Project, Program & Portfolio Consulting
Project, Program and Portfolio
The Portfolio, Program and Project Management (P3M) consultation service, helps to assess current status, establish a new P3M methodology with organization best fit and using best practices, improve current practices, re-energize PMO (Portfolio, Program and Project Management Office), and identify and develop the needed P3M tools for your organization.
The process of P3M includes assessment, develop methodology, develop policies and KPIs and identify and develop P3M tool. Based on the current state assessment, we at Bakkah can support you in P3M activities including:
- P3M3 Assessment: The Portfolio, Program and Project Management Maturity Model (P3M3), is a model created by Axelos which provides a framework that organizations can use to benchmark their current practice against best practice and competitors and plan for improvement when managing and delivering change.
There are three sub-models for the P3M3 maturity model which are Portfolio Management (PfM3), Program Management (PgM3) and Project Management (PjM3). The model consists of seven perspectives which are organizational governance, management control, benefits management, risk management, stakeholder management, finance management, resource management. The five maturity levels in P3M3 are awareness of process, repeatable process, defined process, managed process, optimized process.
- PMO Setup: Project Management Office helps the organization to maintain and achieve the highest levels of performance and ensure the execution of successful projects and programs, also it provides the organization with the best practice in managing projects and program and the continuous development of the processes, policies and procedures.
- P3M Policies & Processes: Organizations needs to define the P3M policies, processes, KPIs, templates, forms and tools to ensure managing projects, programs and portfolios in a consistent and repeatable approach.
- Project Management Methodology: Portfolio methodology defines the portfolio lifecycle which typically include initiation, planning, execution, and optimization. It also defines the policies, processes and templates needed to manage and execute the portfolio starting with alignment with the strategy and developing portfolio charter and roadmap through continuous optimization of the portfolio.
Program methodology include the program lifecycle covering program definition, execution and closing. It also defines the policies, processes and templates needed to manage and execute the program starting with alignment with the strategy and developing program charter and roadmap through implementing and executing the related projects and ensuring benefits realization.
Project methodology defines the project lifecycle which typically include project initiation, planning, execution and closing. It also defines the policies, processes and templates needed to manage and execute the project starting with alignment with the strategy and developing project charter through implementing project deliverables.
- Agile Project Management: To adapt with the project needs of change, and with gray scope, agile project management help organizations to manage project with constant need of changes and to satisfy the stakeholders needs
- PMO Tools & Dashboards: The Portfolio, Program or Project Management Office (PMO) tool is a necessity for any organization. Organizations are keen to select the right tool that matches the scale and complexity it has. They also vary from using different technologies or mixing between tools to have stable portfolio, program, and project performance.
With the variety of offerings today, there are cloud based, on-premise or a hybrid. There are tools that support local language, flexibility of calendar to suit the holidays/ weekends/ etc. and other features to localize the tool.
Many organizations stumble upon the choice of making the right call for a PMO solution to bring successful implementation and usage across partial or the entire user base of an organization. The choices that are made may be influenced by the offerings of the products, which may offer:
- Cost effectiveness
- Ease of Implementation
So, when the question arises on how to choose the right PMO tool, we should fall back on guidelines that have been derived from the experience. There are no rules or formulas for choosing the right PMO system, but a set of guidelines could help seekers make the right choice. The right choice can be an expensive proposition if the call goes the wrong way.
We help organizations to select and implement best-fit solutions tailored to suit the current and future needs with some or all of the following key features:
Establish a centralized portfolios / programs / projects. Achieve visibility into portfolios / programs / projects and resources to enable governance and improve execution.
Enable the ability to capture new ideas and initiatives. Manage work demand through scoring and prioritization of the requests that bring the most value.
Prioritize work to align with the business and create more value. Align programs/projects to meet business goals via a top-down approach for scoring and prioritizing work.
Know that the right resources are utilized on the right programs/projects. Improve on-time program/project delivery and view resources by role or skill-set and availability to analyze utilization and productivity.
