Chances are your organization is managing a lot of projects already, and there are a lot more queuing up behind those as you’re reading this. It’s also likely that you have people assigned to multiple projects at once, along with other day-to-day work they need to be address. Without a clear way to look across all of your projects—and the resources working on them—you’re playing with fire. Project Portfolio (PPM) software that allows you to look across all projects within a portfolio is vital. By managing with a portfolio approach—rather these managing projects in isolation—project managers are better able to keep everything in balance.
Why Maturity Matters
A recent survey revealed that organizations that operate at the low end of the project management maturity scale are 6.5 times more likely to have their projects fail and 2.5 times more likely to deliver projects behind schedule and/or over budget than organizations on the high end of the same scale.
The right PPM software provides project managers with the framework needed to evaluate which projects should (and shouldn’t) be started as well as which approved projects should (or shouldn’t) continue. It’s also flexible enough to apply the appropriate methodology to a project based on the work that needs to be done and the team that will be performing that work.
Engage in budget planning & time tracking for better outcomes
Budget planning and time tracking are often met with groans, but in reality, they are integral to the success of both individual projects and the entire project portfolio. The right PPM software will help you forecast project budgets and track resources’ time against that budget so you can make on-the-fly adjustments as needed to keep the project on course and within approved margins.
Conduct in-depth resource capacity planning analysis
Project teams can range from a few to many depending on the size and scope of a project. And those resources are often splitting time between multiple projects, or between projects and support tickets. Resource capacity planning allows project managers to fine tune resource allocation so that everything is covered appropriately, and certain team members aren’t being underutilized while others are redlining. Learn more