Monitoring investments after they have been launched is one of the most critical parts of ensuring a successful PPM process. Portfolio agility, or the ability to stay current with your investment status and respond to changes, is a key driving force. With stricter audit and compliance rules, portfolio transparency is not only a luxury but an essential part of awareness that leads to corrective actions. Management has the ability to ensure that funding turns into the desired business results with an early warning system, using it to develop corrective measures and responses to potential issues.
Depending on the size of the portfolio, the monitoring and tracking of progress may be most effectively done through a dedicated PMO and PPM dashboard software. The responsibility of this function is to track the delivery of projects by assessing key indicators such as delivery to agreed milestones, mitigation of risks, resolution of issues, dependencies, adherence to change control procedures, and escalation of issues to senior management.
Dashboard or scorecard reporting is a practical way for PMO functions to provide senior management with key information. These reports highlight to executives whether their projects are progressing to plan or whether they need help, and give executives the opportunity to address any issues before they threaten to derail the project.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.