Enterprise Project Management (EPM) is the most efficient business discipline and method of managing your business to meet its business plans. EPM is founded on the notion that your company’s vision, as well as its mission and goals, are a collection of projects.
When properly defined, planned, and integrated, the EPM system provides an overall view of your company’s capability to set and attain its goals. The transition from a siloed approach to a 360deg vision in EPM is a change that is both technological as well as cultural. We’ll give you seven steps to guide your shift in your company to EPM.
The benefits of enterprise-wide project management
Though around 25 percent of the gross national product of the developed countries is allocated to the basis of projects, there’s often a lack of consistency between the tasks in a company.
This can lead to unnecessary effort, duplication and missed opportunities, inconsistency in decisions, and other obstacles. Project managers and organizations within the organization have to ensure that every project is strategically focused around their overall goals for the business.
Enterprise project management is designed to accomplish precisely this. Villanova University explains that EPM methods can “identify when projects conflict or duplicate efforts, and they can recognize underfunded projects that might present an opportunity for the organization.” The University claims there could be a 20% increase in profit when companies implement the EPM system.
The PMI provides other benefits of enterprise-level project management, which include:
- High-quality output
- Productivity increases
- Reduction in the impact of the skills shortage
- Risks of projects reduced
- Increased reliability of delivery
What makes enterprise project management successful?
Implementing enterprise project management could aid a business in taking a more strategic approach to its operations, budget, and allocation of resources. Before deciding on a method for managing projects in the enterprise, the company must be sure to have the following essential elements in place:
Support at the highest level for projects managed by the company. Like any other large-scale project, enterprise-wide project management is only successful if the company’s leaders believe in the idea and are actively involved in its progress.
Professionally qualified project managers, in many instances, the company’s most skilled project managers are the best to assist senior leaders with portfolio or program management tasks. Read the ten most essential Management Skills for Projects to learn more about what makes a manager competent—management Skills.
Advanced project management software a single individual, or even a group of individuals, could manage a multitude of related projects without technological support. The most effective project management software today, such as Clarizen, offers a wide range of tools that help managers monitor the timeframes, budgets, resource requirements, and budgets of multiple projects simultaneously.
The elements of enterprise project management
Seven elements comprise the EPM model, as per the PMI. Specific methods are derived from traditional process management but are applied more comprehensively, while others are exclusive to the EPMO.
Risk analysis
Risk analysis focuses on identifying and evaluating the quantitative and qualitative impact of risks on the project so that appropriate actions are taken to reduce their impact. Monte Carlo simulation software is often used in this process to model potential outcomes and assess the probability of various risks, providing a more comprehensive understanding of potential impacts.
Risk analysis can be complex as it requires experience and a thorough understanding of the portfolio of projects and businesses. To help make risk analysis easier to manage, you can use EPM standards, including:
Inviting the corporate product manager makes sure that project managers are accountable for their mitigation plans.
We are creating a metric for measuring the projected risks, current risks, and reserves for contingencies. Implement a project estimation technique that can help reduce risk by implementing contingency plans.
Integrating risk analysis steps like third party risk management into EPM procedures can give the team greater control in deciding the amount of risk they will accept about the potential benefits for the venture.
Review of the project
Periodic reviews of projects look at the progress of projects currently in development and potential dangers. The EPMO could conduct four reviews: commitment to project beginning, startup, progress, and closing out. The objective of these reviews is to keep an eye on the project’s standards, the status of the project, as well as any issues, and to determine if changes are required for an effective risk management plan.
One method of reviewing projects can be to use colors that indicate the significance (red/yellow/green) of the various elements in work, like the delivery process, management of clients, team management, budget, and client management. This way, management meetings can identify and discuss the most pressing problems.
Coaching for project management
Project management is a difficult job without the proper knowledge and training. PMOs support PMOs by providing training that helps project managers acquire the managerial and technical abilities required for their tasks. Training can be offered either in-house or by an externally-sourced expert in project management.
In addition, PMOs offer mentors for project managers to assist them in planning projects and execution, making decisions, and solving problems.
Escalated issue management
The project management process is escalating, which moves the issue to a higher degree of importance, which may require executives’ intervention. To improve the process of managing issues and the issue management system, the EPMO is in charge of drafting uniform rules and procedures for escalation, which are followed across all departments.
The EPMO examines the list of escalated open issues during management meetings to discover the common causes behind these issues. They also propose any needed departmental, systemic, or organizational modifications.
Information system
Information systems are at the heart of EPM. Utilizing robust enterprise software for managing projects can help tremendously in scheduling, reporting, and monitoring projects. For instance, Asana’s reporting tool helps keep track of the development of projects in real-time and allows users to collect and communicate information across departments and teams.
The data from the project can be utilized in the following four kinds of reports:
- Resource utilization
- Utilization of resources
- Progression of the project
- The activity of the project
By gaining insight into these research reports, you’ll be better equipped to inspire your team to improve their work.
What is it that makes Enterprise project management different?
Traditional methods of managing projects concentrate on seeing a specific project through with a clear, quantifiable goal. Enterprise project management focuses on the company by prioritizing and highlighting the organization’s business objectives and coordinating and grouping projects to align with the larger company goals.
The ultimate goal isn’t necessarily a finished project but rather a project that contributes to the company’s success.
Conclusion
When it comes time to dive into the world of enterprise project management, proper planning and foresight are essential, from the tools you utilize to the method you use to align and communicate your goals across the business.
