P3®’s add-on portfolio module, helps portfolio managers to manage the portfolio, predicts portfolio outcomes, and gives a holistic view of the portfolio.
Customized bubble charts in the portfolio module highlight the project risks and uncertainties in a pictorial form. Scenario Analysis in P3® portfolio module helps in predicting the impacts of change and compares projects in multiple dimensions such as value, cost, and risk.
Program management is all about managing a group of projects in a coordinated way to deliver benefits that would not be possible if the projects were independently managed. P3®’s add-on program module provides essential program management features such as ranking projects according to benefits realization and resource optimization to maximize program benefits and return on investment.
Work Package Monitoring (WPM) is the core functionality of P3® that monitors variations and deviations at the Work Package Level in a project and helps project managers in pre-emptive decision making by providing actionable information at the earliest stages of execution to prevent project’s deviation from its baseline.
Information gathered through WPM is analyzed and represented visually using P3®’s PMI-defined tools such as Variance Analysis, Trend Analysis, Earned Value Management, and the project’s uniquely defined KPIs.
According to Saïd Business School research, mega infrastructure projects are failing at an unprecedented rate. One of the reasons cited for this frightening finding is Poor Monitoring. Poor monitoring, further explained, is described as monitoring based on conventional ways using cash flows or money paid to the contractors to estimate the progress on ground. This method, though still used, has become obsolete as it is based on outdated data, providing an inaccurate or completely distorted picture of the progress on ground. In P3® we use a more sophisticated approach which uses near real-time data that measures activity in the field. This data could be cubic meters of concrete poured or earth moved, labor hours spent relative to work plans and budgets, total hours for which construction equipment used in the field for executing specific work packages, or quantity of material used that is required to construct a certain number of kilometers a rail track, etc. P3® provides senior management a way to get latest about projects, programs, and portfolios’ progress just on a click. In addition, P3® provides a convenient tool to minimize wastages and leakages, thereby resulting in significant savings up to 15%.
P3® fully encompasses all the three domains of project/program/portfolio management coherently and seamlessly while providing an end-to-end solution thus removing the need to procure multiple software separately for project/program/portfolio monitoring. P3® allows project, program, and portfolio managers to individually monitor a project’s progress at Work Package (WP) level from the very beginning for even minor deviations. Project and program managers can also combine projects as a program or group of projects and programs as portfolio to monitor a program and portfolio progress and success at any point in time. This is achieved by adding additional modules of program and portfolio modules on the basic
project monitoring layer.
P3® also provides a mechanism to monitor the ‘performance’ of a project against its uniquely developed KPI’s during the life of the project. P3® portfolio management ensures that an organization can leverage its project selection and execution successfully through centralized management of project portfolios to achieve strategic objectives as effective portfolio optimization is a way to bridge the gap between strategy and implementation.
The real value P3® provides are insights on how to apply progress and performance monitoring through built-in tools such as Work Package Monitoring (WPM), Earned Value Management (EVM), Variance Analysis (VA), and Trend Analysis (TA). P3® provides performance monitoring through uniquely defined and developed KPIs for each project.
In today’s environment, it is most likely to find a gap between organizational strategy and day-to-day management activities which is a great hindrance in capitalizing on new opportunities, or “getting ahead” rather than just “staying in business”. This road to success is to devise and manage portfolios efficiently, that’s why portfolio management is now being recognized as an effective approach to bridging these critical business elements in almost all industries and sectors by project, program, and portfolio managers.
