PMO Best Practices: 7 Steps for Better Schedule Management

MPUG

A few years ago, I was hired as a Project Management Office (PMO) consultant for a software products company. My assignment was to setup their PMO, implement best practices, and oversee projects for twelve months before handing over the setup to the client.

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5 Ingredients for PMO Success

Brad Egeland

Often times at the heart of a successful project management practice is a project management office, or PMO, that has been structured to create a path of success for company projects and the project managers who lead them. From my experience, there are five key ingredients to a successful PMO.

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Project Estimation Methods

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 1,” written by Jerry Manas. Much like a GPS uses satellite information on traffic patterns to calculate the remaining time on your trip, project estimation methods help you maintain a realistic project schedule. Guess you could say it’s the GPS of estimating. The GPS of Estimating. Contributor estimates. Leveraging contributor estimates.

Analogous Estimation Vs Parametric Estimation

iZenBridge

As a Project Manager, doing project ESTIMATION is a key responsibility but how often are we able to deliver the project under budgeted cost and time? What will help in this scenario would be the right understanding of estimation tools and techniques. There are many techniques for project estimation like Bottom-Up Estimation, Parametric Estimation and Analogous Estimation. To start with, let’s understand Analogous Estimation, what exactly does it mean?

10 Point Checklist for Better Project Estimates

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. From all the previous six parts of this series, it should be clear that effective estimation is a primary driver of project success, resource planning, and portfolio alignment. Part 1: Improve Project Estimates and Escape Crisis Mode. Use Horizon-Based Estimates. Part 2: Improving Project Estimates is all About Direction.

Top Tips for Realistic Project Estimations

Strategy Execution | PMO Perspectives

Poor estimation is a major cause of project failure. According to the PMI, inaccurate cost estimates is a contributing factor in 28% of projects that fail. When an estimate has been delivered, clients and executives will often see it as binding and will expect the project to track to it. Producing Realistic Estimates for Strategic Projects. To a large extent, good estimation comes down to how honest and realistic you are in your outlook.

No points in projects!

Musings on Project Management

There should be no points in projects That is, there should be no single-point estimates -- old news to be sure, but timeless But also there should be no single points of simultaneity, like events finishing "at the same time". Is "now" not often a point in the PMO schedule? estimate Project Management schedule

2019 183

10 Ways to Engage Project Stakeholders

Project Risk Coach

Engage your stakeholders in the estimates. Ask the people that will do the work for estimates. And help stakeholders to understand that there is greater uncertainty in the early estimates. Commit to providing refined estimates as your projects progress. I recently spoke with a project manager who works in a Project Management Office (PMO). Do you have a stakeholder engagement plan? Have you stopped to think about the diverse needs of your stakeholders?

2019 195

Enterprise Agility in Financial Services: Learnings from the 2019 Planview Horizons Customer Conference

Planview

We facilitated a roundtable discussion of our customers at the 2019 Planview Horizons Customer Conference where enterprise agility in financial services organizations was discussed.

2020 91

The Ultimate Guide to Easy Dashboards for Projects

Girl's Guide to PM

You can show real time budget variance and estimate to complete. A project portfolio dashboard would be a good solution for a PMO, as it can show you the status on multiple projects at the same time. A PMO dashboard rolls up the status of projects so that you can see a holistic view of what is happening in the business at any given moment. How do you get a quick overview of what is happening on your project?

2019 280

Project Management Q&A: I’m Getting Nowhere with My Job Applications. What am I Doing Wrong?

Arras People

Roles to look out for are co-ordinators; officers; analysts; controllers; planners and some will have PMO in the title. Anything where you’re able to demonstrate your knowledge of project management principles like planning, estimating, budgeting, working with a team, working on something with a specific successful outcome. I’ve applied for over 50 positions in the last few months and I’m getting nowhere – no feedback, no interviews. What am I doing wrong?

2019 218

Lean Portfolio Management: Lean Budgets and Investment Funding

Planview

Business units present their ideas to the PMO in an annual planning meeting. IT provides cost and time estimates and executives prioritize funding based on perceived value delivery in 12-18 months or longer. In traditional organizations, this power resides with the PMO. In order to make informed decisions, the PMO requires teams to gather requirements and data and create plans for work that likely won’t be started for months. Estimates and Why They’re Unproductive.

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Project Management Tools and Services to Consider for 2020

Brad Egeland

Plus, according to their product roadmap that I've discussed with them, they will be strengthening this even more in their upcoming 2nd gen agile planning and controlling component in their next major release 19 due later in 2019. Accurately estimate the scope of a project and have the right amount of team members to finish the work. By not overwhelming users with unneeded functionality, early-stage PMO’s can more successfully adopt Acuity PPM software in their company.

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Lean Portfolio Management Operations: An Agile Approach

Planview

Traditionally, in an effort to maintain alignment and consistency across the portfolio, organizations have dedicated a centralized Program Management Office (PMO) to planning, program management, and solution definition. A project-based funding structure creates a slower, more complicated budgeting process that requires estimates, plans, and details far before they are able to be accurate. Didn’t we just say that a centralized PMO undermined LPM? Lean and Agile PMO

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Strategic Planning: The Types of Planning That Bring Your Strategy to Life

Planview

You can estimate the costs, benefits, and revenue associated with these initiatives, aligned with your organizational financial data model, to develop the business case for the program. Lean and Agile PMOIn this blog series, we are providing an overview of the seven planning types to help you deliver on strategy with a dynamic and continuous approach.

