subject: How To Use Project Portfolio Management Software [print this page] Any company that needs a tool to help them manage their projects more efficiently can do no better than utilize some form of Project Portfolio Management Software. It will vastly improve the planning and communication between project teams throughout a company. This software is capable of working out the best way of scheduling a project so that it works along with all the other projects to achieve the needs of the company whilst still allowing for any restrictions that there may be.
The analytical prowess of the software takes into account all aspects of a project. It will calculate the overall costings of a project and set the optimum times for investment, and by how much. It will determine the resources required to meet the project targets. It will then match these figures with other projects to see if and when resources could be shared, benefiting the company financially.
The most useful ability this software can offer an enterprise is the way that it treats projects as part of an overall company plan and not just as a stand-alone entity. This internal communication and collaboration feature is a move away from the resource draining days of when projects were allowed to run their own course. Many tools on the market constantly monitor all current projects in the organization from beginning to end to help improve processes and reduce costs.
Using this software all the different project management teams throughout the company can analyze the demands being put on core resources in real-time. The results from this can then be passed to the major stakeholders to make the strategic planning they feel necessary so there is always the skills and resources available when needed. Being able to utilize resources like this can only improve efficiency.
An in-built delivery management system can monitor the milestones of each individual project and match them with the planned delivery schedules. From this the project team can study a full audit trail of their project and analyze their successes and failures. An overview of these results can then be passed to the company executives for review.
Tools are available within the software to help a project manager structure the project planning in a more disciplined manner. This will help to create a standard throughout the company allowing project teams to work together and share information easier. Some software solutions go as far as to providing templates or a function that can import information from other sources easily.
PPM software has the ability to force the collaboration of information and the communication between project teams. Some feel that this feature makes the software invaluable. It allows for the use of a document management system and has the tools to track any updates. It can also help build solutions for businesses with more complicated requirements.
This type of software package can offer many other features that can help inter-project communication and the sharing of resources. These include tools that can build scenarios so the effects of projects on each other can be visualized, a risk management solution is there to advise of any possible risks, define them and suggest actions to be taken and a financial management tool. The financial management tool allows for the creation of budgets and monitor actual costs for all the projects.
