Correctly managing project and work within the enterprise is a difficult task for any organization. Strategically planning for continued success in a recovering market is also difficult but critical. By leveraging project portfolio management tools, organizations are better able to ensure the right investments are being made.
Every day EPM Live works with customers to ensure these decisions are as simple as possible. Here are a few metrics to consider when determining which projects and work bring the most value to your business:
- Will the project/work bring additional revenue to the business?
- Will the project/work bring quality improvement to the business?
- Will the project/work help the business expand into new markets?
- Will the project/work generate cost reductions?
- Will the project/work expand current customer base?
- Will the project/work reduce risks to the business?
- Will the project/work reduce time to market or cycle times?
- Are resources with the right skillset available to implement the project/work?
- Will the project/work increase customer satisfaction?
- Will the project/work increase employee satisfaction?
- Will the project/work increase ROI (return on investment)?
- Will the project/work represent a change in NPV (net present value)?
- Will the project/work increase IRR (internal rate of return)?
There are no right or wrong metrics in determining which projects and work bring the most value to your organization but there is no reason to reinvent the wheel completely. Leverage best practices and internal governance already in place to make this complex task more feasible. Leverage a Portfolio Management/Decision Tool (such as EPM Live project software) that supports your current processes and that is flexible enough to customize to fit your needs!