Roadmapping: An Essential Planning Practice to Deliver Outcomes

Planview

Estimate the costs, benefits and revenue associated with each outcome. Lean and Agile PMOIn part II of this series, Strategic Planning: The Types of Planning That Bring Your Strategy to Life , we reviewed the first three planning types from the eBook, “Planning Deconstructed: 5 Types of Planning Crucial to Delivering on Strategy with a Dynamic and Continuous Approach,” covering financial and budgeting project plans, strategic planning, and program planning.

2019 92

It’s Time to Start Planning for Resources

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. In the first three parts of this series, we’ve discussed the negative effects of project estimation challenges, a problem for just about every organization regardless of size or maturity level—effects like missed market windows, profit loss, and “invisible killers” like employee apathy and stress. Estimates that mitigate risk.

6 Reasons Why Projects are Late

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. So far in this series, we’ve examined a number of ways to improve problems with project estimates. Before we get into part six of this series, be sure to review any of the previous pieces you may have missed: Part 1: Improve Project Estimates and Escape Crisis Mode. Part 2: Improving Project Estimates is all About Direction.

How Risk Management is Crucial to Project Management

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. It should be estimated based on the cost of the probable risks in question. Eating the Elephant (Estimating Mega-Projects). For extremely large and complex projects, it is often a long and arduous process just to provide an estimate. An estimate for the estimate? Using Multi-Point Estimates).

Getting Into Project Management – Five Steps to Take

Strategy Execution | PMO Perspectives

Imagine a conversation that starts, “… you know, a role in a PMO might be a good place for you to start…” and ends , “….er er what’s a PMO??” Do you need to understand estimating or scheduling better? This post first appeared on PMO Perspectives Blog.

Getting Started with Agile Portfolio Management

Keyedin

Tom Raper, our excellent Director of Product Solutions, had the opportunity to present a session at the PMO Symposium earlier this month. You can also read more about our key PMO Symposium takeaways. Your PMO should translate the needs of leadership to action, while also providing data that allows them to adapt mid-deliverable. Measurement: Start with high-level estimates that identify basic level of effort and planning over simple time frames.

2019 60

The Future of Resource Management: Are You Prepared?

Keyedin

If they have an entire PMO to manage, this skill might very well hold the key to that PMO’s future—as a trusted business partner or as a department that produces very little business value and may very well be on its way out. The future PMO may consist of automated assignments handed out to workers across the globe using multiple languages and possessing specialized skills, with artificial intelligence (AI) literally running the whole thing.

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Calculating the Return from your Project Portfolio Management Investment

Keyedin

Whether implementing a Project Portfolio Management tool across IT, Professional Services or your PMO the investment can be significant. Download our PPM ROI Calculator – based on real world examples – to get your best estimate total return based on your number of project managers and project delivery personnel. The great news is the benefits and payback can happen fast. In our experience there are two key areas to focus on: Return on Investment (ROI).

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Burning Questions: Portfolio Planning

Keyedin

Some type of estimate is needed to assess the impact of a project, but KeyedIn does not require a full project plan. Our solution allows PMs to build forecast estimates without the entire project schedule. For scenario modeling, our clients typically have a mix of complete project plans and forecast estimates (especially with unapproved project ideas). Question #2: What advice do you have for a PMO with a lack of corporate strategy & vision?

A Look into the Relationship Between Demand Management and Project Management

Planview

Generating an initial rough estimate and solution direction, and assessing high-level resource requirements. Using a portfolio-driven approach, project portfolios are regularly updated with actuals and current estimates, including cost, effort, and milestone progress. PMO Vision and TrendsThe following content is taken from the whitepaper, “Portfolio-Driven Performance: The 7 Process Areas That Drive IT and Business Results,” written by Jerry Manas.

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Burning Questions: Portfolio Planning

Keyedin

Some type of estimate is needed to assess the impact of a project, but KeyedIn does not require a full project plan. Our solution allows PMs to build forecast estimates without the entire project schedule. For scenario modeling, our clients typically have a mix of complete project plans and forecast estimates (especially with unapproved project ideas). Question #2: What advice do you have for a PMO with a lack of corporate strategy & vision?

The core components of IT Portfolio Management

Keyedin

1 Build a registry: Portfolio management begins with gathering a detailed registry of all the projects in the company, ideally in a single database, including name, length, estimated cost, business objective, ROI, and business benefits. #2 2 Identify strategic objectives: This involves a business compiling a list of projects during the annual planning cycle and supporting them with business cases that show estimated costs, ROI, business benefit and risk assessment and so on.

