In the dynamic landscape of project management, organizations often grapple with a multitude of projects and initiatives, each with its unique goals, timelines, and resources. This complexity demands an efficient and versatile solution for managing projects and portfolios. Enter Planview, a comprehensive project and portfolio management tool that empowers organizations to streamline their project workflows and maximize the value of their investments.
In this blog, we will embark on a
journey through the world of Planview, exploring its foundational concepts, key
features, and a step-by-step guide on how to configure and manage portfolios.
Understanding Planview: The
Basics
Planview is a robust and
flexible project and portfolio management (PPM) software solution that enables
organizations to align their projects with their strategic objectives. With its
suite of tools, Planview supports the entire project lifecycle – from ideation and
initiation to execution and analysis. It is trusted by businesses across
various industries to prioritize, plan, and execute their projects efficiently.
Key Concepts in Planview
Before we delve into the
intricacies of using Planview, let's familiarize ourselves with some
fundamental concepts:
1. Portfolio Management:
Planview allows organizations to group their projects into portfolios. A
portfolio represents a collection of related projects or initiatives that align
with specific business objectives. Managing portfolios enables organizations to
make informed decisions about resource allocation, prioritization, and risk
management.
2. Work Intake: Work
intake is the process of capturing project requests or ideas and evaluating
them for inclusion in the project portfolio. Planview provides tools for
organizations to collect, evaluate, and prioritize work requests.
3. Resource Management:
Effective resource management is essential for optimizing project execution.
Planview helps organizations allocate resources, balance workloads, and
maximize resource utilization.
4. Time and Expense
Management: Planview includes features for tracking project time and
expenses, allowing for accurate project cost management.
5. Collaboration:
Collaboration tools in Planview facilitate communication and cooperation among
team members and stakeholders, fostering a collaborative project environment.
Now that we've established a
foundational understanding, let's dive into the key features and capabilities
that Planview offers.
Exploring Planview Features
Planview provides a range of
features and tools that empower organizations to manage their projects and
portfolios effectively. Here are some of the core features:
1. Work Intake and Demand
Management
The work intake process in
Planview allows organizations to capture project requests, ideas, and
initiatives. It serves as a gatekeeper for evaluating which projects align with
strategic goals and should be included in the portfolio. Key features include:
- Request Management: Centralized request
management streamlines the collection and evaluation of project requests.
- Prioritization: Planview provides tools to
rank and prioritize projects based on strategic alignment and resource
availability.
- Ideation: Teams can collaborate on generating
new project ideas and concepts.
2. Portfolio Management
Portfolios are at the heart of
Planview, enabling organizations to oversee and govern a collection of
projects. Key portfolio management features include:
- Portfolio Creation: You can create portfolios
to group related projects based on criteria like business units,
strategies, or themes.
- Alignment with Strategy: Planview helps ensure
that projects within portfolios align with the organization's strategic
objectives.
- Scenario Planning: Evaluate different
scenarios and make informed decisions on project prioritization and
resource allocation.
3. Resource Management
Effective resource management
ensures that the right people are working on the right projects at the right
time. Planview's resource management features include:
- Resource Allocation: Allocate resources to
projects while ensuring balanced workloads and optimal resource
utilization.
- Capacity Planning: Forecast resource demand
and availability to make data-driven allocation decisions.
- Skills and Role Management: Define and track
the skills and roles of your resource pool.
4. Project Execution and
Collaboration
Planview offers tools for project
execution and collaboration, enhancing team communication and coordination. Key
features include:
- Task and Workflow Management: Plan and manage
tasks, assign responsibilities, and track progress.
- Document Management: Centralize project
documents and files for easy access and collaboration.
- Team Collaboration: Foster collaboration among
team members through discussion boards, notifications, and shared
workspaces.
5. Time and Expense Tracking
Accurate time and expense tracking
are crucial for managing project costs and ensuring project profitability.
Planview's time and expense management features include:
- Time Tracking: Record and report time spent on
project activities.
- Expense Tracking: Capture and manage
project-related expenses for cost control.
6. Reporting and Analytics
Planview provides a robust
reporting and analytics engine to gain insights into project and portfolio
performance. Key features include:
- Custom Dashboards: Create personalized
dashboards to monitor project and portfolio KPIs.
- Ad Hoc Reporting: Generate custom reports and
analyze project data.
- Business Intelligence: Leverage data-driven
insights for better decision-making.
With an overview of Planview's
features in mind, it's time to explore how to configure and manage portfolios
within the platform.
Configuring and Managing
Portfolios in Planview
Configuring and managing
portfolios in Planview involves a series of steps, each crucial for effective
portfolio governance. Here's a step-by-step guide to get you started:
Step 1: Define Portfolio
Objectives
Begin by setting clear objectives
for your portfolio. Determine what your portfolio aims to achieve, whether it's
aligning with strategic goals, optimizing resource allocation, or managing
specific project types.
Step 2: Create a New Portfolio
- In the Planview interface, navigate to the Portfolio
Management section.
- Click on "Create New Portfolio" to initiate
the portfolio creation process.
- Provide a name and description for the portfolio.
- Define the criteria for including projects in the
portfolio.
Step 3: Add Projects to the
Portfolio
- Select the projects that belong to the portfolio. You
can choose projects based on their alignment with portfolio criteria and
strategic objectives.
- Assign project managers and establish clear ownership
for each project within the portfolio.
Step 4: Define Portfolio
Governance and Metrics
- Establish governance processes for the portfolio,
including decision-making and approval workflows.
- Define key performance indicators (KPIs) and metrics
to monitor portfolio performance.
Step 5: Allocate Resources
- Assess resource availability and allocate resources
to portfolio projects.
- Use Planview's resource management tools to balance
workloads and optimize resource utilization.
Step 6: Monitor and Report
- Regularly monitor portfolio performance against
defined KPIs and objectives.
- Use Planview's reporting and analytics features to
generate portfolio performance reports.
Step 7: Adjust and Optimize
- Periodically review portfolio performance and make
adjustments as necessary.
- Adapt to changing business conditions, resource
availability, and strategic priorities.
By following these steps, you can
configure and effectively manage portfolios within Planview, aligning your
projects with your organization's strategic objectives and optimizing resource
allocation.
Conclusion
Planview is a versatile and
comprehensive project and portfolio management solution that empowers
organizations to make informed decisions, streamline project workflows, and
maximize the value of their investments. By understanding the core concepts and
features of Planview and following a structured approach to portfolio
configuration and management, you can harness the full potential of this
powerful tool. Whether you're an experienced project manager or new to the
world of PPM, Planview offers the tools and capabilities to drive success in
your organization's project endeavors.