Project Management Archives

Navigating Project Success: The Crucial Role of Schedule Performance

Staying on schedule is akin to orchestrating a symphony where every note, or in this case, every task and milestone, plays a crucial role. Schedule performance, a key performance indicator (KPI), is the compass that guides project managers through the labyrinth of timelines, resource allocation, and task completion. In this blog, we unravel the significance of schedule performance, exploring how it serves as a navigational tool, ensuring projects reach their destinations on time and within scope. Schedule performance, a key performance indicator (KPI), is the compass that guides project managers through the labyrinth of timelines, resource allocation, and task completion. The Vitality of On-Time Project Completion At the heart of schedule performance lies the essence of time management. Every project, regardless of its scale or complexity, is governed by timelines. Meeting these deadlines is not just a goal; it’s a commitment to project stakeholders. On-time project completion instills confidence, builds trust, and sets the stage for future successes. Project Schedule Variance (PSV) is a metric that becomes the spotlight in this scenario. It measures the difference between the planned project schedule and the actual progress. A positive SV indicates that the project is ahead of schedule, while a negative SV signals potential delays. By keeping a close eye on SV, project managers can proactively address deviations, ensuring the project stays on course. Milestone/Task Completion Metrics: Guiding the Project Journey Breaking down the project into manageable milestones and tasks is a strategic move that aids in achieving Schedule Performance. These metrics serve as markers on the project roadmap, guiding the team towards the overarching goal. Monitoring milestone and task completion rates provides insights into the efficiency of resource allocation and the overall project progress. A high completion rate signifies effective planning and execution, while a lagging rate indicates potential bottlenecks that require attention. By understanding these metrics, project managers can make informed decisions to keep the project’s journey smooth and on schedule. Efficient Resource Management: The Backbone of Schedule Performance Resource allocation is a delicate balancing act in project management, and it plays a pivotal role in schedule performance. Ensuring that the right resources are available at the right time is crucial for maintaining momentum. Strategic resource management involves not only allocation resources efficiently but also optimizing their usage. Overloading a team member with tasks or underutilizing available resources can both lead to inefficiencies. By constantly evaluating and adjusting resource allocation based on project needs, project managers can enhance schedule performance, ensuring that the project journey is navigated with precision. Communication and Transparency: Keys to Timely Success Effective communication is the linchpin that holds schedule performance together. Keeping all stakeholders informed about project timelines, potential challenges, and achieved milestones fosters a collaborative environment. Regular progress updates, whether through meetings, reports, or project management tools, enhance transparency. This transparency is crucial for aligning the project team, stakeholders, and clients. It builds a shared understanding of project timelines and fosters a sense of collective responsibility for meeting deadlines. Effective communication is the linchpin that holds schedule performance together. Conclusion: Navigating Success Through Schedule Performance Schedule performance serves as a guiding light, illuminating the path to project success. It involves a delicate interplay of strategic planning, efficient resource management, and transparent communication. As project managers navigate through the complexities of timelines and milestones, they use schedule performance as a compass, ensuring that every step aligns with the overarching project goals. “Schedule performance is not just a metric to be measures at project milestones; it’s a continuous process woven into the fabric of effective project management.” Schedule performance is not just a metric to be measures at project milestones; it’s a continuous process woven into the fabric of effective project management. It’s the art of orchestrating tasks, milestones, and resources to create a harmonious symphony of success. By mastering the nuances of schedule performance, project managers steer their projects towards on-time completion, delivering value and confidence to stakeholders. Want to see how Projectric helps PMs steer their projects towards on-time completion and delivers value and confidence to stakeholders? Access our on-demand demo here. ACCESS DEMO Missed the first post in this series? Access our deep dive on the key performance indicator(KIP), Visibility, here.

