Portfolio Planning - configuration considerations in PPM ?

Project portfolio planning is the process of selecting and prioritizing a set of projects that align with an organization's strategic objectives. The goal of project portfolio planning is to ensure that the organization's resources (such as time, money, and personnel) are being used effectively to deliver the maximum value to the organization.

There are several reasons why organizations do project portfolio planning:

1. To align projects with strategic objectives: By aligning projects with the organization's overall goals, project portfolio planning helps ensure that the organization is focused on the projects that will have the greatest impact.
2. To optimize resource utilization: By selecting the right mix of projects, organizations can ensure that they are using their resources effectively and efficiently, rather than spreading themselves too thin or duplicating efforts.
3. To identify and mitigate risk: By considering the risks associated with each project, organizations can prioritize projects that are more likely to be successful and de-prioritize those that are more risky.
4. To improve decision-making: By considering a wide range of factors, such as the potential impact, risk, and resources required for each project, organizations can make more informed decisions about which projects to pursue.
5. To improve communication and transparency: By clearly defining the criteria used to select and prioritize projects, organizations can improve communication and transparency around project decision-making.

Overall, project portfolio planning helps organizations ensure that they are focusing on the right projects, using their resources effectively, and maximizing the value they deliver to the organization.

Configuration considerations

When configuring a project and portfolio management (PPM) tool to support project portfolio planning, a company should consider the following factors:

1. Integration with other systems and tools, such as enterprise resource planning (ERP) and customer relationship management (CRM) systems.
2. Customization and configuration options to meet the unique needs of the organization.
3. User experience and ease of use for all stakeholders.
4. Support for different types of projects, including agile, waterfall, and hybrid approaches.
5. Collaboration and communication capabilities, such as document sharing and discussion forums.
6. Security and data protection, including permission levels and access controls.
7. Scalability to support the organization's growth over time.
8. Mobile accessibility for on-the-go project management.
9. Reporting and analytics capabilities to track progress and identify issues.
10. Resource management capabilities to track and allocate personnel, equipment, and other resources.
11. Budgeting and financial tracking features to manage project costs.
12. Risk management tools to identify and mitigate potential issues.
13. Workflow automation to streamline processes and improve efficiency.
14. Customizable dashboards and views to allow stakeholders to see the information that is most relevant to them.
15. Support for multiple languages and regional differences.
16. Training and onboarding resources for new users.
17. Customer support and technical assistance.
18. Integration with other project management methodologies and frameworks, such as Six Sigma and Lean.
19. Support for international and cross-cultural projects, including time zone management and cultural sensitivity.
20. Project portfolio planning features, such as the ability to prioritize projects based on strategic objectives and resources, and to view and compare the potential impact, risk, and resources required for each project.

Video: Portfolio Planning in Cora PPM

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]