Time & Cost Tracking:
Track hours and costs for work. Drive accountability and performance by knowing who is working on what. Promote adoption with user-friendly mobile access. Manage forecasts, budgets and expenses, track plans vs. actual to catch opportunities for charge-backs and savings.
Manage tasks in collaborative workspaces that bring teams together. Allow teams to interact and share documents/files in a convenient manner while allowing the organization to build its knowledge base.
Allow the organization to capture and control all programs/projects documentation and deliverables, lessons learned, satisfaction surveys, supplier and customers rating, etc.
Cloud-Based or On-Premise Tool
PMO Tool must suit the organizational requirements of hosting the solution on premise or on a datacenter within the country or anywhere globally, verifying that top standards are applied for security, availability, processing integrity, confidentiality and privacy.
Dashboard must reflect the current state in a real-time manner to measure and manage programs/projects and resources with the objective to keep stakeholders informed and support decision making.
Performance and progress reports are important measure to manage programs/projects progress periodically or on ad-hoc basis. Reports support decision making and help taking corrective actions.
Use predictive analytics to accelerate planning. Build scenarios to determine highest-value work that can be achieved with given constraints.
Evaluating portfolios, programs, and projects budgets, assessing funds availability, commitment, liquidity and spending. Provide visibility on financial stability and support financial predication and optimization
We at Bakkah recognize that P3M is at the heart of every business and is important if an organization wishes to become successful, stay competitive and consistently improve. Organizations need to transition from traditional operational management to more of a project management approach. To maintain and achieve the highest levels of performance and ensure the execution of successful projects and programs, we at Bakkah have the expertise and professional P3M consultants to help you achieve what is needed in a considerable and timely manner.
Using a variety of professional practices, we at Bakkah customize services as per our client needs, relying heavily on two reputable schools, namely [PMI & Axelos]. Our professional consultants, using the best tools, focus on integrating P3M and PMO functions with the organizational chart to provide the best expected outcome, e.g. Center of Excellence (CoE).
The key benefits of P3M consulting services are:
- Ensures focus and alignment with the organization strategy.
- Integrate PMO functions with the organizational chart to provide the best expected outcome
- Improve and support decision making in the organization.
- Reduce costs and expenses
- Ensure successful delivery of portfolio, programs and projects to achieve business objectives.
- Ensure the achievement of expected business results.
- Improve identification and realization of outcomes and benefits.
- Improve change management and project management capabilities in the organization
- Discovering capability and determine which areas to concentrate on for improvement.
- Providing an objective assessment of strengths and weaknesses.
- Diagnosing weakness patterns and eliminate root causes.
- Benchmarking the organization’s capability against others and helping organizations to decide what maturity level they need to achieve to meet their business needs.
- Certifying the organization’s capability through independent assessment.
- Clarify roles and responsibilities and accountability within the organization.
- Focusing on the organization’s maturity, not specific initiatives (you can run good programs and projects without having high levels of maturity – but not consistently)
- Focusing on investment on aspects of P3M that will yield the best improvements for the specific organizational context.
- Providing support for other project management initiatives regarding the improvement of business performance.
- Providing a platform for good decision making.
- Recovering projects at risk and to train your team to sustain the PMO.
- Providing plans for continual progression.
- Optimize the use of resources, funds allocation and stakeholders engagement.
- Ensures periodic performance review to enable evaluation and improvements.
- Standardize and enhance program/project management methodologies.
- Increase work productivity and efficiency.
- Improve projects and programs monitoring and controlling.
- Increase visibility and transparency in the organization.
- Ensure the implementation of the best practices of project management.
To learn more about the service, read:
- What’s P3M3? What are the benefits for organizations?
- Projects management offices types based on P3O®
- PMO Advisory
- 10 reasons behind the need for establishing a project management office (PMO)
- Portfolio Management Office Setup
- Center of Excellence (CoE) in PMO
- Application of PMO in government entities in Saudi Arabia
- Types of Project Management Offices (PMO) based on PMI standards
- Projects management offices types based on P3O®
- Family Corporate Governance
- PMO Tools Implementation
- What’s the ROI of using Outsourcing Model?