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project portfolio management software
- 2. • Install Project Portfolio Management (PPM) software • PPM is a software tool that helps in the effective management of projects and ensure organizations puts in the right projects and gets the maximum out of them
- 3. Initiation phase Planning phase Implementation phase Monitoring & control Closure
- 4. • First step in the life cycle • Conceptualizes the project • Appoint project team • Explores the need for the project • Set project office • Business case document • Feasibility study • Project charter
- 5. • Need for PPM software in the organization • To maximize business value of project investments • To analyze and manage projects. • To plan resource capacity • To manage resources, time, skills, and risks • To bring strategy to life • To balance multiple projects • Feasibility Study • There is an urgent need to pursue this project
- 6. • Identify resources and assign project tasks • Project manager prepares the budget and project schedule • Identify potential risks and how they will be managed • Create a communication plan • Develop a quality plan to ensure the PPM meets the minimum standards
- 7. Assemble the necessary hardware & resources Install the PPM software according to the plan Prioritize and manage project initiatives Team to remain focused on assigned responsibilities Link priorities to existing organizational objectives Train staff Focus on the realization of business benefits
- 8. Monitor tasks constantly to prevent scope creep Test the system in an ideal work environment Track disparities from apportioned time and cost Take corrective actions in the case of a disparity. Check key performance indicators This persistent vigilance will ensure smooth progression of the project.
- 9. Project finished Official hand over of the installed PPM software to the organization All stakeholders informed of the termination/ closure of the project Project review Note lessons learned future projects
- 12. • Institute, P. M. (2019). A Guide to the Project Management Body of Knowledge (PMBOK(R) Guide-Sixth Edition. Chicago: Project Management Institute • Kanda, A. (2011). Project management: A life cycle approach. New Delhi: PHI Learning Private Limited. • Westland, J. (2006). The project management life cycle: A complete step-by-step methodology for initiating, planning, executing & closing a project successfully. London: Kogan Page
Editor's Notes
- PPM helps in the maximization of business value through the selection, optimization, and oversight of project investments. help the organization to identify the most critical projects to implements based on the company’s objectives. It will also assist in the automating of processes and streamlining the planning, managing as well as delivery of every project.
- This project will take place in five distinct stages, namely, initiation, planning, implementation, monitoring and control, and closure. The initiation phase will identify the need for the project and set everything rolling. The planning phase will involve further exploration of the PPM or solution. Implementation is the actual execution of the project. The monitoring and control phase will include the checking of how the software works and correcting areas of differences. Closure phase will involve putting a halt to the entire project since the goal will have been met.
- Initiation is the first step in the life cycle of a project (Institute, 2019). Project initiators will measure the value and feasibility of implementing the PPM software. To undertake the process, managers will require two evaluation tools: feasibility study and business case document. Conceptualizes the project and evaluate its needs based on underlying problems.
- The role of the business case document is to justify the need for the PPM software in the organization (Kanda, 2011). A feasibility study, on the other hand, is necessary for the justification of the need to undertake the project (Kanda, 2011). For this purpose, a project charter is developed. It must cover key deliverables, mission, and vision of the project (Kanda, 2011).
- After the project has received the green light, the project team will need to have a solid plan to guide them on its implementation in time and within budget. This should include not only a guideline on the timing of the project but also a clear direction on the communication plan, financing requirements, hardware needs, and a quality plan (Institute, 2019). The project manager will coordinate the project budget and schedule preparation. A quality plan will be necessary to ensure the maintenance of proper standards through the project.
- The work outlined in the planning phase will be put to action in phase. Project implementation is the most energy and resources consumption phase (Kanda, 2011). The manager will need to monitor the work closely and constantly to ensure the project is implemented efficiently. Each and every stakeholder will need to get status reports regarding the progress of the project.
- As the team implements the project plan, they need to continuously monitor their progress by measuring their deliverables or achievements against set objectives (Westland, 2006). As the project manager, I will supervise the project and ensure the errors do not occur during the project implementation. The end game is to have a seamlessly working PPM software throughout the organization. Meanwhile, taking into account the quality of results will also help the team to make the essential improvements (Westland, 2006). Strict adherence to the budget will prevent unnecessary spending
- This will the phase in the integration of the PPM software. The organizational will official take over the software and decide to use it in the project management process. The team will also provide an overall review of the PPM system and draw valuable lessons for future projects. The project will be officially terminated because everything will have been completed and worked according to the plan.
- The work breakdown structure above provides a complete overview and outlines the scope of the project (installation of the PPM software in the organization. The process starts from the initiation, through planning, execution, control, and closure. As can be observed above, all tasks havce been broken down into their individual components to show a clear picture what it to be do at which phase.
- Key stakeholders of this project include the project owner, project sponsor, project manager, and the project team members, who include mostly a few organizational staffs. I am the project manager while the organization is both the owner and sponsor of the project. The interest of project manager is to achieve set targets and ensure the software is implemented accordingly and within the budget.