What is decision point in SAP PPM-PFM - Portfolio Management?

SAP Term: decision point

• Component: PPM-PFM

• Component Name: Portfolio Management

• Description: A phase through which a portfolio item passes. Decision points are major project phases such as specification, design or implementation. Each decision point can have several configurable status values such as Not Active, In Preparation, In Progress, For Review, and Approved

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• Key Concepts: 
  A decision point is a point in the project lifecycle where a decision must be made. It is a critical juncture in the project where the project team must decide whether to continue with the project or to terminate it. Decision points are typically identified during the planning phase of the project and are used to monitor progress and ensure that the project is on track.
  
  How to use it: 
  Decision points are used to evaluate the progress of a project and determine whether it should continue or be terminated. They are typically identified during the planning phase of the project and can be used to monitor progress and ensure that the project is on track. When a decision point is reached, the project team must evaluate the progress of the project and make a decision about whether to continue or terminate it.
  
  Tips & Tricks: 
  When identifying decision points, it is important to consider all aspects of the project, including cost, timeline, resources, and risks. It is also important to consider any external factors that may affect the success of the project, such as changes in market conditions or customer requirements. Additionally, it is important to ensure that all stakeholders are involved in making decisions at decision points.
  
  Related Information: 
  Decision points are an important part of portfolio management in SAP PPM-PFM. They are used to evaluate progress and make decisions about whether projects should continue or be terminated. Additionally, they can be used to identify risks and opportunities for improvement in projects.