Project Portfolio Management

vPMO - Portfolio Management Center (PMC)

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Introduction to Project Portfolio Management

Portfolio Management is a technique that is being increasingly used by companies as a way to systematically analyze their technology investments, including applications, infrastructure, projects, and vendors. It is a set of business processes that when consistently applied, allow an organization to select technology initiatives that return measurable value. Portfolio Management:

  • Enables IT organizations to identify and consolidate or eliminate unnecessary costs
  • Allows organizations to reduce risk by balancing their IT portfolio
  • Assists IT organizations in prioritizing initiatives and reallocating funding to support high value initiatives
  • Provides a consistent and repeatable process to evaluate, prioritize, and approve initiatives in line with business strategy and IT resource constraints.
  • Helps organizations leverage their investment in IT professionals by focusing on the highest business value initiatives.
  • Eliminates renegade initiatives and redundant projects, freeing resources for higher-priority work.

According to META Group, efficient management of the project portfolio can reduce IT spending by 10% to 40%. Using this metric, it can be extrapolated that an organization managing a $5 million IT budget is losing more than $40,000 a month due to redundancies. With a $15 million budget, the loss is more than $120,000 a month.

vPMO Component: Portfolio Management Center (PMC)

The Portfolio Management Center (PMC) component of the Virtual Program Management Office is designed to help organizations achieve optimal portfolio efficiency. The PMC supports a three-part process:

  • Step #1: Inventory and identify of proposed initiatives - A PMC initiative is a "mini business plan” which is created for each technology project. Each mini-business plan includes a project overview, risk management plan, proposed milestones, proposed team members, return on investment analysis, and a catalog of key contacts.
  • Step #2: Initiative Assessment and Evaluation - The inventory created in Step 1 is used to identify:
    • Low value investments
    • Duplicate Investments
    • Strong Investments
    • Resource Constrained efforts(finance, schedule, and human capital)

The organization is left with a prioritized investment plan that fully takes into account its business objectives and resource constraints.

  • Step #3: Resource Allocation Optimization - This process is a matter of acting on the assessment and prioritization steps. This can involve accelerating, delaying, combining, or canceling projects, reallocating staff, and making budget adjustments.

vPMO Common Features

  • Social Collaboration - Share critical information and create a socially enabled enterprise with vPMO's social feed. Think of it as a private collaboration space for your enterprise.
  • Revision Management - Allows the user to see all previous versions of all project data including author, modification date/time, attachments, and all other artifact data. 
  • Full Text Indexing - All data stored in the vPMO is full text indexed. Looking for information or a specific document, but don't remember where you saw it? No problem, just do a search!
  • Inline Feedback - The vPMO allows users to give "In-Line" feedback, for virtually any information, allowing for a real-time collaboration regarding project specifics.
  • ID Nesting - For artifacts that have a reference ID, the IDs can be stored in a hierarchical format. This can be useful in situations where there is a series of related artifacts.

System Integration

File Storage

While vPMO has its own integrated, revision managed, full text indexed file management system, there will be times when you organization wants to use a third party file storage system. Don't worry, we have you covered. vPMO can be configured to work seamlessly with both Google Docs and Dropbox.

  • Dropbox - Dropbox is a free service that lets you bring your photos, docs, and videos anywhere and share them easily.
  • Google Drive - Google Drive is Google's file sharing service. It enables you to easily access all your files on any device.

Data Publishing and Consumption

Data can be imported and/or extracted from vPMO using the following data interchange methods:

  • Integrated Project Reporting - Integrated project reports are paramount to understanding how your PMO is performing.  Our reports get you the data you need.
  • XML API - vPMO has a robust XML based API for exchanging data with external systems. This API can be utilized to import or export data from vPMO.
  • MS-Excel - For quick, ad hoc analysis, vPMO can export data directly to MS-Excel.
  • MS-Word - vPMO can produce exports in MS-Office format for publishing to external parties.
  • MS-Project - vPMO has a bi-directional MS-Project synchronization capability.

The screen shots can give you a better idea of the kind of problems this tool can help you solve.  There are efficiencies to be gained in your organization, and we are here to help you realize them!

Contact us to begin the conversation of how we can help you improve your project delivery capabilities.

Screen Shots: 
The Project Management Office Dashboard allows quick access to PMO data
Project Portfolio Management Center
Project Portfolio Management - Initiative Definition
Project Portfolio Management - Portfolio and Resource Planning with Scenarios
Project Portfolio Management Reporting - Intiatives by Sponsor Organization