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The Power of Project Visibility: Navigating Success Through Informed Stakeholders

Project Management / admin

In the realm of project management, visibility stands tall as the cornerstone of success. It’s not merely aboug tracking progress or sharing updates; it’s about creating a transparent environment where all stakeholders are not only informed but also aligned with the project’s objectives. In this blog, we delve into the significance of project visibility, exploring how a central dashboard, real-time updates, and swift issue resolution collectively contribute to a successful project management journey. A central dashboard, real-time updates, and swift issue resolution collectively contribute to a successful project management journey. Understanding the Essence of Visibility Project visibility is more than just a buzzword; it’s a strategic approach that ensures every stakeholder has a clear understanding of the project’s status. Whether it’s the project team, executives, or clients, everyone should be on the same page, working towards shared goals. The visibility facilitates effective communication, builds trusts, and prevents misunderstandings that can lead to project derailment. The Central Project Dashboard: Your Command Center Imagine having a central hub where everyone involved in the project can access real-time information. This is the essence of a central project dashboard. It acts as the command center, providing a comprehensive overview of project progress, milestones, and potential issues. Stakeholders can gain insights at a glance, fostering a sense of ownership and accountability. Utilizing a central dashboard ensures that stakeholders are not left in the dark. Regular updates on project timelines, resource allocation, and task completion are readily available. This not only keeps everyone informed but also empowers them to make data-driven decisions, aligning their efforts with the overarching project goals. Real-Time Updates: Navigating Through Dynamic Environments In today’s fast-paced business landscape, project landscapes can change in the blink of an eye. real-time updates become crucial in navigating through dynamic environments. Whether it’s a shift in project timelines, unexpected challenges, or successful milestones achieved, stakeholders need to be aware of these developments as they happen. Real-time updates foster agility. They allow the project team to adapt swiftly to changing circumstances, ensuring that potential roadblocks are addressed before they escalate. It’s not just about keeping stakeholders informed; it’s about enabling them to actively contribute to the project’s success by staying ahead of challenges. Swift Issue Resolution: Clearing the Path to Success No project is without its challenges, but how swiftly and effectively these challenges are addressed determines the project’s trajectory. Visibility comes into play by ensuring that issues are not only identified promptly but also resolved with speed and precision. A visible project management approach involves establishing clear channels for issue reporting and resolution. When stakeholders can easily communicate problems, and the project team can swiftly respond, it prevents small issues from snowballing into major setbacks. Swift issue resolution is a testament to the project’s resilience and its ability to navigate challenges without compromising on quality or timelines. A visible project management approach involves establishing clear channels for issue reporting and resolution. Conclusion: Illuminating the Path to Project Success In conclusion, project visibility is not just a metric to measures; it’s a culture to be cultivated. A visible project management approach, facilitated by a central dashboard, real-time updates, and swift issue resolution, illuminates the path to success. it ensures that stakeholders are not passive observers but active contributors to the project’s journey. As project managers and leaders, embracing visibility means fostering a culture of transparency, collaboration, and adaptability. It’s about recognizing that success is not achieved in isolation but through the collective efforts of an informed and aligned team. In the ever-evolving landscape of project management, visibility isn’t just a KPI; it’s the guiding light that leads projects to triumphs. Get the information you need in 3 clicks or less. Access a quick, video demo of Projectric’s key features now. View Demo Learn more about Important KPIs and Metrics for Project Management here.

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The Projectric Blueprint for Success for SMBs: Achieving Project Efficiency with Resource Utilization and Reporting

