Efficient forecasting in project management - configuring PPM to help ?

There are several key factors that can contribute to efficient forecasting in project management within a PPM software tool:

1. Accurate data: The accuracy of your forecasts will depend on the quality and timeliness of the data that you use. Make sure that you are using reliable data sources and that you are capturing all relevant information.
2. Robust modeling: The forecasting model that you use should be based on sound assumptions and should be able to handle a wide range of scenarios. Consider using multiple models or scenarios to test the sensitivity of your forecasts.
3. User input: Involving key stakeholders in the forecasting process can help to ensure that the forecasts are realistic and based on a shared understanding of the project.
4. Regular review: Regularly reviewing and updating your forecasts can help to ensure that they remain accurate and relevant as the project progresses.
5. Integration with other tools: Integrating your PPM software with other tools, such as financial management systems or project management software, can help to improve the accuracy and timeliness of your forecasts.

Overall, the key to efficient forecasting in project management is to use a combination of accurate data, robust modeling, user input, regular review, and integration with other tools to produce reliable and actionable forecasts.

Cora Masterclass Video: Key to efficient forecasting in project management

Video Summation: Projects by their very nature, require us to forecast and make predictions and estimates. Unfortunately, many project estimates are more like “guess-timates” as they are not underpinned by realistic assumptions.

What is the impact of forecasting on a portfolio?

If organizations can improve forecasting on individual projects, there is a positive bottom-up impact on the program and on the portfolio. A focus on forecasting has a positive impact on supporting resource management, demand management, developing accurate baselines, better analysis of variance, all of which optimize spending and investment and drive more successful strategic business outcomes.

We can improve forecasting by utilizing enterprise PPM tools which manage all project data from concept to closeout. Enterprise PPM tools also enable organizations to benchmark against previous baselines and historical project data. A recent study by PwC found that 30% of project failures are due to resource-related challenges.

The foundation of analyzing your adequate resource requirements is based on your forecasting capability.

Considerations when forecasting in project management

Questions we should be asking to improve the forecasting capability within a project environment are as follows.

1. Do you have a realistic forecast of all project work within the project, program, and portfolio?
2. Have you identified resource bottlenecks across multiple projects within individual programs?
3. Are your estimates underpinned by realistic and valid assumptions?
4. When forecasting, do you use tools such as “three-point estimating” to get more balanced and objective baselines?

 WHY CONSIDER CORA PPM (www.corasystems.com)

There are several reasons why someone might want to consider Cora PPM over the alternative options:

Unique features: Cora PPM offers features & capabilities that are not available in other tools, which would make it a better fit for your organization's needs.

Ease of use: Cora PPM is more user-friendly and easier to learn than other tools, making it a much more attractive option for organizations with limited training resources, larger user communities, or higher levels of staff turnover.

Customization & Configuration options: Cora PPM allows for more customization and configuration flexibility than other tools, which is a major advantage for organizations with specific or unique requirements.

Strong customer support: Cora offers excellent customer support, including training, onboarding, and ongoing technical assistance on a 7x24x365 basis, which would make your PPM tool a more appealing choice for organizations that value a high level of support and may need it to support global teams

If you would like to discuss Cora PPM, and our SPM (Strategic Portfolio Management) please drop me a note. 

Alan Crean | Project Financials, Systems, & Technologies Specialist | Cora | [email protected]