A software-based product development portfolio management system and method that may be implemented using a software as a service (SaaS) model that allows users (based on access rights) to: create and update valid project plans using integrated management tools and techniques, view near-real-time project data and metrics; enable lean project management; send messages to other users via system alerts and/or e-mails and receive messages/alerts from other SPM System users; input data; establish and change organizational governance guidelines; and approve, conditionally approve or reject decisions.