Project Management / admin

Efficient project management is the linchpin of success. Welcome to Blog #4 of our series, where we focus on the essentials of project efficiency customized for the resource-conscious world of SMBs. Today, we explore the art of Resource Utilization and Reporting, two pillars that can help SMBs not only survive but thrive in a competitive market. Join us on this journey as we uncover strategies, tailored metrics, and practical insights that will empower your SMB to achieve peak project efficiency through meticulous performance tracking and reporting, all while keeping a close eye on your precious resources. Efficient resource usage, whether human, financial, or physical, is vital for keeping your project on track. KPI #7: Resource Utilization – Maximizing Efficiency Efficient resource usage, whether human, financial, or physical, is vital for keeping your project on track. Maximizing resource utilization enhances project efficiency and success. Resource Utilization Rate: Calculating the percentage of time resources are actively engaged in project work ensures optimal resource allocation and efficiency. Resource Allocation Optimization: By optimizing resource allocation, you can ensure that the right resources are assigned to tasks in line with project priorities, eliminating bottlenecks. Workload Distribution: Analyzing the distribution of work across team members helps identify overworked or underutilized team members, allowing for adjustments to balance the workload. KPI #8: Reporting – Communicating Progress and Issues Effectively Robust reporting is the foundation of efficient project communication. It keeps stakeholders informed, enables timely decision-making, and facilitates issue resolution. Regular Progress Reports: Providing regular, detailed project status updates to stakeholders forms the basis for informed decision-making, highlighting achievements, challenges, and current state of the project. Customized Reports: Tailoring reports to the specific needs of different stakeholders is crucial. Customization ensures that the right information reaches the right people, whether it’s executive summaries for senior management or technical reports for the development team. Issue Resolution: Monitoring the identification and resolution of project issues enhances transparency and prevents potential roadblocks from derailing the project. Reporting on issue resolution is integral to project success. Robust reporting keeps stakeholders informed, enables timely decision-making, and facilitates issue resolution. These KPIs are essential tools for ensuring the success of your projects. By regularly monitoring and adapting these metrics, you’ll be better equipped to proactively manage your projects and achieve your goals. Manage your projects in three clicks or less. Access a quick, video demo of Projectric’s key features now. Missed the first blog post in our Projectric Blueprint for Success for SMB’s series? Read it here. Learn more about Important KPIs and Metrics for Project Management here.

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The Projectric Blueprint for Success for SMBs: Delivering Excellence through Cost Performance, Scope Management and Quality Metrics

Project Management / Courtney David

For Small and Medium Businesses (SMB), achieving excellence in project management isn’t just a goal; it’s a necessity. In this third blog of our series, we focus on the essential KPIs that drive excellence, cost-effectiveness, and control in the SMB project landscape. As we delve deeper into the world of project management, we uncover the following KPIs, all meticulously crafted to power SMBs: Cost Performance, Scope Management, and Quality Metrics. Managing project costs is fundamental to its success. KPI #4: Cost Performance – Staying on Budget Managing project costs is fundamental to its success. Staying within budget is not only a financial concern but also a matter of project integrity and efficiency. Cost Variance (CV: CV calculates the difference between the budgeted cost and the actual cost. A positive CB means cost savings, while a negative CV indicates cost overruns. Resource Allocation vs. Demand: Ensuring that you allocate resources in line with the project’s budget is critical. Any discrepancies can lead to cost issues and hinder project success. KPI #5: Scope Management and Change Control – Navigating Scope Changes Scope management and change control are essential components of successful project management. Management scope changes effectively is vital for maintaining project focus and preventing scope creeps. Change Request Approval Rate: Measuring how efficiently change control processes work ensures that scope changes are handled efficiently. Scope Documentation: Maintaining detailed scope documentation ensures that all stakeholders have a clear understanding of project requirements, reducing the likelihood of scope changes. KPI #6: Quality Metrics – Ensuring Deliverable Excellence Project quality is non-negotiable, as it directly impacts customer satisfaction and project outcomes. Monitoring and enhancing quality are central to achieving excellence. Defect Density: Measuring the number of defects or errors per unit of work or product helps identify areas that require improvement and ensures a high-quality final product. Customer Satisfaction: Meeting or exceeding customer expectations is the goal. Gathering feedback and ratings from project stakeholders helps gauge customer satisfaction, a strong indicator of project quality. User Acceptance Testing (UAT) Success Rate: In software and product development projects, UAT is a critical quality assurance step. Measuring the success rate of UAT phases ensures the project adheres to user requirements. Project quality directly impacts customer satisfaction and project outcomes. Next week, we dive deeper into the third set of KPIs – Resource Utilization and Reporting. Manage your projects in three clicks or less. Access a quick, video demo of Projectric’s key features now. Missed the first blog post in our Projectric Blueprint for Success for SMB’s series? Read it here. Learn more about Important KPIs and Metrics for Project Management here.

