Final answer:
Application Portfolio Management (APM) allows IT Application Owners to manage their applications' complete lifecycles, ensures alignment with business strategies, and facilitates informed decisions regarding maintenance, upgrades, or retirement of applications.
Step-by-step explanation:
The Application Portfolio Management (APM) framework provides a comprehensive view of the demands and projects that are related to the Business applications that you are the IT Application Owner of. APM is designed to manage the lifecycle of the various software applications used within an organization, from planning and procurement to retirement. It involves a systematic approach to evaluating the applications based on several criteria such as business value, cost, risk, and compatibility with other systems. Through APM, you gain insights on how to optimize investment costs and align your application strategy with the overall business objectives.
As an IT Application Owner, utilizing APM tools enables you to prioritize projects, ensure applications meet business needs, and maintain governance over the application landscape. The APM helps you manage both current application demands and future projects by giving a clear overview of the costs, usage, health, and value of each application in your portfolio. This way, you can make informed decisions about which applications to maintain, upgrade, or retire, and how to allocate resources accordingly.