Portfolio Management with PSNext
PSNext introduces multi-level planning and tracking to enhance Portfolio Management processes. Portfolio Managers will find a whole set of powerful tools to manage projects from very early stages.
With PSNext, project portfolio management can be split in 5 key steps:
Project portfolio management relies on powerful and easy to use tools:
Key portfolio management features of PSNext
- Portfolios provide a hierarchical structure for grouping projects
- Candidate projects can be entered and identified as soon as they appear
- Each candidate project can be planned at various levels of detail in order to estimate resource and cost requirements
- A team based ranking feature allows decision makers to evaluate candidate projects by custom weighted criterion
- What if scenarios can be performed to view the impact of candidate projects in relation to existing committed work
- Detailed projects can be initiated from the Portfolio Control component
- The top-down and bottom-up information flows are configurable to meet any organization’s workflow requirements
- Portfolios provide an up to date overview of the underlying projects’ health to ease in decision making
1 - IDEA IDENTIFICATION
Ideas are the candidate projects that a company intends to execute. Each candidate can be described by a set of user-defined properties such as objectives, alignment with organizational goals, risks, and benefits.
The specifics of each idea can then be simply entered in a user defined form.
2 - STRATEGIC ALIGNMENT
One of the main purposes of portfolio management is to launch the right project at the right time. PSNext provides full reporting capabilities to analyze candidate projects based on any parameters describing them.
3 - RANKING
When evaluating the importance of a candidate project, portfolio managers might need to get the advice of other executive decision makers. A custom set of ranking metrics can be defined for each portfolio so that users can directly rank each candidate project.
A weighted priority can be given to each metric to be considered when combining the team’s votes.
4 - “WHAT IF” ANALYSIS
When new candidate projects enter the pipeline, PSNext helps to simulate the overall impact to resource usage and costs if the project was to be launched.
If there is any conflict, portfolio managers can do simulations by adjusting the candidate or any ongoing project so that the project to launch fits correctly into the available budgets.
5 - INITIATE PROJECTS
When a candidate project is approved for implementation, PSNext provides a large set of features defining the actions to be taken: inform the project manager, alert an accounting system, transfer the new projects’ budget, etc.
These actions can be fully configured to meet any corporate workflow.
SCHEDULING
PSNext provides robust planning tools to define each candidate’s main phases or stages.
Resource requirements and costs forecasts can be entered to calculate the estimated cost and effort for the candidate project.
PORTFOLIO FOLLOW-UP
The portfolio provides an overview of project execution status and how it is progressing towards meeting the company’s strategic goals.
This essential information helps portfolio managers decide on whether to stop a project, increase its budget, or institute other contingency plans to ensure it meets the objectives set forth.
APPROVED PROJECTS
Each approved candidate project is initiated from the portfolio in a top-down process. Scheduling is then carried out at a lower level under the responsibility of a project manager in the Planner component.
At any time the project manager can see how well the project is meeting its objectives that were defined at the Portfolio level.
