What is Portfolio Management?
Project Portfolio Management (PPM) is the centralized management of the methods and technologies used by the project management offices or project managers to achieve strategic objectives. PPM bridges the gap between strategy and implementation. It increases business value by aligning the projects with the strategic goals of the organization.
Portfolio Vs. Project Management
Project Management and Project Portfolio Management are fundamentally different from each other. The former focuses on delivery, i.e. doing the projects right, and the latter focuses on doing the right projects at the right time. The term portfolio management refers to the prioritization of the projects. The figure below tells the difference between project, program, and portfolio management.
Why is Portfolio Management required?
The company must undertake only those projects that can be delivered successfully. Consider a large construction company working simultaneously on several different projects. If a new project is launched in the market, the company must consider the availability of the finances and the resources (equipment and manpower) that are required for the successful delivery of the project. Taking up a project and not delivering it on time will ultimately produce a negative image of the client, and this may even impact other projects running in parallel.
Project Portfolio Management helps in making critical decisions at the executive level. It helps ensure credibility and increased accountability to stakeholders and enhances the ability to make timely and strategic cuts when needed.
According to PMI, organizations using PPM tools are more likely to complete projects early and hit the expected return on investment as compared to those organizations that don’t use these tools.
Oracle Primavera Portfolio Management
Portfolio Management is a complex process, and it is not possible to achieve desired results without the use of PPM software. One of the best tools for this purpose is Oracle Primavera Portfolio Management. It offers unique functionality and unlimited configurability for any type of portfolio at any stage, from initial idea to execution and completion. The key features of this product are as follows:
Comprehensive View of Portfolios
The scorecard measures the progress of the project against past performance. The comparison is made for the projects running simultaneously. It analyzes the investment with a comprehensive set of data and facilitates decision-making that ultimately increases productivity.
Instant Visual Feedback on Portfolio Mix
Graphical analysis provides rapid analysis and understanding of portfolio performance, speeds decision-making, and enhances confidence in achieving strategic goals. Primavera Portfolio Management offers Investor Maps to analyze key strategic decision-making data. Optimal results are produced by using these essential metrics.
Configurable Forms
Web forms are used by organizations to record surveys, ideas, or requests across the enterprise. Oracle Portfolio Management sends them automatically for scoring and analysis. These forms are configurable by the users and help in analyzing the proposals to analyze the benefits of moving further.
Conclusion
Organizational long-term goals are achieved if the right projects are undertaken at the right time—the return on investment increases by doing efficient project portfolio management. Oracle Primavera Portfolio Management is the perfect tool that helps in making decisions about projects by presenting them in measurable ways.
Reference:
https://www.oracle.com/industries/construction-engineering/portfolio-management/
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SEYAR AZADANI, PMP
PRESIDENT & CEO
Seyar Azadani has over 20 years of CPM scheduling and construction management experience working with general contractors and project owners, including the USACE, DOT, VA, Meta, QTS, Turner, Donohoe Construction, and Whiting-Turner company. As a Construction CPM Scheduling Consultant, Seyar has provided Primavera P6 CPM Scheduling services for government agencies and the private sector, representing owners, general contractors, construction managers, and architects.
Seyar has proven knowledge, expertise, and experience in utilizing Oracle Primavera P6, Primavera P6 Team Member, Primavera Unifier, Bluebeam, MS Project, Procore, eBuilder, Tableau, Navisworks, and Autodesk Revit. As a project controls specialist, Seyar has assisted Meta and QTS with Data Center projects, including new build projects, retrofit projects, and leased spaces.
Seyar has provided project controls services to projects ranging from civil to industrial to high-rise construction, including hospitals and healthcare facilities, roads and highways, high-rise apartment buildings, and commercial projects, utilizing Primavera and MS Project CPM scheduling tools to create and maintain the CPM schedules for his clients. With the US Army Corps of Engineers projects, as a contractor and construction manager, Seyar has built military facilities, including completing the construction of a USACE training facility, a $200+ million project in the capacity of project construction director.
Seyar has a Master of Science degree in Construction Management from New York University (NYU) in Jan of 2012 and a Bachelor of Science degree in Civil Engineering in 2004.
