What Portfolio questions are you trying to answer?
As Steven Covey would say “Start with end in mind”
If you are responsible for a number of projects within a program and or portfolio there are a number of key questions that you want answers to – milestones, costs, risks or alignment of projects to strategy objectives for example.
This will typically involve a series of meetings, with project management tools, spreadsheets of individual project data that are collated, aggregated and communicated using a presentation such as PowerPoint and distributed via email. What if the data changes? The process (or part of it) has to be repeated again – what a waste of time. Furthermore, how do you incorporate relevant project commentary, insight and knowledge from the project team to put the data into context?
By identifying the questions you are trying to answer at a Portfolio level will help you to start identifying both the “bottom up” and “top down” data, information and knowledge you need to answer your questions.
Management by Exception
You don’t want to be reviewing countless spreadsheets, attending endless meetings and sitting through long presentations trying to work out what projects you need to focus on. You want to be able to see it instantly so you can “manage by exception” – saving you time and money.
The issue is that you have all this project data and somehow you need to be able to make an informed decision on which projects you need to focus on. Projects need to surface to the top instantly so you can focus your time on these. For example in the RAG matrix above you can quickly see which project need to be focused on – anything in the top right hand corner Red/Red needs attention.
The cost of reporting
Just imagine in your portfolio you have a 100 projects. Based on projects that I have completed if you count the data fields within your project functional areas such as cost, risk, EHS, that have to completed each month, this can easily reach over 150 data fields per project. Some have been over 250. Multiply the 150 fields by 100 projects – 15,000 data fields. Now multiply by 12 months and you have got 180,000 data fields. And that’s just the base data! All of which can be sitting in “islands of data/information” in various independent spreadsheets and specific project, financial and risk management systems.
Once you have this base project data you now need to consolidate this into a project report and that report needs to aggregated and rolled up to a Portfolio Level. Typically about 40% of your project report data is processed to create a Portfolio report – say 60 data fields, 6000 in total. Now you have 6,000 portfolio data fields per month, 72,000 in total p.a.
Now, allow 1 minute of time per data field for a project manager to complete – 72,000/60 = 1,200 hrs, divide this by 8 =150 days, with an average cost of £500/day = £75,000 p.a. Now we know it takes more than 1 minute to get project data, review and update – so lets say 5 minutes, which is an estimated £375,000 p.a.
By using R-PPM you can visualise your project data, add comments and actions, which are AUTOMATICALLY updated in your project presentation report and your portfolio. As a result, you can immediately see which projects you need to focus on and manage by exception saving you at least 25 – 50% on this non-added value administration time.
An estimated saving of £140,500 to £281,000.
In one of our assignments, a transport project portfolio solution saved 212 days, which equated to £105,950 in costs p.a.
Visualise Your Project Portfolio with R-PPM
As you can see in Figure 2 above, using Roelto R-PPM solution has several templates that are pre-configured and linked together so that data attributes and views are inherited into a project template. The project template is used to create new projects as required, which automatically inherit the data attributes and views. If any data attributes or views are updated in the templates these automatically update all Projects.
The Project Portfolio is configured with several enterprise views so that the status and data values for each project can be viewed all together, in one place. Using the dynamic filtering allows you can answer your questions by analysing your portfolio and uncovering insights so you can make informed decisions.
A R-PPM solution
In Figure 3 above is the configuration of a R-PPM solution that has over 500 projects and 17 categories, 211 data attributes, 75 calculations, 117 tags with 19 tag groups and 19 attribute panels.
Start Visualising Your Project Portfolio Today
To help you answer your portfolio questions, work more collaboratively and save money and time here is an opportunity to put R-PPM to the test.
Simply select the R-PPM Workshop Call in the Event form below and schedule your call to discuss your requirements and book your complementary 1/2 day PPM Workshop*. The workshops are limited to a maximum of 2 per month so sign up to get yours now. The workshop will be within a 4 hour time frame and will include the following 6 steps:
- Whats the problem – this will be an interactive SWOT analysis using our R-WaaS (Workshop-as-a-Service) solution by starting with the “Why” to identify the Strengths, Weaknesses, Opportunities and Threats of your project portfolio
- Current situation – a review of historical and current reporting including the good, bad and ugly which shall be aligned to the SWOT output
- PPM Modelling using the outputs from 1 and 2 a working model will be created using R-PPM to address an issue or the questions you are trying to answer
- Data collection – identify where the data comes from, who owns the data, how is it created and managed, what is the quality. How it can be uploaded
- PPM Analysis – a data set from step 4 will be used where possible and uploaded into R-PPM and analysed. Does it solve your problems, can it answer the questions identified in step 1?
- PPM Roadmap – create your R-PPM roadmap and action plan
So stop wasting your time and money on trying to visualise your portfolio with endless spreadsheets that has inconsistent data and presentations that are linear, static and out of date and a process that is inefficient, costly and prevents you from uncovering insights and making informed decisions.
Start to day by requesting your complimentary R-PPM workshop meeting by clicking on the R-PPM Workshop Call to set a time and date so we discuss your Project Portfolio requirements, issues or challenges and see how R-PPM can hep you.
*Any expenses such as travelling, hotels, conference rooms, etc will be charged for.