Project Portfolio Management in the Digital Age

In the digital age, as the future of work become flexible and collaborative software has made physical offices obsolete, a though Project Portfolio Management function has become a strategic necessity because the pace of business change has also accelerated. 

As industry is evolving, clients are demanding technology that makes tracking and completing projects anytime, anywhere as easy as sending email from our phones and tablets. Below are some sample digital age Project Portfolio Managementhttps://dataoutsource.com needs: 

* Rely on real-time visibility into their company's projects and resources to make informed decisions and drive innovation 

* Simplify time and task management for project team members to easily capture task and time data 

* Minimize the risk of inaccurate or delayed data 

* Have better data with which to make more informed staffing decisions, better control costs and meet regulatory labor obligations 

* Accelerate time and task entry 

* To enable team members better track tasks and submit timesheets anytime from any device so that they can give stakeholders a more accurate view of project status 

* To enable modern mobile workers to work when they want, how they want, wherever they want 

In addition, below are some areas that you need to consider to better cope with this fast pace business transformations: 

* Schedule optimization. Projects that are completed ahead of schedule create additional value, while delays often reduce business outcomes. Therefore, the most effective scheduling algorithms are those that exploit the slack time of each task to minimize required team size by balancing early and late activities without jeopardizing committed milestones. Consequently, managing the combination of the standard deviation and the average of PPM project delays at a granular level is a more effective way of optimizing schedules. 

* Project prioritization. During digital transformation, prioritization decisions require precise, in granular level and timely insights: 

1. Expected business outcomes need to be vitally updated based on customer feedback and account for cost-of-delay 

2. Decomposition in Project Portfolio Management is an important technique used in WBS creation (Scope Management) and definition of activities (Time Management). However excessive decomposition may lead to more work without much value for the time spent that can also leads to inefficient use of resources, and decreased work efficiency 

3. Advanced prioritization techniques should be carefully evaluated, e.g., agile project portfolios that leverage the SAFE methodology are encouraged to implement WSJF (Weighted-Shortest-Job-First) prioritization algorithm. 

Effective forecasting is a game changer 

Knowing ahead of time when a project would be completed, gives portfolio managers a strategic advantage in planning and executing portfolio optimization activities. Specifically, effective forecasting will enable portfolio executives to implement multi short term resource plans, manage cost-of-delay, minimize dormant output, and continuously maintain the portfolio at its peak throughput.