Yes, it may seem impossible, but the speed of business continues to accelerate. Project managers must now, in addition to their traditional responsibilities, forecast in advance which projects are likely to be most valued as the market changes. In a post for PM Hut, Tushar Patel addresses this by discussing the benefits of adopting a predictive portfolio management approach to project portfolio management.
A PPM’s Dream Come True
Using predictive portfolio management solutions, you can:
…automate the planning and re-planning process, enabling [your] organization to quickly adapt to changes –and save time and money. Predictive technologies also enable key insights for future resource bottlenecks and provide a recommended schedule for helping you decide what to work on and when.
The Cost / The Benefit
This will require an overhaul of your project portfolio and resource management approach. Wait. Before you turn tail and run, read at least one statistic about the success of prediction. According to CIO Insight, predictive metrics could grow your company’s overall revenue by 20% in just three years! Here are some factors to consider in adoption.
I. Prediction: Let’s face it, disruptive change is the norm in this digital era. To fight back, it makes sense to embrace the right metrics for objectively gauging and automating the project selection process. But this tool doesn’t simply drop you off at “Project Depot” without also helping you select the resources and the staff necessary to execute the selected project.
II. Control: Automated budgeting, using powerful algorithms that can adjust to changing circumstances, are surely more efficient then manual budgeting – a task that isn’t impossible, but is certainly difficult (and time consuming to boot).
III. Management: Additionally, with predictive analytics you can significantly reduce the likelihood of encountering a resource bottleneck. The numbers generated can inform, among other things, entire staffing strategies. If you weigh the costs of adopting and adjusting to a predictive portfolio management strategy with the long- and short-term benefits, it’s hard to imagine why any company would opt out.
Read the original post at: http://www.pmhut.com/predictive-project-portfolio-analysis