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The Projectric Blueprint for Success for SMBs: Ensuring SMB Project Success with Essential KPIs – Visibility, Performance, and Prioritization

Project Management / admin

For Small and Medium Businesses (SMB), navigating through resource-constrained projects demands more than just determination; you need a compass. Welcome to Blog #2 of our series, where we explore the essential Key Performance Indicators (KPIs) that guide SMBs towards project success. Join us on this voyage as we unveil the foundational KPIs that will help you not just survive, but thrive, in the realm of SMB project management. Unveil the foundational KPIs that will help you not just survive, but thrive, in the realm of SMB project management. KPI #1: Visibility – Keeping Stakeholders Informed Project success hinges on transparency and effective communication. Ensuring that all stakeholders are well-informed and aligned with project progress is critical. Maintaining visibility into the project’s status is your first step towards success. Project Dashboard: A central project dashboard provides a snapshot of project data, milestones, and status updates to keep all stakeholders informed and aligned. Real-time Updates: Keeping project data up-to-date and accessible is crucial. Real-time updates allow for quicker responses to issues or changes. Issue Resolution: Efficiently resolving project issues is a hallmark of project visibility. Monitoring issue resolution ensures that potential roadblocks are swiftly removed, enabling the project to move forward seamlessly. KPI #2: Schedule Performance – Navigating Your Project’s Journey Staying on schedule is a critical aspect of project management. It helps you manage resources effectively and ensures that you meet your project’s milestones and objectives on time. Project Schedule Variance (SV): SV measures the difference between your planned schedule and the actual progress. A positive SV indicates that the project is ahead of schedule, while a negative SV signals delays. Milestone and Task Completion: Tracking the completion of key milestones and tasks against your project schedule helps you identify areas that require additional attention and ensure that your project is progressing as planned. KPI #3: Prioritization – The Path to the Project Efficiency Prioritization is your path to achieving efficiency in project management. It helps you focus on what matters most, allocate resources wisely, and avoid distractions. Project Scoring: Scoring in project management uses numerical values to assess how well a project is meeting its planned targets. It compares forecasted and actual scores to evaluate performance in areas like cost, schedule, quality, and risk. By comparing these scores, project managers can make informed decisions about project prioritization, helping allocate resources and attention strategically for maximum efficiency. Critical Path Analysis: Identifying the critical path tasks within your project helps you understand which tasks are most critical for on-time project completion. Prioritizing these tasks is paramount. Resource Allocation Optimization: By optimizing resource allocation, you can ensure that the right resources are assigned to tasks in line with project priorities. This eliminates resource bottlenecks and prevents work from piling up. Staying on schedule helps you manage resources effectively and ensures that you meet your project’s milestones and objectives on time. Next week, follow us as we dive deeper into the second set of KPIs – Cost Performance, Scope Management, and Quality Metrics. Manage your projects in three clicks or less. Access a quick, video demo of Projectric’s key features now. Missed the first blog post in our Projectric Blueprint for Success for SMB’s series? Read it here. Learn more about Important KPIs and Metrics for Project Management here.

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The Projectric Blueprint for Success for SMBs: Top Eight KPIs and Metrics

