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What is Project Portfolio Management?
Project Portfolio Management (PPM) is a centralized management of projects followed by an organization. The projects involved can be different or same that does not matter but they are grouped under one umbrella that is a portfolio. A portfolio is used to manage any oversight and competing resources. The portfolio management within the project management includes the intake process of the project as well. The process includes in-depth management of projects, right from the identification of a potential project, its authorization assignment of project managers, high-level controls and finally the overall monitoring of projects to making sure that the projects and in sync with the business goals and strategies of the organization.
Uses of PPM
Some uses of PPM are as follows:
- PPM can provide alignment between an organization’s objectives and related projects.
- Using PPM can help to remove the biased idea of the “pet” project and have a neutral outlook towards the fair treatment of projects.
- The decisions are much easier to make with PPM during project conflicts.
- PPM can help to select the aligned projects to the business much easier helping to cancel or turndown the diverted ones.
- Using PPM has a more futuristic outlook for the bigger picture.
What is Kovair PPM?
Kovair PPM is a one-stop solution and through a single interface, it can provide a single platform to manage multiple aspects like budget, resources, schedules and the actuals.it adds greater value to the organization by eliminating the communication gaps by connecting planning to execution.
It helps to manage portfolios efficiently and can assist IT managers to make value-oriented decisions regarding management optimizing their project portfolios, the capacity of the resources against the demand raised and have equal attention to all the ongoing projects. This also provides strategic initiatives to choose the projects relevant to the business goals of the organization and provide profound visions into development.
The unique three-tire feature of Kovair Portfolio Management
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Project management
Managing portfolio online and hierarchy, aligning with business strategy and monitoring of portfolio health in real-time.
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Program management
Managing program hierarchy under portfolio by creating managing and monitoring. Aligning portfolio with various business units and the maintenance of project portfolio within the budget.
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Portfolio management
Creating plans, monitoring of projects with full visibility of the progress of the project in real-time. Completion of projects within budget scope and time.
Major capabilities of Kovair PPM
When Kovair PPM is implemented it improves the business goals of an organization, some of its major capabilities are:
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Program and portfolio management
Alignment of programs with the organization’s strategies, usage of program management modules for delivery of timeframes, key milestones, release dates and cross-organization communication. Defining of budgeted costs and benefits and then adjusting them with the actuals of the projects. Some important features of this module are:
- Planning of program.
- Tracking of the timeline for the program.
- Outlining of the budget for the program.
- Tracking of the budget which is based on the actuals of the program.
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Capacity planning, demand and resource management
The allocation of resources to their capabilities to optimize their time and value is the most essential strategy for any successful organization. One of the most useful features of Kovair PPM is capacity planning. It comes with the built-in resource forecasting feature which is based on the project plans formed by the project managers.
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Time tracking
The timesheet module of Kovair provides tracking of time efficiently that is necessary for the successful running of any project. the captured time can be compared with the planned hours and the productivity of the resources as well as the delays can be figured out.
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Managing projects ideas and proposals
The usual practice for each program in an organization is to float project proposals or ideas which are then analyzed to make a project pipeline to satisfy customers’ needs. Kovair PPM offers a collaborative intuitive platform to process these proposals into real projects.
The following flowchart shows the various stages of the proposal once it is approved.
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Managing proposal
With Kovair PPM a proposal can be prepared without any detailed project plan, it can prepare scope, resource management and estimated cost. The proposals submitted are always routed through a task-based workflow, they are lined up for reviewers from five various aspects such as technical, economical, operational, legal and schedule. Feedbacks and approvals are provided on these aspects, after reviewing all the inputs then it is finally approved by the portfolio manager.
The diagram below shows the workflow.
Some benefits of Kovair PPM
There are multiple benefits of Kovair PPM, some of the key benefits are mentioned below:
- It provides a collaborative setting for the projects to develop and execute.
- The task-based workflow helps in better monitoring of the process and project execution.
- It provides a wide spectrum of capturing and operating risks associated with projects.
- It has a wide range of options for the execution of projects with configurable platforms within a few mouse-clicks, some of them are:
- Waterfall
- Agile – Kanban
- Agile – Scrum
A large global networking company had issues regarding the integration of their tools for better management and communication. Kovair PPM integrated their two tools CA Clarity and Rally Dev to solve their problem, to know further please read the case study.
Conclusion
the implementation of PPM to organize business had become the need of this hour, as we are facing a global crisis of COVID19. More and more organizations are moving towards virtual offices it has become very important to invest in a proper PPM solution and Kovair PPM solution is the answer. With all its comprehensive user-friendly features it can help to organize projects and portfolios providing more ROI from businesses.
