Effective Project Portfolio Analysis
In the face of uncertainty, Project Portfolio Analysis is more essential than ever.
One thing the past decade has shown us is that business disruptions are a fact of life. For some, it may come in the form of a pandemic, for others an economic shock, and still others may fall to a new competitor. But organizations can blunt the impact of just about any disruption by developing more effective project portfolio analysis capabilities.
Don’t wait until the next disruption hits
What’s the difference between an organization that’s prepared to face a major disruption and one that gets caught looking the wrong way? One key factor is the ability to model a wide variety of scenarios and develop the insight needed to quickly and decisively adjust on-the-fly, when – not if – the next disruption happens. These critical project portfolio analysis capabilities – or the lack thereof – might spell the difference between an organization being disrupted and that same organization transforming itself into a disruptor. The days of static project portfolio management are over – organizations need to adopt dynamic analysis capabilities in order to transition to strategic portfolio management.
What-if scenarios reveal potential impact of changes before they occur
Project portfolio analysis has never been easy, especially when critical data is spread across the organization. Traditional manual processes can take days – or even weeks – to produce meaningful results. But new portfolio analysis tools and processes now enable organizations to model the impact of a variety of what-if scenarios – like adding, delaying, starting or stopping an initiative – with just a few clicks, all without impacting the underlying data. This can provide valuable insight across the project portfolio into the impact of any potential action on costs, resources, benefits, value, timeline and more.
Traditional BI & reporting tools only go so far
Even though today’s BI solutions offer attractive and powerful dashboards, they typically provide only a rear-view mirror perspective of project portfolio performance. And most traditional PPM tools struggle to provide offline analysis capabilities that allow an organization to model the impact of any change to a portfolio without impacting production data. Next generation project portfolio analysis tools can proactively model the impact of varying scenarios on project, program and other enterprise portfolios before decisions are even made, and without impacting the underlying data.
Analyzing project portfolios from any angle
Robust project portfolio analysis capabilities enable an organization to gain insight across a variety of dimensions. Running a capacity planning analysis can deliver the insight required to better manage resources across a variety of execution methodologies. Roadmaps can be designed and managed to specifically help model the impact of any change across the entire portfolio. Being able to visualize and manage all project and portfolio cost information in one place helps to support multi-year fiscal planning and optimize costs across the project portfolio. And the ability to conduct targeted analysis enables organizations to more effectively maximize and gain visibility across all projected benefits.
Managing all work across the tri-modal reality
Project Portfolio analysis, when done correctly, can provide the organization with a virtual command center from which to manage all work – regardless of how it is executed. As a result, the organization can continue to let the teams doing the work to retain the flexibility and autonomy they need to execute in their methodology and tool of choice, while still providing the critical governance, information and analysis that leadership and other stakeholders require.