Project Management / admin

As a Small and Medium-sized Business (SMB), every resource matters, and efficiency is paramount. That’s why the use of our 8 Key Performance Indicators (KPIs) is a game-changer. These KPIs not only streamline project management but also help you maximize resources and productivity while safeguarding profitability. From maintaining project visibility and staying on budget to efficient resource utilization and robust reporting, our KPIs provide the blueprint for SMBs to thrive in an environment where every dollar, hour, and effort counts. By implementing these KPIs, SMBs can optimize their project management practices, enabling them to do more with less and elevate their competitiveness in the market. In the coming weeks, we will publish a series of blogs and social content diving into the following eight KPIs and Metrics. When it comes to managing projects, success is not just about one single factor but a dynamic interplay of multiple assets. We need an umbrella approach that encompasses various Key Performance Indicators (KPIs) to ensure that our projects stay on track and deliver the desired outcomes. Let’s take a closer look at the 8 key KPIs that make up the Projectric Blueprint for Project Success: Successfully managing projects requires an umbrella approach that encompasses various KPIs to ensure our projects stay on track and deliver the desired outcome. 1. Visibility: Keeping Stakeholders Informed Project visibility is the cornerstone of effective project management. It ensures that all stakeholders are informed, aligned, and have a clear understanding of the project’s status. A central project dashboard, real-time updates, and swift issue resolution collectively enhance visibility and keep potential roadbloacks at bay. 2. Schedule Performance: Navigating Your Project’s Journey Staying on schedule is vital. Project Schedule Variance (SV) and milestone/task completion metrics help keep your project’s journey on the right track. These KPIs guide you in managing your resources efficiently and ensuring on-time project completion. 3. Prioritization: The Path to the Project Efficiency Effective prioritization is the key to achieving project efficiency. Creating a priority matrix, understanding the critical path, and optimizing resource allocation are essential elements in this umbrella positioning. They help you focus on high-priority tasks and ensure that resources are wisely allocated. 4. Cost Performance: Staying on Budget Keeping a project within budget is not just a financial concern; it’s a matter of project integrity and efficiency. Cost Variance (CV) and managing resource allocation in alignment with the budget are essential KPIs in this regard. 5. Scope Management and Change Control: Navigating Scope Changes Scope management and change control are the sentinels guarding against scope creep. The number of change requests, change request approval rate, and meticulous scope documentation help in navigating scope changes while maintaining focus. 6. Quality Metrics: Ensuring Deliverable Excellence Quality is a non-negotiable aspect of project management. Defect density, customer satisfaction, and User Acceptance Testing (UAT) success rate are vital KPIs in ensuring that your project delivers excellence and meets or exceeds stakeholder expectations. 7. Resource Utilization: Maximizing Efficiency Efficient resource utilization–whether it’s human, financial, or physical–is the linchpin of project efficiency. Monitoring resource utilization rate, optimizing resource allocation, and analyzing workload distribution help ensure resources are used to their fullest potential. 8. Reporting: Communicating Progress and Issues Effectively The ability to communicate project progress and issues effectively is at the core of project success. Regular progress reports, customized reports, and tracking issue resolution enable robust reporting that keeps stakeholders informed and decisions well-informed. Communicate project progress and issues effectively with regular progress reports. In project management, success is a multifaceted gem, and each of these KPIs plays a critical role in its realization. By adopting the Projectric Blueprint for Project Success, you’ll be better equipped to proactively manage your projects, ensuring they stay on track and achieve their objectives, Next week, we will dive deeper into the first three KPIs–Visibility, Performance, and Prioritization. Stay tuned! Manage your projects in three clicks or less. Access a quick, video demo of Projectric’s key features now.

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Project Management Office (PMO) Facts and Figures Illustrated

Project Management, Project Portfolio Management / admin

What Does a PMO Do? A Project Management Office (PMO) is a group or department within an organization that establishes and implements best practices and maintains standards for project management, planning, and execution. The PMO strives to standardize best practices and introduce economies of repetition in the execution of projects. It also is the source of documentation, guidance and performance metrics. As a Project Portfolio Management Software company, we just might be the world’s biggest fan of the PMO! We think methodical project management, planning, and execution is an absolute necessity for project success. Inspired by research by the Project Management Institute (PMI), the infographic below contains a summary view of relevant facts and figures concerning the Project Management Office that support the importance of the PMO in your Project Portfolio. The infographic includes information on: Percentage of firms with PMOs How greater PMO capability leads to greater performance The average number of projects worked each year by organization size Top five PMO priorities and challenges The difference between low and high performers’ effectiveness Source: PM Solutions, State of the PMO 2016 Research ReportRead our Definitive Guide to Project Portfolio Management to chart the course to more successful projects. If you’re interested in learning about our solutions, contact us, or request a free demo.

