SoftExpert Project received improvements and now it is easier to manage project portfolio. This is why we have prepared this article explaining the relationship between projects and portfolio. We treat the importance of portfolio management and how SoftExpert Excellence Suite can help you with this task. Let’s go?
After all, what is project portfolio management?
It is very common to hear about Portfolio Management among project professionals. However, this concept is not always understood correctly. People often understand that portfolio management is about managing multiple projects at the same time. Or confuse portfolio management with some aspects of project management, handled by the PMBOK.
Project portfolio management is a concept that an organization must follow to achieve its strategic objectives. In the face of a portfolio with several possibilities, it is up to the Portfolio Manager to evaluate and select only those projects aligned with the strategies and that can add value to the business. In other words, this concept seeks to ensure that only “the correct work is done“.
The project management is already more connected with operational issues. Once you know what the right job to be done is, this discipline aims to ensure that the work “is done correctly“. It is the role of the Project Manager to allocate resources, control costs and deadlines in order for project objectives to be achieved.
Why should companies care about portfolio management?
Portfolio management allows companies to focus on only those projects that are relevant. At the same time, they save effort with dozens of unimportant projects.
This guidance is fundamental to preventing resource overload. This also helps prevent projects from being canceled because they are not feasible or produce very few results.
Projects that simply go into execution without well defined criteria, end up neglecting business strategies and generating a waste of resources.
Finally, the practice of portfolio management strengthens innovation projects in companies.
How does SoftExpert Excellence Suite simplify project portfolio management?
Looking at a portfolio of projects and deciding which ones will be selected has always been a challenging task, has it not? It is not always easy to determine how much each project can contribute to the company achieving its strategic objectives.
SoftExpert Project has received improvements and is now easier to select projects. In addition to simplifying Portfolio Managers’ day-to-day, the tool provides inputs that ensure greater decision-making security.
It’s easier than ever:
By creating different scenarios, it is possible to conduct analyzes and select only the projects or programs that are within the portfolio budget. Organizations will also be able to clearly visualize how investments are distributed across strategic goals.
SoftExpert Suite lets you compare scenarios and you can automatically select projects. It takes into account the project budget vs. the budget available in the portfolio.
Through analysis tools such as Efficient Frontier, Objective Vs. Budget and Dispersion, Portfolio Managers can identify which projects are more or less advantageous to the organization.
And what about your company? Can you select the relevant projects, simply and quickly and within the defined budget? Learn more about Project and Portfolio Management solution from SoftExpert.