Modernization has given rise to huge corporations and projects of unsurpassed size and scope. Traditional project management often focuses on small projects, which can be completed in a short time period. Enterprise Project Management (EPM) is designed for the effective management of large, difficult projects. Ultimately, EPM is a way to break apart a large project into actionable, achievable portions that sequentially line up to produce a final, positive result.
In recent years, with general adoption of (IT) governance practices, Enterprise Project Management has become more specific: whereas in the 1990s focus was generally on the management of the single project, in the subsequent decade, the focus lay more on the fact that a project is likely to be not the only one in the enterprise. The project co-exists with many other projects in the enterprise, or may be part of one or more programs. It may utilize (human) resources that are shared among other projects. In order to facilitate governance, it has become essential to be able to manage, monitor, and assess the status of all projects (and other assets, of course) in the enterprise, through a set of (preferably uniform) Enterprise Project Management processes, methods and application packages.
Enterprise Project Management is a comprehensive approach to project management. It considers how direct and indirect influences impact the project’s progress as a whole. As a result, it includes risk analysis, scaling of project processes to match size, monitoring of project resources, continual reporting and analysis of cost versus benefit and the use of tools to manage all of these aspects.
BENEFITS OF ENTERPRISE PROJECT MANAGEMENT
Business intelligence tools enable project managers to create a proactive work environment. In other words, project managers can use automated data collection and analysis to identify potential problems in a project before they occur through forecasts. In addition, business intelligence increases the responsiveness of the project schedule as risks evolve, allowing for continual risk management and less downtime.
Taking project management to an enterprise-level also directly impacts how well a project aligns with a company’s business strategy. By making this connection, project managers can coordinate complex projects that rely on the completion and execution of other projects or tasks that may be outside of their control. In other words, bringing information together through data-sharing helps to keep the whole company on schedule and budget.
Enterprise Project Management sounds complicated, but it is actually a methodology in project management that allows project management professionals to maintain control over the most complex projects and programs. Regardless of your experience in project management, you will encounter EPM, and if you can leverage its benefits and capabilities, your project will be more likely to succeed.
Implementing an Enterprise Project Management toolset needs to be considered in the light of the organization’s Project Management Maturity and the methodologies, processes and governance structures that are currently in place.
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