What is Project Portfolio Management (PPM)?

A lot of people may define Project Portfolio Management (PPM) as simply the centralised management of the projects. But there is more to PPM than that. It focuses on methodologies, processes and techniques used for managing not only individual projects but also the organism that is the collection of all the projects in the pipeline.

It helps decide which project should / should not be taken up at what time based on its profitability and viability. This approach to decision making born from assessing potential returns on investments makes sure that the projects that are undertaken bear the best fruits. The systematic approach that collects all data and uses it for drawing forecasts and analysis to decide the best course of action in terms of managing the project portfolio adds great value.

While managing a number of projects, running into difficulties and complications are a certainty regardless of the level of experience and capabilities. This makes it necessary for organisations in today’s business world to be equipped with the best of the tools for project portfolio management. The right tools for project portfolio management will surely add tremendous business value.

PROJECT PORTFOLIO MANAGEMENT by StrategicERP

In today’s highly competitive business world, it is absolutely unaffordable to slip up in the smallest capacity when it comes to delivering output. Factors such as schedule adherence and resource utilisation affect business performance hugely. In light of this critical need for Project Portfolio Management, we, at StrategicERP have developed a cloud and web-based Project Management software that will make managing multiple projects much more efficient. StrategicERP’s PPM will provide better visibility, scalability, and enhanced ability to track and manage projects. It will serve as a great project management tool to help with project budgeting, getting better estimates, planning, and scheduling.

Our project management software gives a centralised view of due dates, documents, and other essential information to manage the project pipeline with effectiveness and efficiency. Businesses can be more agile, and track and monitor projects better with the dynamic dashboards in this Project Portfolio Management software. Responsive actions can be taken with speed and ease with the help of these dynamic dashboards.

This centralised mechanism of monitoring and managing projects will boost productivity and yield optimal output. It will help view all projects (including potential projects) in the context of overall business objectives and goals. This enhanced ability to track progress and anticipate potential issues helps to instil confidence in stakeholders and keep them happy. Having this kind of a big-picture view helps organisations to plan and execute projects efficiently.

KEY FUNCTIONALITY OF STRATEGICERP PPM SOFTWARE

Project Budget

Project Budget in PPM Software can be arrived at against various Budget Heads and Establishment Costs. If one chooses budget as applicable, all expenses get tracked against Budget in Project Portfolio Management Software.

Detailed Estimations

One can model a Project in terms of Work Breakdown Structures and Activities. Activity costs arrive in terms of Materials, Labour and Equipment. Wastages and Overheads can be defined that also contribute to costs.

Planning and Scheduling

PBy defining Relationships between Work Breakdown Structures and Activities, Planning and Scheduling is carried out Alternatively one can leverage integration with Microsoft Projects to kick start Planning & Scheduling very intuitively.

Monitor & Visualize Project Performance

Once the project starts, it is important that the project manager keeps the project under control. This can be achieved by regular reporting of issues, risks, progress and the constant checking of the business case to make sure that the expected benefits will be delivered and are still valid. Project Gantt Chart is the best view where the manager can monitor & visualize the project progress vs planned.

Earned Value Management

Every Management wants to measure project performance. Earned Value Management (EVM) is a systematic project management process used to find variances in projects based on the comparison of worked performed and work planned. EVM is used to control cost and schedule and can be very useful in project forecasting. Through EVM project managers get quantitative data which helps for project decision making.