment of your resources with your strategy. You can actually measure the degree to which you have aligned your resources with your goal. If you just need to make changes, you're in control of it. if you turn the wheel, the ship moves.