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Understanding Project Software Acronyms

Project Management / admin

Quick Take: Project Management jargon can be difficult to wrangle Understand what PM, PM (not a typo), PMP®, PgM, EPM, PMO, PMBOK, and PPM mean PM can mean Project Manager or Project Management Project Portfolio Management (PPM) enables organizations to place a framework around project management that enables them to effectively manage projects, no matter how small or large Get Up to Speed on the Lingo When your organization realizes it is time to find and apply a management software for ongoing projects, you might become quickly overwhelmed. To start with, there are several popular acronyms concerning project management that you’re likely to run into: PM PM (not a typo) PMP® PgM EPM PMO PMBOK PPM Let’s take each of these in turn. Project Manager (PM) PM can mean Project Manager, as in, “I’ll have to ask my PM if they can crash the schedule.” The PM is the person responsible for ensuring that the project produces the approved scope (stuff that needs to get done) in a set period of time with the agreed upon resources. Project Management (PM) PM can also mean Project Management, the process of running effective projects. (Confused yet?) Projects are endeavors that are unique—not part of the normal operation of an organization—temporary, have a defined beginning and end, a defined scope, and resources, both human and otherwise, that are dedicated to the project for a set period of time. Project Manager Professional (PMP) A PMP is a project manager who has received a PMP certification from the Project Management Institute (another acronym: PMI). According to PMI, a PM with a PMP is skilled in People: emphasizing the soft skills you need to effectively lead a project team in today’s changing environment. Process: reinforcing the technical aspects of successfully managing projects. Business Environment: highlighting the connection between projects and organizational strategy. Program Management (PgM) PgM can mean either Program Management, the practice, or Program Manager, the person who manages programs. In any case, PgM involves managing several related projects, known as a progam. PMI defines a program as “a group of related projects managed in a coordinated manner to obtain benefits not available from managing them individually. Program management is the application of knowledge, skills, tools and techniques to meet program requirements. Organizations with mature program management are far more successful than those without it, according to our research.” Enterprise Program Management (EPM) Wikipedia has a good description of Enterprise Project Management. It is “the field of organizational development that supports organizations in managing integrally and adapting themselves to the changes of a transformation. EPM is a way of thinking, communicating and working, supported by an information system, that organizes enterprise’s resources in a direct relationship to the leadership’s vision and the mission, strategy, goals and objectives that move the organization forward. Simply put, EPM provides a 360 degree view of the organization’s collective efforts.” Project Management Office (PMO) PMO could mean Project Management Office or it could mean Program Management Office. We’ll stick with the first meaning. Wikipedia defines a PMO as “a group or department within a business, government agency, or enterprise that defines and maintains standards for project management within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects. The PMO is the source of documentation, guidance and metrics on the practice of project management and execution.” Project Management Book Of Knowledge (PMBOK) The PMBOK is the project manager’s bible, produced by PMI and used by millions of PMs across the globe. PMI says that the guide represents good practice for most projects most of the time. Its contents are based on consensus among project management experts. Wikipedia says the PMBOK “overlaps with general management regarding planning, organizing, staffing, executing and controlling the operations of an organization. Other management disciplines which overlap with the PMBOK Guide include financial forecasting, organizational behavior, management science, budgeting and other planning methods.” Project Portfolio Management (PPM) One very effective way to corral all the acronyms and place them in a practical framework is called Project Portfolio Management. This technique enables organizations to place a framework around project management that enables them to effectively manage projects, no matter how small or large. Managing with PPM is quite different from other techniques. One of the biggest emphases in PPM is making sure that: The right projects are selected At the right time Aligned with the organization’s needs and strategies With the right resources available Planned and resourced for success And that subsequently deliver the right outcomes PPM starts by dividing the work into projects, portfolios, and sometimes programs. A portfolio is a collection of projects or programs or activities that have some characteristic in common. They may be sponsored by the same stakeholders, or are aligned to solve similar problems, or otherwise make sense to group into a portfolio. Using Project Portfolio Management PPM is a comprehensive way to effectively manage all the projects, programs, and profiles in your organization using PPM software. To further delineate the difference between project management, program management, and portfolio management, let’s dive a little deeper into these processes and the software that can support them. Project Management The basis of PPM is good project management. Project management focuses on the care and feeding of one or more projects. Definition: Project management is the process that ensures projects achieve the desired objectives set out in the project charter. Process: Initiate the project Develop a plan Control the project activities throughout its lifetime Complete the project according to the approved plan Close the project on time and within budget Software: Project Management software involves tools that organize day-to-day project planning, tracking, and monitoring. This type of software has features such as milestones, Gantt charts, budgeting, calendars, and timesheets. Project management software significantly improves collaboration, increases clarity, and helps teams stay on task. Program Management Many organizations use Program Management in which several similar projects are gathered under the same management. Definition: Projects in a program are managed a

