Projects portfolio management (PPM) is a strategic process that organizations use to align project investments with business objectives. The goal of PPM is to select the right mix of projects that will maximize value for the organization.
PPM is a decision-making process that helps organizations prioritize and select the projects that will have the most impact on the business. The goal of PPM is to ensure that organizations are investing in the right mix of projects and that these projects are aligned with the organization's strategic objectives.
Oraroo can make PPM a critical function in organizations because it provides a framework for making decisions about which projects to invest in and how to allocate resources. PPM helps organizations to make informed decisions about which projects will have the greatest impact on the business and which are most likely to be successful.
Projects portfolio management is a process that can be used by organizations to improve the alignment of their project investments with their business objectives. PPM can help organizations to make better decisions about which projects to invest in and how to allocate their resources. By using PPM, organizations can improve their chances of success and maximize the value of their project investments.
Few projects are executed without some kind of planning. The amount of planning necessary depends on the size and complexity of the project. For small projects, a few notes on a whiteboard or in a notebook may be sufficient. Larger, more complex projects require detailed documentation in the form of project plans.
In Oraroo, creating a project plan involves the following basic steps:
1. Define the scope of the project. This includes identifying the deliverables, or what the project will produce, and the required activities that are needed to be executed for this purpose.
2. Assign resources. This includes identifying who will work on each deliverable and what equipment or materials they will need.
3. Create a schedule and budget. Considering the availability of resources, dependencies between activities and estimated efforts and costs for each, the project team can identify when each deliverable will be completed, and how much will it cost.
4. Create a risk management plan. This includes identifying potential risks and how to mitigate them. Oraroo cannot eliminate all risks, but it allows project managers to quickly understand whenever the delivery capacity of the project team is affected by external factors such as absences, delays on other projects or changes in priority against other projects.
As such, project plans can be created using Oraroo in a clear, concise, and easy to understand manner. Once the project plan is created, it can be easily shared with the management, to get approvals and buy-in.
Once the project approved, the project manager can review the project plan with the team and ensure that everyone understands their roles and responsibilities, establish a communication plan and monitoring processes.
Monitoring Company's Projects
As your business grows, so does the number of projects and project managers. Trying to keep track of all these projects and managers can quickly become overwhelming, especially if you're still using spreadsheets or email to manage everything. This is where centralized project management software such a Oraroo comes in.
Oraroo gives you a single place to track all your projects evolution and performance, and provide a high level overview of team allocations, their workload and actual effort spent. This not only makes it easier to have a comprehensive view on all your projects progress, allowing to bring the entire organization on the same page, but also makes it easier to identify bottlenecks and potential problems.
Few of the benefits provided by Oraroo as centralized project management platform:
Company-wide time management: the ability to organize, plan and track minutes spent on different projects each day. Consulting companies know very well that an available hour can only be used in two ways: to earn revenue or incur expense. Therefore, Oraroo approach for accurate time tracking is key for strong project management. This creates a foundation for increasing efficiency, productivity and profitability, and allows taking informed decisions when it comes to planning and prioritization.
Identifying the right resources that are available at the right time to deliver the required project results. Oraroo allows you to quickly find staff with available time and add them on your project. Once teams are allocated to the project, Oraroo allows to easy monitor if team members are over or under utilized enhancing the project manager's ability to control a project’s timeline, budget and delivery, but also providing line managers with the best tools to ensure their team members maintain a good work-life balance.
Monitoring projects cost, revenues and profitability. Oraroo allows project managers to quickly determine the source of innefficiency, but also allows top managers better evaluate which are the clients and projects which bring the best value to the organization, and which are the projects which created the biggest waste and should be a target for an analysis of potential cancellation.