Whether you are managing a single project, or multiple projects under a program, or a combination of projects and programs under a portfolio, P3® connects these three tiers using a common language and provides information at every level of management in a way that makes sense. Connecting ‘strategy with execution’ through strategy-oriented portfolio management and adaptive project management capabilities, P3® makes it visible to the portfolio managers how effective their strategies are in producing desired outcomes and benefits and to the teams busy in execution how their work is supporting the strategic objectives.
Implemented as cloud-based SaaS solution, accurate status of your projects spread across the globe is available anytime, anywhere.
This method, though still used, has become obsolete as it is based on outdated data, providing an inaccurate or completely distorted picture of the progress on ground.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.
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.
At P3 Monitoring we understand that every project is unique and that’s why
project according to its distinct type is used to deliver large, complex capital investments in
infrastructure, including major projects, large engineering projects, and global projects.
In recent years, the term “megaproject”—defined as projects with a capital cost of US$1 billion or more has become perhaps the most widely used category to describe large-scale infrastructure projects
We understand that megaprojects are high-risk, difficult-to-manage ventures. In recent years, large, complex infrastructure projects have earned a reputation for being mostly late, over budget, and failing to achieve their original objectives. In a well-known study of 60 large engineering projects, found that 40% of the projects were inefficient in terms of time, cost, and performance. More recent research on megaprojects found that 90% of projects have cost overruns of up to 50%.
We at P3 Monitoring understand the need of using industry’s innovative and proven project management techniques to manage our clients’ projects. That’s why our choice of “delivery model” to create and capture value throughout the life cycle of the project from execution to operational handover is uniquely designed for every project especially the large-scale ones. Our project management professionals arefully study each project’s dynamics and then decide which delivery model to use to manage the project throughout its lifecycle.
Our project management professionals have examined the Integrated project delivery (IPD), an emerging form of project management primarily used for North American construction projects. This approach offers a compelling evidence to understand how new innovative infrastructure project delivery models can emerge and institutionalize.
We at P3 Monitoring also understand the importance of digital transformation and how increasingly pervasive digital information transforms project delivery models. We believe projects are information processing systems where the information that is processed in projects is increasingly digital and organized in engineering and project management information management systems. It is increasingly evident that Infrastructure megaprojects generate millions of digital records in models, drawings, geographic information systems (GIS), and asset databases. As well as technical information, megaprojects engage with streams of information on scientific foundations and underpinning conditions and on business objectives and the commercial context. The increasing digitization of project delivery is associated with an increasing “professionalization” of the delivery client. New technologies for approvals and workflow monitoring become associated with new occupational groups, new kinds of professional accountability, and a greater integration across professional roles.
The P3 project monitoring features are easily adaptable to fit a waterfall, iterative, incremental, agile, or hybrid delivery approach. P3 Project monitoring provides ability with increased visibility into the projects being monitored through lowest-level examinations of variations and deviations.
P3 project monitoring provides the ability to perform resource capacity planning in addition to provide the ability to track projects within the project lifecycle and track status of project. P3 also provides the ability to begin to manage project data such as start date, project manager and additional project information, along with the ability to define and manage the project scope and work break down structure to the Work-package level.
P3 project monitoring provides ability to manage and track issues, risks, and change requests throughout the lifecycle of the project. P3 also provides ability to manage and track tasks within a project and ability to assign tasks to resources across projects/programs. P3 also provides ability for users to view and manage task assignments. P3 dashboard provides project reporting and serve as the communication tool for all project information by presenting the project status using data from project’s latest monitoring on the following such as:
• Risk and Issue Reporting
• Change request
• Project status (schedule, budget, scope)
The Periodic tracking (for example, daily, weekly, monthly, quarterly, annually) of any activity’s progress by systematically gathering and analyzing data and information is called Monitoring. Monitoring of a program or intervention involves the collection of routine data that measures progress toward achieving program objectives. It is used to track changes in program outputs and performance over time.
It provides regular feedback and early indications of progress (or lack of progress). Its purpose is to permit the management and stakeholders to make informed decisions regarding the effectiveness of programs and the efficient use of resources.
In P3® program monitoring provides a holistic view of the program and status of each component of the program as well. The consolidated view of the program helps program managers view the program’s current status at any point in time. Program managers can also view status of each of the program component, projects individually to see the progress of individual projects within a program.
The portfolio should be measured and reported as a reflection of the business benefits it accrues. By optimizing value, cost, and risk while using metrics that have a direct line of site to the business processes, they support business outcomes to projects to better manage priorities and investments.
Portfolio management across the enterprise continues to evolve as a function that balances investments, priorities and resources. An integrated approach to portfolio management is needed more than ever to decide what to start, stop, continue, consolidate or change. P3 provides a framework for assessing both the flexibility and adaptability of current portfolio management and ways to improve effectiveness in support of a more dynamic digital business environment. P3 portfolio monitoring uses and applies advanced analytics to improve outcomes and optimize portfolio investments.
As organizations are under pressure to invest their time wisely in projects that deliver value to the organization and sustain high performance, P3 scenario analysis feature helps the portfolio managers in prioritizing program subcomponents, projects effectively in order to deliver change outcomes where and when they are needed most.
Many organizations are in the process of moving from a project to product centric organization. Yet funding and overall fiscal governance processes are often impeding a successful transition. P3 cost monitoring feature across portfolios helps portfolio managers in managing the financial resources better and efficiently.
Program and portfolio managers must help organizations struggling to adapt resource models to support a product life cycle. By implementing a tiered approach that considers the short-, medium- and long-term planning horizons, they can set teams up for success. P3 dynamic and interactive roadmap along with detailed expense reporting make it program and portfolio managers to conveniently
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