HP has unveiled new project and portfolio management software that gives customers real-time visibility and control over the entire IT portfolio to help reduce the business risk of IT project failure.

Available immediately, Mercury Project and Portfolio Management Center 7.0 provides chief information officers and other IT executives with sophisticated project, demand and portfolio management as well as an integrated approach to managing projects across their lifecycles.

The software addresses some of the biggest challenges of delivering clear and measurable business results from IT by helping to avoid the stalled or failed projects, and the waste of time, budget and resources, that can come with the use of rudimentary project management tools and manual processes.

“To prioritize how they’ll support business goals, senior IT and business executives need visibility into all the demand for IT, and they need to match that to resource supply, including both budget and skilled staff,” said Matt Light, research director, Gartner Inc. “Today, these executives can more strategically select an ideal project portfolio using solutions that help compute alternate scenarios of proposed projects, given resource capacity forecast from in-flight projects and other work commitments, and factoring in risks and expected returns.”

“Operating more than 1,200 supermarkets in the southeastern and mid-Atlantic United States, Food Lion relies on portfolio management to help deliver the freshest and best quality products to its customers,” said Pat Tagnani, director, Project Management Office, Food Lion, LLC. “Using Mercury Project and Portfolio Management Center provides us with real-time visibility into all of our strategic initiatives; we can quickly identify the right projects and staff them with the right people.”