What is Strategic Portfolio Management? How can it help you with your project & program management?

*** Email us at Info@WesternPrinciples.com if you need help with your SPM and PPM ***

Strategic Portfolio Management is all about making sure you select and do the right programs and projects so that you can get the most benefit possible from your project investments and people.
A Strategic Portfolio Management system, like UMT360, will drive your return on investment up and reduce the waste and risk on your programs. It will also improve the outcome from waterfall and agile projects.
Western Principles can help you move beyond Project & Portfolio Management, and into Strategic Portfolio Management with an integrated suite of solutions from UMT360.

Strategic Portfolio Management systems provide for proposal intake at the program and project level, and selection through strategic alignment, along with budget and resource constraints. They allow for initiating projects in Tactical Project Management Systems (TPMs) – like Project, P6, Azure DevOps, and Jira - and then for aggregation back out of each. This provides visibility to key project and program milestones within programs and portfolios, so that you get a view of how your programs are working together so that you can meet your organizational targets.

A great example of a leading Strategic Portfolio Management system is UMT360’s Portfolio Manager. Let’s walk-through the lifecyle:

• The SPM cycle starts with Proposal Intake. In the intake process you define the project description, along with metadata that is used for reporting. Intake data may include alignment with business strategy, estimated costs and benefits, project delivery and commercial risks, and more. A proposal intake engine ensures you never waste a good idea.
• Then the proposal is evaluated against a weighted score card – ensuring an apples-to-apples comparison among alternatives. This will provide the ability to look at projects – as part of programs – objectively.
• As the model of a proposal takes shape, it will be important to understand the cost, benefit, and resource impacts of the proposal. The outcome of this is a cost model, a benefits model, and a resource model for each proposal.
• Each proposal will need to be part of a program. You define the programs and then associate each project within a program, based on the key milestones.
• Next, you will perform what-if analysis of proposed and in-progress projects and select a set of projects. Picking the right projects will help you save money by not spending on projects that are doomed to failures, and investing in projects that are more likely to succeed both as projects and as business programs.
• After projects are selected, resources can be assigned to projects in your tactical project management system. This is achieved with 2-way integration between the Strategic Portfolio Management system and the Tactical Project Management systems.
• Once projects are defined; you can take a snapshot of the project budget and milestones to capture baselines so variance can be tracked to completion.
• In addition, you will track project financials and resource plans. Ultimately, the cost model and cost controls can help you save 10-15% on the cost of your programs and projects.
• In addition, with a Strategic Program Roadmap, you will see how one project’s variance may impact other projects. With insight into project relationships you can drive great decisions that ensure programs are delivered successfully, and you get all the benefits you wanted.
• Throughout your program and beyond, you can track the actual benefits against your forecast benefits created for the business case with a Benefits Realization Management system.

In Western Principles’ experience each of our customers has unique needs – stemming from the specific Tactical or Project and Portfolio Management system they have in place, the types of projects they are doing, and the maturity of their strategic project management.
Ultimately, the right solution is to have a Strategic Portfolio Management system integrated with a set of Tactical Project Management systems.
Western Principles can work with you to create a roadmap to help you understand your current situation and how and when to move from where you are today, to where you will need to be in the future. We also have the skills to help you execute on this plan and improve your portfolio management delivery results.

Western Principles understands project and program management. We can help you with technical services, business process services, and training services for the implementation, configuration, customization, extension, integration, enhancement, and deployment of UMT360 as your strategic portfolio management solution.
Let’s get started together. Visit us on the web at www.WesternPrinciples.com, call us at 1-800-578-4155, or email us at info@westernprinciples.com.
We look forward to helping you.

Also - check out https://www.umt360.com/

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