Why You Should Align Strategy, Financials, and Execution

Planview

As for financials, as progress is reported against program or project baselines, current estimated costs should be updated to the investment portfolio’s financial plan. PMO Vision and TrendsThe following content is taken from the whitepaper, “Portfolio-Driven Performance: The 7 Process Areas That Drive IT and Business Results,” written by Jerry Manas. To make it more easily accessible to you, we are giving it everlasting life here on the blog.

The core components of IT Portfolio Management

Keyedin

1 Build a registry: Portfolio management begins with gathering a detailed registry of all the projects in the company, ideally in a single database, including name, length, estimated cost, business objective, ROI, and business benefits. #2 2 Identify strategic objectives: This involves a business compiling a list of projects during the annual planning cycle and supporting them with business cases that show estimated costs, ROI, business benefit and risk assessment and so on.

Is It Possible To Have Too Much Data?

Meisterplan

Or , imagine your company promised a customer a project would be completed in three months, but the development team in charge of the project estimates it will take at least six months. At the center of the Lean PPM framework is the Portfolio Board which typically includes senior management and PMO members. Imagine this: Your project landscape is getting more complicated and confusing all the time. Key resources are being booked on multiple projects at the same time.

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Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

Activity Duration Estimates Review . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. Analogous Estimating . is an approach to evaluating a gross value applying such criteria as budget, complexity, duration, and size based on a previous similar project estimation experience. . Bottom-Up Estimating . Cost Estimation .

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

Activity Duration Estimates Review . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. Analogous Estimating . is an approach to evaluating a gross value applying such criteria as budget, complexity, duration, and size based on a previous similar project estimation experience. . Bottom-Up Estimating . Cost Estimation .

The Project Revolution: How to Succeed in a Project Driven World

Strategy Execution | PMO Perspectives

This book achieves many things: it evidences the rise and needs for the revolution; it provides a ‘project canvas’ – an alternative framework for the application of project management; it demonstrates that successful projects are not just about estimates and critical paths, but crucially about engagement, benefits and strategic alignment; and demonstrates that different personal and organisational skills and leadership are necessary. This post first appeared on PMO Perspectives Blog.

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Business Analysis for Internet of Things (IoT) Projects

Strategy Execution | PMO Perspectives

Then, with the advent of cloud-based business intelligence and web analytics tools, it became possible for everyone to customise market demand estimations, explore KPIs and to see click-through metrics. This post first appeared on PMO Perspectives Blog. Once Upon a Time , computers lived in large ventilated rooms. Then they moved to your desktop. Then they moved into mobile phones, and smart traffic lights and more recently ‘black boxes’ for automotive insurers.

2019 57

How to Carry Out a Schedule Risk Assessment

Strategy Execution | PMO Perspectives

Although internal peer review (by PMO using subject matter experts from another team) had always been carried out, the company typically found itself unable to deliver on time. In this case, although the critical path activities looked realistic, it looked like best case estimates had been used to fit a mandatory delivery time. The Basis for Duration and Resource Estimates. You can’t build a practical schedule without reliable estimates.

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Handling Project Manager Responsibilities and Roles through Project Management Software

Paymo App

Collaborate with sponsors and the project management office (PMO). Create valid estimates for revenue and resource requirements*. Then you’ve got the responsibility to manage budgets, invoicing, expenses, estimates, and all those financial aspects that take up so much of your time each day. In Paymo, for instance, an estimated price for each task can be calculated based on your rate and number of worked hours. Estimated Price field in Paymo.

Five Steps to Rapid Recovery of Failing Projects

Strategy Execution | PMO Perspectives

Examine variances by estimator. Obtain new estimates for the next period from the estimator. This post first appeared on PMO Perspectives Blog. Project failure can occur for an infinite number of reasons. Sometimes it’s out of your control. Maybe a blizzard caused your group to miss a series of deadlines or fail to deliver necessary components for your project. Maybe you lost a key member of your project team or were given unrealistic deadlines.

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Webinar Recap: Agile Series Part 3 – Best Practices & Real World Use of Agile with MS Project / Project PPM

MPUG

So again, part of that Agile discipline is to help the teams be focused, to help them estimate and learn because in many cases, they’ve never done this work before. And I kind of grown because they were dogmatically following an Agile process and it was clearly not working but yet, they wouldn’t deviate from the fact that we have stand up meetings and certain people could talk and estimating only can be talked in a certain way and I thought, “You know what?

2019 40

Is Your Strategic Project at Risk Due to Poor Implementation of Proven Project Management Practices?

Strategy Execution | PMO Perspectives

The Project Management Institute also reports that in the projects that were deemed failures, the following causes were contributing factors: change in project objectives (37%), inaccurate requirements gathering (35%), inadequate vision or goal for project (29%), failure to identify opportunities and risks (29%), inaccurate cost estimates (28%), and poor change management (28%) amongst others. This post first appeared on PMO Perspectives Blog.

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Project Governance: Establishing an Effective Steering Committee

Strategy Execution | PMO Perspectives

Provide a financial overview in the form of actual spend compared with the budget as well as remaining spend compared with the estimate to completion. This post first appeared on PMO Perspectives Blog. Within the project management community, the concept of governance is seen as a fundamental project control, which is easy to grasp in principle. But in reality, it’s a different matter.