For most service departments the demand for new projects can occasionally outweigh the department’s capacity to do them. Whether it’s due to financial or skills constraints sometimes a project manager just has to say “no.”

Saying “no” is the easy part, it’s the deciding who and when to say “no” that is the actual challenge.

This is why a portfolio management system is essential to an organization, whether basic or advanced depends on the value of the projects being proposed and or undertaken by the department, but some form of system to track and evaluate these projects is required for the successful completion of the projects.

Projects that bring the highest return on investment from the limited resources available should be moved forward. Projects that drain resources and use up the budget should be at the very least be put on hold, or discarded altogether.

Strategic Project and Portfolio Management

Idea Generation and Identification

New ideas are possible projects that could improve or replace an inefficient business process and that your company may intend to execute but still needs to be evaluated. Each new idea should be described by a set of defined properties such as objectives and alignment with organizational goals, risks, and benefits.

Ranking

New idea evaluation includes receiving input from key executive decision makers. A custom set of ranking metrics can be defined for each portfolio enabling key decision makers to individually rank each idea.

Business Case

A business case should be built based on the estimated duration, resource requirements and criteria specific to your organization. Impartial scoring of new ideas can be defined by business priority, project strategy, risk, and ranking criteria.

Capacity Planning

Real time management allows you to compare new ideas and active projects, view time distributed resource availability, and budget allowances. This requires the knowledge of available resources and their current and future workloads.

Investment Analysis

Evaluate current and potential allocations of financial assets then choose allocations that best fit your company’s needs and goals.

Portfolio Control

Compare portfolio objectives to actual results with charts and dashboards.

Functional Project and Portfolio Management

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On-Going Operations

Budget and define your maintenance and support projects. Review time charged and dollars spent to ensure on-going processes are executing successfully or a new project may be created through idea identification and registration.

Project Management

Define projects by planning, organizing, and managing deliverables, resources, and cost items to ensure a successful outcome. Identifying duplicate deliverables across projects  can address resource and cost issues.

Resource Management

Functional, composite, and matrix resource management structures and soft assignments by role (organizational area, job classification or skill set).

Risk Management

Track project risks, set contingencies, define mitigation, and set workflow if necessary. Use Monte Carlo simulation to create appropriate project buffers and plan for unforeseen events that might have an impact on the schedule.

Change Management

Control, plan, and manage change requests. Scenarios simulation to compare duration, scope, costs, and resource requirements based on change requests.

Budget Management

Oversee budgets and costs by comparing planned to actual costs, identifying and managing changes.

Execution Project and Portfolio Management

Expense Management

Capture and approve expenditures from resources. Track expense reports in real-time either online in an expense tracker or in an accounts program.

Time tracking

For up-to-date project progress team members should track their effort into a timesheet that conveniently displays all assigned tasks across multiple projects. Team members should track actual and estimated hours for each assignment.

Demand Management

Identify a new idea or project demand based on criteria unique to each portfolio using pipeline management (the process of continually evaluating your active projects (from prospects to booked customer) for their balance of QUANTITY and QUALITY).

Issue Management

Identify project or task issues, assign responsibility to a resource, track resolution progress, and automatically pinpoint lessons learned.