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Death by Spreadsheet – Project Management In Excel

Project Management, Project Portfolio Management / admin

Quick Take: 750 million users of Excel worldwide Excel has some pluses: ease of use, availability, flexibility, and cost Spreadsheets have their place, but managing a portfolio of projects effectively is not one of them Project Portfolio Management (PPM) requires a governance model and controls with an integrated workflow Projectric Project Portfolio Management software avoids all the negatives of not only spreadsheets, but also of overly-complex, feature-heavy PPM solutions Excel Conquered the World Microsoft estimates there are 750 million users of Excel worldwide. And it is no wonder—spreadsheets are a handy tool. But is Excel where you should be managing projects and project portfolios? We think the answer is a hard no! There are so many reasons, it’s hard to know where to start to delineate them. But first, let’s examine Excel as a project management platform. Benefits of Spreadsheets for Project Portfolio Management Spreadsheets are the project tracking and project portfolio management tool of choice for many organizations because of: Ease of Use—Most business people already know how to create spreadsheets or could learn very quickly. Availability—Spreadsheet applications are on almost every laptop and PC, just a click away. As a result, they have become a standard form of communication for business. Flexibility—Spreadsheets allow non-technical people to do things they never thought possible without learning a programming language. Cost—Because spreadsheets are typically already installed on most laptops and PCs, and creating a spreadsheet can be very fast and easy, they have very low start-up costs, if any. Spreadsheets offer a very quick, adaptable and inexpensive way to create a project inventory list from scratch. From there, it’s an easy step to grow the use of spreadsheets to try to manage projects. You can create spreadsheets of your project backlog, spreadsheets of active projects, and spreadsheets of finished projects. It doesn’t stop there. You can also create additional spreadsheets for resource lists with availability projections and spreadsheets of project plans. Some project managers even create project scope statements and other documents in spreadsheets. It’s easy to see why many project managers run their projects with Excel. How To Manage Project Portfolios With Spreadsheets In many organizations, projects are organized into Project Portfolios. A benefit of this technique is generally an improvement in the organization’s ability to monitor and guide projects. Portfolios are often managed with applications that are known as Project Portfolio Management (PPM) software. Implementing PPM on spreadsheets generally means you’ll be creating multiple spreadsheets, perhaps dozens or hundreds if your organization is large. Once lots of project spreadsheets have been created, the issue becomes how to update the information they contain. The information needs for decision-making frequently change as the project progresses through the lifecycle. For example, while the project is still in the pipeline—pre-launch—it is important for project managers to prioritize when projects are ready to launch. PMs must understand project alignment characteristics, value, the requested due date, and the estimated start date. And change all of these values manually. This can result in cascading changes in current and backlog project spreadsheets. Once the project is initiated, the PM’s overarching concern is each project’s health, progress, and likely finish date. These pieces of information require manual changes to the relevant spreadsheets. Certain functions in the project decision process do not lend themselves to a project list format. Thus, more spreadsheets are required. For example, if a scoring model is used for value assessment, this typically requires a different spreadsheet with different requirements. Spreadsheet growth can also be driven by resource availability tables which typically need to be viewed both by resource and by project. True Project Portfolio Management requires a governance model featuring controls and an integrated workflow. Having a defined process with decision points and requirements for movement from one stage to the next allows an organization to remain in control, be consistent, and make improvements. Spreadsheets were never designed to be able to implement a workflow, although a spreadsheet guru might be able to do so. However, this is rarely done for a PPM implementation due to the large amount of manual effort required. Even if your spreadsheet guru is up to the task, is this really worth the effort and time to maintain? All changes are manually entered or altered. That’s a big problem in spreadsheet project management. Hidden Costs of Project Portfolio Management by Spreadsheets Many costs associated with spreadsheets are not initially apparent. The large number of spreadsheets, the difficulty to collaborate and share information from these spreadsheets, and the fact that spreadsheets were not designed for certain PPM functions all drive up personnel and other costs. The resulting hidden costs include: 1. Wasted Time Spreadsheet users waste hours of time consolidating information from multiple spreadsheets and transferring selected information from one spreadsheet to another. Individual users also waste time trying to perfect their own view by resizing columns and rows, justifying text, and many other beautification activities that really don’t add value. With multiple spreadsheets and duplicative data, personnel waste time looking for and correcting inaccuracies in the data. Or worse, these inaccuracies never get corrected and create a risk to the organization. Often time is wasted when the spreadsheet builder has to explain the intricacies of their work so others can use it. This is further hindered by the differing skill levels of spreadsheet users. And, given the creators are constantly modifying their work, there is a constant need to explain the changes. 2. Inefficiencies Inefficiencies from spreadsheets occur in multiple areas. The preferred method of communicating spreadsheet information is usually to email them to others. In some cases, this is completed instantaneously; however, in other instances, there is a delay between when the spreadsheet was emailed and when it was opened. This leads to delays in work and decisions, and as a result, the information needed might not be available to a person when they need it. Emailing spreadsheets also leads to the potential for multiple versions of the same spreadsheet being updated independently and creating more inefficiencies

