PMO IMPLENTATION

Portfolio Management

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.

CHALLENGES

Here's a look at the key challenges that a company must overcome in order to implement a successful project portfolio management strategy :

  • Governance and Oversight

  • Resource conflicts (over allocation, shortage, and idle)

  • Misalignment between projects and their business objectives.

  • Overlapping and redundant projects

  • Dependency conflicts

  • Inaccurate cashflow forecast

  • Execution difficulties 

  • Late or Delayed Projects

  • Opportunity cost

  • Assigning overheads

OBJECTIVES

Project portfolio management is the art of applying management skills, techniques, and tools to a group of projects with the purpose of meeting the financial goals of organizations. It usually employs a structured approach. Project portfolio management is often regarded as the next generation of project management. It is an integrated system that views business as a set of projects with the following set of objectives:

  • Being focused on company goals 

  • Optimal resource utilization

  • Having more flexible schedules

  • Seeing the big picture

  • Building a more profitable future 

  • Embracing better projects

  • Effectively making decisions 

  • Minimizing Risk 

  • Better Calculating Projects' ROI

  • Better prioritizing efforts

  • Proving the Value to Stakeholders

  • Better Project Management

GOALS

Goals are high level statements that provide overall context for what the project is trying to achieve, and should align to business goals and this should be inclusive of:

  • Better project management

  • Minimizing risks

  • Embracing better projects

  • Focus on company achievements 

  • Optimal resource utilization 

  • Identification of needs and opportunities 

  • Selection of best combinations of projects (the portfolios)

  • Planning and execution of the projects (project management) 

  • Product launch (acceptance and use of deliverables)

  • Realization of benefits

Project

Management

Due to their ever-increasing numbers of projects, organizations are faced with an environment that is becoming more complex, yet interdependent, requiring a consolidated view of projects and investments. This has also lead to a number of key requirements namely, but not exclusively:

Project management then, is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

 

Project management processes fall into five groups:

  • Initiating

  • Planning

  • Executing

  • Monitoring and Controlling 

  • Closing

 

Project Management knowledge draws on ten areas: 

  • Integration

  • Scope

  • Time

  • Cost

  • Quality

Earned

Value

Earned value (EV) is one of the most sophisticated and accurate methods for measuring and controlling projects schedules and budgets. EV has been used extensively in large projects specially in government projects. PMI is a strong supporter of the EV approach because of its ability to accurately monitor the schedule and cost variances for complex projects.

Although it is sophisticated, EV can be scaled to be appropriate for any size of project. The key is in the project planning. 

There are three primary advantages to using EV:

Earned Value analysis helps evaluate and control project risk by measuring project progress in monetary terms. Earned Value Management Systems are used to measure the real progress of projects and takes into account: -- The work complete -- The time taken to complete that work -- The costs incurred to complete that work and compares these factors to: -- The original budget -- The original schedule.

By taking a snap-shot of the project and looking at the historical performance by calculating the Earned Value metrics we can compare the plan with the actual and make a subjective assessment of the project progress.

Document

Control

Document control is the key to any business. It is a crucial element to ensure efficiency, performance, reliability, traceability, quality and safety. The document control requirements is one of the key elements of the ISO 9001 Standard requirements for achieving an effective quality management system without reliable control of procedures and records, a company's QMS integrity will fail- as a practical business matter and as an auditable compliant system.

There are many solutions today for Documents control both manual and digital. In this article I will examine how one can achieve the requirements with digital solutions. Pay attention, we didn't write software but a digital solution. Digital solution must not be a document control software. 

There are two kinds of documentations in organizations. The first is the ISO 9001 documentation requirements. For The second, (other than is required) the organization must identify and document 'needed' processes (activities with inputs and outputs). Of course documentation should be appropriate for the size and type of the organization, the complexity and interaction of processes, and the competence of personnel. In other words, don't go over your heads, you would regret it in the future. The purpose is not to turn the organization to be a secretary for the ISO 9001 Standard.

 

A successful document control system presents the following:

E-bidding

The bidding process is one of the most important phases in the construction industry. The major objective of construction companies is to expand business volume by successful bidding on various projects. For this reason, companies must prepare realistic bid proposals. However, the traditional bidding process is time consuming and requires a great deal of effort.

Electronic bidding is the digital age for project managers with construction bid management software. The full collaborative bidding system provides an accessible platform to contractors and bid subscribers, where they are able to view and download bid documents, and automatically receive addendum notifications.

Software

Implementation

Business modification comes in a variety of patterns with recent growth or integration, intensifying contest, and re-directed among the most common. But whatever the reason, change is clearly going on, and your enterprise occupation solutions must keep speed. 

Software Implementation Methodology supplies a framework that helps you do exactly that. Under the guidance of experienced experts and project managers, this evidenced, trained methodology enables you to implement new Information solutions quick- and accomplish speedy computable product. With implanted implementation best patterns and the ability to make every project stage completely transparent and to supply complete cost and schedule control. This methodology guarantees that your involvement is burden free.

The use of this technology enables the users to efficiently and effectively prioritize capital project portfolios that address all major environments, all leading towards an improved strategy execution plan, top financial performance, and exquisite operations across all ventures.

Software implementation enables builders, engineers, and project owners in asset-intensive industries to improve outcomes across the project lifecycle.

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