Mastering Project and Portfolio Management with Planview

    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.