Archive for category Project Portfolio Management
Project Portfolio Management: A Solution to Generate Real Business Value
Posted by admin in Project Portfolio Management on September 9, 2011
Project Portfolio Management is implemented within an organization to ensure that all the on-going projects can be accomplished within time by meeting the financial goals of the business. It has a structured approach wherein projects are analyzed to create portfolio based on user requirements and organizational goals.
With PPM solution, a business can allocate the resources efficiently after prioritizing the projects to gain maximum returns from the portfolio.
Prioritized and categorized projects help managers to take a quick and precise decision in achieving business goals in an efficient manner. Managers and Executives can quickly switch between dashboard views of the portfolio and to analyze and compare real-time data of the projects and portfolio. The grouped data in portfolio enables manager to make comparison and analysis for effective decision-making process. Correctly implemented PPM tool also empower manager to efficiently share resources with different projects so that there is no latency in the projects due to unavailability of business resources.
The investment made on portfolio management solution helps in improving three major areas i.e. to speed up the project execution, to improve ROI of the business and also to increase the efficiency of project operations management. It helps the manager to review and alter programs in accordance with change in business situations. Additionally, it helps to prioritize the projects as per budget, deadline and resources.
Some of the benefits of using Project Portfolio Management solutions include:
1. Eliminate projects that are unaligned with organizational goals and vision;
2. Helps management in taking proper decisions for better allocation of resources;
3. Consistent management process helps in lowering the costs; better collaboration among team-members;
4. Optimizes business values by balancing all the on-going business projects;
5. Helps in achieving portfolio objectives within set time;
6. Improves efficiency of management by creating a direct flow of communication.
Moreover, the solution should be realistic, rational and observable in nature to help businesses manage business operations smoothly. It is a fact-based solution that provides you information related to allocation of resources such as time, personnel and necessary equipment on the projects. In addition to this, it also allows to monitor the progress of different projects at certain levels and the amount of resources used with the help of tools and metrics. Read the rest of this entry »
What Is A Project Portfolio Management Software
Posted by admin in Project Portfolio Management on July 9, 2011
Manage multiple projects with shared resources within your company – PPM, short for Project Portfolio Management, is a term used by project managers and project management organizations (or PMOs), to describe methods that enables corporate and business users to organize a set of projects into a single portfolio. Project portfolio management software refers to a software product that allows users, usually management or executives within a company, to easily organize and prioritize the projects. It will allow them to review the portfolio and will assist them in making key financial and business decisions for the projects.
A closer look
But project portfolio management is about more than managing multiple projects. Each portfolio of projects must be treated as a whole and needs to be evaluated by its business value and adherence to strategy. As each project must reach its goal and produce its final deliverable in the same way a portfolio should be designed to achieve a specific business objective or benefit. Bob Buttrick summarized it like this: “Directing the individual project correctly will ensure it is done right. Directing ‘all the projects’ successfully will ensure we are doing the right projects.”
A growing number of vendors offer project portfolio management software, which has dramatically simplified the process of building a portfolio. But the first step is for companies to prioritize their business strategies. Portfolios can then be assembled and assessed based on how they meet those strategic needs. Once companies determine the business priorities they want their projects to meet, they need to break down the portfolios. Teams are assigned to different business units, and each of those teams handles a separate portfolio.
Previously, projects were approved and then managed independently. They were evaluated as a whole at the executive level only when it came time to put together annual reports. Nowadays with the latest project management software solutions project managers can better handle the portfolio using executive dashboards and other such tools. Working at portfolio level is about working with summary or key data and as less details as possible. It is important to avoid information overload. The detail of each project should be kept at the project team level, managed by the individual project managers.
The recent trend toward improved resource tracking and leveling functionality in PM software is a great boon to the portfolio manager. Actually, without the possibility of knowing what each human resource in the pool of project personnel is capable of and when they will be available to work, you cannot say that you are managing a portfolio. You need such a work management software in order to keep your project’s work balanced and avoid supplementary costs introduced by overtime working rates. Read the rest of this entry »