Use Strategic Portfolio Management (SPM) to drive project and program delivery success

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SPM is the next wave in solutions to help Project Executives and the Project Management Office ensure that the right projects are selected into programs, and that good decisions are made to drive the right outcomes.
Today, project organizations have a broad variety of system choices:
• Tactical Project Management,
• Project & Portfolio Management, and
• Strategic Portfolio Management.
This video provides some education about each of these solutions to help you make the right choice.

WHAT ABOUT THE ERP?
Often, ERP vendors assume that they can manage projects better than best-in-breed Tactical Project Management systems. So, they build in their own Tactical Project Management System. These ERP-centric TPMs are typically clunky and tend to hinder rather than help a project’s performance.
In virtually every case, choose the best-in-breed TPM, PPM, or SPM over an ERP’s built-in capabilities.

TACTICAL PROJECT MANAGEMENT (TPM)
Tactical Project Management Systems on PCs first appeared back in the 80s. There were a few leaders that jumped into the market at that time – Microsoft Project, Primavera, and Asta PowerProject.
Today’s TPM systems or Work Management Systems include the classics and others like Planner, Project for the web, Jira, and Azure DevOps.
These new TPM systems are popping up because project teams are finding new and different ways to work.
There are two main problems with a TPM system:
First, they are stand-alone. If you have two or more projects going on, neither schedule knows of the other. So, it is easy to over-allocate resources.
Second, the Tactical Project Management system is typically built around a schedule. Cost controls, document controls, change management, and other similar critical tasks fall by the wayside to accounting systems, directory structures, spreadsheets, paper documents, email, and the waste bin.
PROJECT & PORTFOLIO MANAGEMENT (PPM)
As time marched on into the 21st century, the biggest TPM companies started rolling their TPM solutions into Project & Portfolio Management systems. In this model, all project managers use the same Tactical Project Management system to plan and track projects, and information from each project rolls up for reporting for the Project Management Offices and Project Executives.

But there are two problems. The PPM systems all assume that:
1) First of all, you “own” the work – it is all self-performed and you control the projects. The truth is that many organizations will contract work out, for example as a turn-key delivery from a contractor. In this case, the contractor has the control over the schedule.
2) The second problem is that you need to use the Tactical Project Management system that is part of the PPM. At one point in time, that made sense. But, as we said earlier about Tactical Project Management systems, we see many new entrants in this market, and new ways of doing work. If it ever was feasible for everyone to use the same Tactical Project Management System, it is certainly no longer practical.

STRATEGIC PORTFOLIO MANAGEMENT (SPM)
SPM 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, 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 and meet your organizational targets.
Strategic Portfolio Management systems allow you to do things better.
• Now you can separate the proposal and investment decisions analysis from a concern about how projects will be planned and executed.
• Now you can let project managers use the Tactical Project Management system that best fits each of their individual needs.
• Now you can roll-up project, program, cost, resource, and roadmap information into a single source of truth – allowing the project management office and project executives visibility into key performance indicators and the ability to gain insights and make decisions that will drive true enterprise success.
A great example of a leading Strategic Portfolio Management system is UMT360’s Portfolio Manager.

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, program, and project delivery results.

Western Principles understands project and program management.
Visit us at htttp://www.WesternPrinciples.com, call us at 1-800-578-4155, or email us at info@westernprinciples.com.

Видео Use Strategic Portfolio Management (SPM) to drive project and program delivery success канала Project Management Tips by North Highland