Project and Portfolio Management
The Challenge: Doing the Right Things Right
In an increasingly dynamic and uncertain environment, your company’s success depends on its ability to identify the most important projects to invest in. As well as financial returns, these projects need to demonstrate alignment with your strategic objectives in order to get their share of the organization's sometimes constrained resources. Identifying the right projects is only part of the challenge: the second part is to manage their implementation efficiently while also keeping them on time, within scope and budget, and measuring their long term value and financial benefits.
The Solution: Enterprise Project and Portfolio Management
Project and Portfolio Management has become the essential management discipline that enables organizations to govern their end-to-end operational investment management processes. Project and Portfolio Management consists of idea generation (Create), project and portfolio selection and implementation analysis (Select), resource alignment and capacity planning (Plan) and ongoing project execution and performance management (Manage). Adoption of Project and Portfolio Management best practices enables organizations to gain control across all demand, improve resource utilization and effectively deliver the right initiatives on time.
Create: Determine business objectives, create project proposals based on discretionary and necessary demand, and establish workflow
- Standardize business case requirements to consistently capture project proposals
- Define business drivers based on organizational strategy and determine alignment of projects to business drivers
- Leverage UMT best practices to guide the tailoring of a portfolio workflow and governance framework throughout your project lifecycle
Select: Prioritize business drivers and projects and select the optimal portfolio given constraints
- Leverage optimization and what-if analysis and facilitated discussion to examine budget, resource, and risk constraints, mandated projects, and potential alternatives to help you determine the optimal project portfolio
- Analyze your organization’s resource capabilities, skills supply versus project demand, and sourcing decisions
Plan: Leverage a dynamic multi-year roadmap of all the planned projects to enhance planning through greater visibility into near term and future resource and budget requirements
- Improve utilization of resources across the enterprise and manage outsourced resources
- Evaluate and finalize sourcing options
Manage: Monitor and report at the project, program, and portfolio level
- Establish project execution and reporting standards
- Identify key reports for your organization, including financial, resource utilization, benefits realization, and risk reports
- Leverage reports to track project status across programs or portfolios
We understand it is not uncommon for change initiatives to fail, so UMT is extremely focused on developing project and portfolio management solutions that are realistic, appropriate and ultimately, implementable to ensure your project and portfolio management efforts are successful.
UMT leverages over 20 years of best practices, tool expertise, proven methodologies and process knowledge to implement project and portfolio management solutions that give our clients the ability to select the right portfolio of projects and execute those projects on time, in scope and in budget.
Project and Portfolio Financial Management
Budgeting and forecasting can be a painful and arduous process with far too many organizations relying on spreadsheets and manual endeavors to gain financial transparency across departments. Learn how UMT experts leverage their experience across hundreds of companies to help define governance and financial management processes that are right for your organization’s business goals.
New Product Development Portfolio Management
UMT’s NPD solution provides strategic alignment capabilities where time to commercialize, resource constraints, and risk-adjusted value are evaluated in concert to create a portfolio of new products that is shaped by your strategic vision.
Program Management Office (PMO)
Learn more about how UMT works with clients to create a holistic strategy to evolve the maturity of your PMO.