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5 Ways Project Portfolio Management Software Will Make You More Effective

Project Management, Project Portfolio Management, Project Portfolio Reporting / admin

Quick Take: Project Portfolio Management (PPM) software can dramatically enhance the success rate of your organization’s projects PPM software can forecast the success of your projects, provide your team with a centralized resource that enables visibility and insight, increase collaboration among your team, simplify the top-down management of project plans, and enable you to easily perform hindsight evaluation Projectric provides a top-down, detailed view of your portfolios, programs, and projects in a comprehensive centralized platform Managing Portfolios Are you tasked with ensuring the success of your organization’s portfolio of projects? Do you find that often your projects finish late or over budget? Are you having trouble deciding where to invest your organization’s time, budget and staff? If you’re answering yes to any of these questions, it is time to introduce a Project Portfolio Management (PPM) software solution into your organization. Intuitive and powerful PPM software will help you make sense of your organization’s full portfolio of projects and help ensure your success. With a PPM solution, you can stop guessing and start ensuring your projects are completed on time, within budget, and deliver ROI. Here are five ways a Project Portfolio Management software will make your more effective in your job: Forecast the success of your projects—Use customizable project scoring to align, prioritize, and select projects that achieve your organization’s strategic goals. Track workloads by resource and optimize by department or role. Perform what-if scenarios to forecast the outcomes of future projects. Provide your team with a centralized resource that enables visibility and insight into all project efforts, so you always remain on the same page and never miss a deadline again. Increase collaboration among your team—Clearly display valuable information via shareable dashboards and charts with customizable views. Use email notifications to instantly inform your team of project updates. Simplify the top-down management of project plans and issues so you can keep all projects across your portfolios on-time and on budget. Keep track of milestones that are coming due so your team never overlooks a deadline. Perform hindsight evaluation to assess the success of your efforts against your goals. Understand what types of projects are helping or hurting your bottom line so you can make better future decisions. Selecting a Project Portfolio Management Solution PPM solutions provide the visibility, control, and features needed to help your organization better manage projects and resources, and to be better equipped to meet future needs. Investing in a PPM software solution will enable you to meet the demands of your organization by laser focusing on the management of investments that deliver ROI. At Projectric, we provide a top-down, detailed view of your portfolios, programs, and projects in a centralized platform that delivers transparency across your organization. Using our signature Portfolio Intelligence methodology, you’ll analyze your initiatives throughout the project lifecycle—from proposal to completion. Our PPM solution will ensure your organization increases the value of the overall portfolio and meets strategic objectives across the enterprise—from IT to Operations to Finance to top management. Are you ready to better plan and execute on your portfolio of projects? Contact us today at [email protected] or request a live demo.

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