Z0G Project Portfolio Management overview

Editor's Notes

• #4 Project portfolio management (PPM) software empowers managers to execute even advanced projects without complications and complete them on time. PPM software enables you to plan feasible targets and due dates in accordance to the information you enter in the application to ensure you don’t have to rely on guesswork. Moreover, it is easy to connect interdependent assignments, which allows you to understand the overall project picture and ensure there is solid cooperation between departments. A big advantage of PPM software is you can easily identify issues as well as opportunities and adjust your time, resources, and approach to the latest situations. Your project may involve constructing a building, rearranging an internet website, or any other type, this software can make sure you complete it according to client expectations.
• #5 Wrike: Wrike is a flexible project management solution that allows multifunctional groups to collaborate and get things done effectively in one place. JIRA: JIRA is designed to help users capture, assign, and set priorities to their tasks. Projectplace: It is packed with efficient and useful business management tools, real-time communication features, and online collaboration functions. Mavenlink: Mavenlink is a simple, intuitive platform that enables users to manage all project and team activities. Workfront: Previously called AtTask, Workfront is a leading project and work management software.
• #6 A good quality PPM software can help your company to finish projects in time and satisfy clients. However, how do you zero in on the best project portfolio management software for your business as there are scores of online PPM programs in the market? This buyer’s guide will help you out by giving you a list of pointers on which features to look for as you go about your process of selecting one, be it the best project portfolio management software for small business or enterprises.
• #7 The following versions of PPM software are widely used: On-premise software: This type of software is installed in-house on your company’s computer servers. You need to download the software and maintain it yourself. Individual software: These are web-based applications that facilitate project management involving individual tasks and projects. Medium-sized systems: These are also web-based tools that are used as central project management systems. High-end systems: This type of software is designed as central project management applications for large enterprises.
• #8 Our in-depth comparisons indicate that the following common features are usually found in most PPM software: Portfolio coordination – Helps to coordinate portfolios and collaborate effectively Portfolio budgeting – You can allocate the needed funds and resources for project portfolios What-If scenarios – Helps to analyze risks and predict outcomes Workflow – Establish an efficient workflow to ensure project success Request management – Manage all your requests efficiently and fulfill them on time Cost tracking – Keep track of project costs to ensure you stay within budget ROI and forecasting – Forecast and calculate the return on investment Risk analysis – Analyze risks and tackle them effectively to ensure successful project completion
• #9 PPM software offers the following uses and benefits: It provides an overview of project portfolio You can assign tasks and track progress It can handle budget analysis and management You can generate custom reports on individual projects and the entire portfolio Users can define criteria for project selection The software offers tools for prediction and forecasting analysis You can get alerts and notifications on performance changes It enables resource management of inventory and staff
• #10 Keep the following trends in mind as you narrow down your search for the right PPM software: PPM is a Differentiator: Competition is intense in any industry and the ‘reputation’ on social media means you cannot afford any mistakes in executing projects. To differentiate your organization from the competition and to gain an edge you need to use well-defined PPM processes to protect current assets and make the right project management decisions. PMO is Playing a Big Role: To execute large projects with ease, you need to have a solid project infrastructure in place. This emphasizes the role of the Project Management Office (PMO) which coordinates all PPM processes, ensures all data is made available on time, and facilitates additional project improvements. Benefits Management is Becoming Important: Companies invest in projects for business benefits. With increasing competition and margins under pressure, enterprises are focusing more on project ROI and constantly monitoring whether the predicted project benefits are being fully realized. Project Automation is In: Large projects are becoming more complex and there are also interdependencies between projects. This makes it essential to tightly manage portfolio processes and execution of projects. The need of the hour is therefore for greater transparency and deeper insight. This is paving the way for sophisticated automation of PPM processes to save on resources, automate reporting cycles, and avoid human errors.
• #11 The following issues can prevent your company from successfully adopting and using PPM software: In-House Politics: Ingrained company culture can be an obstacle to the adoption of any new technology including PPM software. To overcome this issue, you need to take all stakeholders on board and convincingly educate them on the value and benefits of using PPM software. You can even appoint a PPM ‘evangelist’ for the cause. Failure to Tackle Staff Resistance: Resistant employees can lead to the downfall of your plan to use PPM software effectively. If your staff has a low level of program and project management maturity, then you may need to look at options like outsourcing your PMO functions or hiring external experts. Big Brother is Watching: Your business may require to collect timesheet data to keep track of employee productivity and ensure effective utilization of manpower. However, your employees may think the company is acting like a big brother and watching over them with an eagle eye. To relieve their apprehensions, you need to educate your staff about the benefits of PPM software such as increased utilization and productivity, and that timesheet data is important for analyzing portfolio health and tracking project progress.
• #12 To pick an appropriate SaaS solution for your company, begin by asking the following questions: · Is this cloud system the best program—economically and features-wise?· Will it be uncomplicated to do long-term business with the cloud provider?· Is the solution easy to use and does it simplify technology?· Can the platform help your company to handle compliance, security, and operational risks? Find out if other enterprises have successfully deployed the system. Get proof about the vendor being able to provide the desired business value and ROI. Read case studies to learn about the user experiences of other customers. Obtain references from the vendor and find out about the caliber of the software and service provided. Another important element to consider is the free trial. Before you make such a vital decision and shell out your hard-earned money, be sure if the software actually fits your requirements. You can do this by registering for the free trial and checking out the app’s features. Also, find out if the provider can help you to pilot the platform. You may need to shell out for the implementation of the pilot, but the price is worth it as it will give you results and proof points to evaluate before you make a key investment.