7 steps for Portfolio Management improvements provides 7 basic and simple checks to get insight about your project, resource and assets investments and help you in improving their performance
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PPM Studio: 7 Steps For Projects Portfolio Improvement
1. www.ppmstudio.com
PPM Studio Webinar
7 checks to improve your Projects
Portfolio Performance
(04-Mar-2009, 11.00 AM EST)
Presenters:
Deepak Goel (Product Manager)
(Deepak_Goel@semanticspace.com)
2. www.ppmstudio.com
Agenda
Company Overview
Identifying hidden issues in Projects Portfolio
Corrective measures to address PPM Issues
PPM Studio Product Demo
Organizational Benefits
Q&A? Thanks for joining us!!
The session is for 1 hr
Audience will be muted during the session
Please post your queries through chat, all the queries will be
answered during Q&A after the session
The presentation slides will be uploaded on our website after
the session
Instructions
3. www.ppmstudio.com
Semanticspace Technologies LimitedSemanticspace Technologies Limited
• In business since 1997 with an annual revenue of $100 Mn, 1200
employees, 10 offices in 7 countries.
• Our Offerings
• Enterprise solutions
• QA & Testing services
• Product Engineering
• Packaged Applications
• Group Companies
• Arsin Corporation (Leading SAP Partner)
• Prolifics (Leading IBM partner)
• Microsoft Gold certified partner
• Delivered over 1000 mission critical applications to companies
ranging from startup to Fortune 100.
4. www.ppmstudio.com
Project Management Statistics
The main IT project failure criteria identified by the IT and
project managers were:
Missed Deadlines (75%)
Exceeded Budget (55%)
Poor Communications (40%)
Inability to meet Project Requirements (37%)
Lack of Planning (39%)
Poor Quality Control (35%)
5. www.ppmstudio.com
Check 1: Project Governance
• Defining Business Goals
• Ranking Business Goals
• Ranking Projects against
Business Goals
• Evaluate Projects based on
strategic alignment, budget
required, risk involved, IRR and
NPV
• What-if analysis to evaluate your
projects selections
6. www.ppmstudio.com
Check 2: Project Management Framework
• Project Planning
• Task Planning
• Team Planning
• Project Scoping and Change
Management
• Risks and Issues Management
• Project Cost Management
• Communication Management
• Stakeholder’s Management
• Project performance monitoring
by KPI’s
7. www.ppmstudio.com
Check 3: Optimizing Resource Management
• Advance Resource Capacity
Planning
• Resource allocation by Project
Technology and Competency
Requirements
• Resource Utilization by skill, by
role, by department
• Timesheet Management
9. www.ppmstudio.com
Check 5: IT Asset Management
• Building a centralized
Asset repository
• Identifying the needs of
assets in advance
• Assets investment
evaluation
• Saving cost on non-utilized
assets
10. www.ppmstudio.com
Check 6: Process Automation
• Defining Standard
processes and practices
• Automate manual
processes into automated
processes
• Enforcing quality measures
or hard stops on process
gates
• Following best fit process
methodology for different
project types
11. www.ppmstudio.com
Check 7: Knowledge Management
• Building a centralized
knowledge repository
• Encouraging PMO to define
processes, templates and store
them in knowledge repository for
organizational use
• Submitting Projects data, best
practices, lessons learnt to
Knowledge repository for future
reference
• Referring Knowledge repository
for past experiences while
initiating new project
Having a Project Governance process in place will help organization in seeing all project requests in centralized system, where the projects can be evaluated against business goals, strategic alignment, competing investments, prioritization of projects, and keeping the projects investments in limited budget etc.
There could be multiple techniques which can be applied to establish a project governance process which can start with basic review and approval of project request with project approver and stakeholder’s to evaluate a project request among all projects requests based on business value indicators e.g. Project Ranking, Strategic value, Net Present Value, Internal rate of Return etc.
Project Governance helps organizations in identifying, selecting and executing most important and critical projects among 100’s of projects requests.
In today’s environment, in most of the organizations PMO is primarily focused on task planning and project schedule management and other parameters of project management been deferred till the time they won’t become bottle neck to the project.
A successful project delivery can be ensured by having a basic PMO framework which will be equally focused on client needs and deliverables, project schedule, possible risks identification and mitigation planning in advance, also timely issue management.
A structured change management where any change to project scope after base-lining should go through stakeholder’s approval with possible impact, origin and importance of change.
The another area where PMO should be focused is on Project Costing and budgeting, the cost could be incurred on project from various dimensions e.g. resource cost, asset cost and miscellaneous cost like adhoc expenses. Any project change shall be evaluated against direct and in-direct cost impact. The project cost shall be tracked against timeline, project profitability or within budget limits.
The tracking of various listed attributes could be made easy by mapping them with key performance indicators, visual indication of project health helps project managers in observing the signs in early stages and taking the corrective action on time.
Automated communication and alarms on deviation from project objectives would help in keeping stakeholder’s informed and mitigating any risk.
The biggest challenge is resource utilization at organization level!!
Advance resource planning would help resource manager’s to identify resource needs by role, by duration, skill set etc. Resource manager’s can allocate resources to projects in advance which will give direct visibility on current as well as future resource utilization.
The projects teams will be benefitted by working competent resources on the projects. Resources can be shared or full time as per project requirements.
Timesheet update and approval could be followed to ensure time spent on work allocated and work performed. Timesheet will help resources and managers to ensure resource time been spent to right and allocated task.
Consolidation project cost data at organization level would help organizations in managing over all financials in terms or investments made in various projects.
The consolidation would help organizations in getting holistic view of organization costing in terms of projects costs, operational costs, expenses and strategic investments etc.
The cost tracking shall be viewed and analyzed from multiple dimensions e.g. Cost incurred by business unit or cost center, cost incurred vs. planned over timeline, cost incurred vs. revenue generation etc.
Many times organizations own good no. of fixed assets, those assets could have been procured, leased or rented.
Organizations made huge investment in asset procurement, but asset utilization is rarely monitored. Many organization who started focusing on asset usage tracking and idle asset inventory they are able to save upto 30% of their IT expenses spent on buying assets.
Process definition and automation is key success factor for stabilizing operations of any organization.
Processes or workflows defines a path or route for projects to move from one gate to another. Providing hard stops, checklists, SLA’s, authorization would help organizations in ensuring quality of delivery, timely response on requests, no process gaps, visibility and control.
The process definition and follow-up keep organization up to the mark on compliance rules as well as check on any governance issues.
The major challenge to the organizations have today is lack or accessibility of past knowledge base. Organizations execute projects on recurring basis but the lessons learnt from past projects been rarely used.
Organizations can improve a lot on their current project practices for project initiation, planning, estimation, scheduling, risks mitigation etc. by referring or reusing past project data. The usage of centralized knowledge repository would reduce the effort spent on various project activities also gives assurance towards better and consistent project management.