Just as CIOs are turning to project portfolio management (PPM) software to help drive faster, more predictable IT projects, R&D executives are investigating PPM initiatives to address similar pain points in the product development process. Unlike their IT counterparts, however, product development professionals require distinct portfolio management functionality that is connected to external market research, taps open sources of innovation, and evaluates the trade-off between financial rewards and technology risk. Technology options abound from familiar partners in the PLM, ERP, and best-of-breed application segments. A few best practices like improving resource management, extending existing platforms, and slowly introducing time tracking can help steer any PPM initiative toward success.