Project Portfolio Management Software
What is PPM Software?
If project management’s goal can be simplified to doing projects right, then project portfolio management’s goal can be summed up as doing the right projects. Effective and efficient project organizations direct their attention and resources to the best projects, while rejecting projects that do not align as well with their strategic objectives.
PRISM Portfolio is an enterprise project portfolio management (PPM) solution. Project portfolio management is the organized management of projects’ processes, methodologies, and technologies to analyze current or proposed projects for success based upon key indicators like cost, scope, schedule, risk, performance data, and strategic business objectives.
Compare ′What-If′ Scenarios
Link Projects to Opportunities
Identify Scheduling Milestones
User-Defined Stage & Gate Processes
Risk Assessments & Risk Ratings
Successful portfolio management leads to better decision-making, helps mitigate risks, and streamlines processes, thereby creating faster project turnaround and yielding better investments.
The 5 Steps of Portfolio Management
PRISM Portfolio Satisfies the 5 Steps of Portfolio Management, referenced by PMI. Organizations are able to track projects through their entire lifecycle; from ideation to close-out within ARES PRISM. Within PRISM Portfolio, organizations can set project stages like front-end loading, conceptual engineering, feasibility study, detail design, etc. They can also set project gates where approval and rejection decisions are made.
- Clarify business objectives
- Capture and research requests and ideas
- Select the best projects using defined differentiators that align, maximize, and balance
- Validate portfolio feasibility and initiate projects
- Manage and monitor the portfolio
PRISM Portfolio Main Components
Development
Opportunity
Source of multiple potential projects
Opportunity
Project
Scope of work within
a single development opportunity that can belong to multiple
capital plans
Capital
Plan
Collection of
opportunity projects
that fall under a
single development
opportunity
Schedule
Milestones
Define milestones associated with potential or approved projects
Gates
Approvers
List of approvers for
each capital plan
with an
“approved budget limit”
Stage
Events
Identify key tasks as
gate events for gate
approval workflows
Action
Items
Automatically
generated by
workflows and
keeps history of all
workflows tasks
Documents
Documents linked to
project opportunities
can be reviewed
and approved during
stage/gate process
Risks
List of risks, probability likelihood, impact rating, risk rating,
mitigation costs
Rating
Score
Total score based on user-defined criteria and weighting
Project Portfolio Management at Its Best
- Track projects from idea to closeout
- Conduct ‘what if’ scenarios for planning purposes
- Ensure alignment with strategic business goals