The value of Project and Portfolio Management tools to strategy and decision-making processes | Modis

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Life Sciences

The value of Project and Portfolio Management tools to strategy and decision-making processes.

Margaux Grandelis Posted 02 November 2020

In today’s ever-changing environment, the main challenge for Project and Portfolio Management (PPM) is to decide which projects to execute, and which not. This is where PPM tools come into play. By providing project managers with an overview of past, present and future projects, PPM tools help prioritizing high-value projects, taking into consideration constraints like interdependencies, resource availability and strategic alignment1.

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There is a wide variety of PPM tools available, each with similar features yet different levels of functionalities. The best PPM tools share a set of key features2:

  • Project roadmaps in which delivery timeframes, milestones and release dates can be defined.
  • Project ranking and prioritization based on scoring for a set of relative weighted criteria.
  • Resource management to optimize allocation across projects.
  • Budget management and cost tracking features to calculate project costs, create realistic budget forecasts and track progress.
  • Pre-built reporting templates to visualize your data and monitor overall performance, spending, forecasting and KPIs across projects.

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At Modis, we can assist you in selecting, customizing and implementing the right PPM tool for your organization, based on your business needs and requirements, to ensure successful decision-making and sustainable growth.

Margaux GrandelisProject Manager Life SciencesTweet this

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Integrating a carefully selected PPM tool in your PPM process offers a multitude of benefits2:

  • Improving decision-making in alignment with the organizational strategy and objectives.
  • Accelerating project turnaround by streamlining workflows and improving productivity.
  • Boosting transparency and collaboration within teams by centralizing data for real-time access.
  • Reducing overspending by providing efficient resource allocation.
  • Enhancing success in project delivery.

Margaux Grandelis
Project Manager Life Sciences

References:

  1. https://www.sciencedirect.com/science/article/pii/S0263786320300314
  2. https://www.selecthub.com/project-management/ppm/10-popular-ppm-tools/

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