Project portfolio management (PPM) aids leaders in the decision-making process. The associated tools in this sphere have undergone significant changes to match up to the market standards. However, before you renew your license, check if your existing solution is the most updated one. In this article at CPS, Chris Aslett talks about how to use metrics to know whether your PPM solution is up-to-date.
Is Your PPM Solution Current?
PPM is a complex process, and a solution that helps synchronize all the processes is a boon. To let the PMO get the best out of the solution, it must be an updated version with all the advanced features. Use the most recent metrics that are relevant to your organization. Here are some metrics that are applicable to all enterprises.
- Productivity: Check if the solution is analyzing your data as efficiently as other solutions in the market. Data analytics is crucial for leaders as it gives visibility to your productivity.
- Consumer Response: Consumer feedback surveys are good indicators of the effectiveness of your solution. It shows how aligned your processes are towards achieving project objectives.
- Resource Allocation: When you can allocate resources and utilize them well, your PPM solution is guiding you in the right direction.
- ROI: What benefits are you deriving from the project? It can be the return of the profits that your efforts are compounding by saving cost, improving project quality, etc.
- Quality Cost: This cost is incurred when your project does not run as per expectations. This includes the total amount of manhours, infrastructure, etc. wasted because of the project.
A PMO should have a bird’s eye view of the whole PPM panorama. This is possible if your PPM solution delivers the required analysis and support by measuring processes with the applicable metrics.
To view the original article in full, visit the following link: https://www.cps.co.uk/blog/project-portfolio-management-metrics/