The pms portfolio management system is an information system used by the project manager to monitor and control the entire life cycle of multiple projects. It helps in forecasting, budgeting, scheduling, estimating costs and risk management.
1) Provides visibility
There are no surprises. Everything is transparent. Portfolio managers can easily view progress on their portfolio activities as well as on the aggregate portfolio at any time during the planning process. As an example, if 10 people are working on one project that has phases with sub-phases; then each person works on the sub-phase assigned to them without worrying about what someone else might be doing or have done within that same phase or even worse – being surprised when it’s time to present to the portfolio level or even worst – being surprised when it’s time to close a project.
2) Flexibility
There is a lot of flexibility; each has its features and ways to use it. Here are some examples: The system can be used by any number of users from 1 person up to an entire organization. The system owner(s) can choose which elements they want their employees/team members/stakeholders to access. In addition, it is easy to give different degrees of access within groups of people such as partial visibility versus full visibility, for example – so that managers can have a high level of visibility on their teams but team members have only limited access to information related to their assignments. This control allows managers to monitor progress and assess risk without having full access or requiring employees to report everything they do.
3) Less work
This is not just about giving them an overview; it also means less work for the project manager who needs access to all this information in real-time no matter where they are. In order words, project managers can stay up-to-date with changes whether they are at home, in their hotel room or even on vacation. This system contains key information like calendar dates (next meeting, milestones), all data elements (budget, schedules, stakeholders’ details), all risks, etc.
4) Risk management
The portfolio management system has a risk register that enables us to identify and classify risks or unknowns on each project/portfolio with regards to impact and probability (risk register). Once they know the potential problems and their likelihood, they can combine this with an analysis of how much it will cost us if they do nothing about them (cost of risk). What they want is to reduce the overall cost of doing business. This is where their portfolio manager comes in. The risk register allows them to identify which projects carry the highest cost for their organization. The risk register goes on to provide the cost associated with each specific project so they can now have a prioritized list of tasks that if executed well, will generate additional profitability for their company.
5) Critical path
It is designed to help portfolio managers visualize any potential problems before they occur. A critical path helps the project manager identify all possible issues, risks, and potential time overruns. Once these issues are known, they can be addressed by obtaining additional resources or speeding up the work already done. This approach helps prevent delays during production and ensures that individual projects will meet their deadlines before the portfolio deadline.
These were some fantastic benefits of equity portfolio management services.
