Project portfolio management software is used to communicate between the projects managers and portfolio managers, to share information about the status of the project, to define workflow for moving from one stage to the next, and to report on the costs and benefits of the project.
A project portfolio is a list of projects that appears in one report. The list can represent a lot of things. For example:
- Information Technology projects in a large organization
- New product development projects
- Client projects for a consulting company
- Stores or locations
- Product lines, business units, or profit centers
- Investment proposals
- Cost-reduction projects run by the purchasing department of a large company
- New ideas proposed by the employees of a company
Portfolio managers usually have the following goals:
- Efficiently evaluate projects and provide funding or assistance to the projects that qualify. Often, they use a “phase gate” method.
- Spend more time and attention on valuable projects, and eliminate less valuable projects
- Find redundant projects and eliminate or combine them
- Match the projects to the resources available.
- Manage risks or “exceptions” that occur.
How it Works in Assembla
In the Assembla system, a space represents a project. So, a project portfolio is a list of spaces. Our portfolio management tool has two components: Manager and Member.
- The Portfolio Manager tool is used by the portfolio manager to configure the portfolio, to see the list, and run portfolio reports.
- The Portfolio Member tool is used by someone who is managing a project (or idea or proposal), to provide information to the portfolio manager.
Features of the Portfolio Manager tool:
- Enter a password the Members can use to join the portfolio
- Create a project in the portfolio
- Team members with permission in the Manager space should have the same permission in portfolio Member spaces.
- List the projects in the portfolio. Sort by date or name or stage. Click through to the related space
- List projects with messages
- Remove projects from the portfolio list
- Define a set of phases that a project can be in. For example: Propose, Implement, Deploy, Maintain. Write instructions attached to each phase that describe what the project manager needs to deliver to get through the “gate” to the next phase.
- Define a reporting worksheet. Managers have a difficult time getting information from projects that is in a comparable format. By defining a standard reporting worksheet, they can request information from all projects in a standard format. Usually, this worksheet lists costs and benefits. We can start with a simple, hardcoded list of costs and benefits. This worksheet can become complicated. In the PowerSteering? system, the worksheets are called "Metrics", and they can contain spreadsheet formulas. They can also contain estimated and actual versions, and they can be repeated in time periods for weekly, monthly, or quarterly reporting.
- Run reports on the reporting worksheets. [Complicated. To be defined later]
Features of the Portfolio Member tool:
- Enter a member password to join a portfolio
- Grant permission to team members in the Manager space
- See the phase. Enter a request to change to the next phase
- Enter a message for the portfolio manager
- Enter the data for the reporting spreadsheet
We are currently in Phase 1 or releasing this tool. Comments and questions are very welcome. Your feedback helps us make Assembla your tool of choice.