Most companies have experienced that it is difficult to develop prognosis for the coming quarters due to uncertainty in project progress. Information from the ERP system does not reflect project progress, and cost overruns are identified too late to take action. Combining information from the accounting system and the project management system improves the quality of the projections of what will happen in the coming months.
Key to achieving this is to base estimates on earned value rather than invoices received or cash out. Making sure that all projects are analyzed based on actual progress is key to make sure that you get an up to date status from across the portfolio. Standardizing project execution models and formalizing how projects should report progress and changes will give valuable information for managing the company.
Risk management is key to many companies. Managing projects in a structured manner will assist in improving risk awareness across the organisation.
Defining standard bundle of reports and dashboards for all relevant personnel makes sure that all relevant information is shared across the organization. This helps in reducing risk and focusing resources on the most important projects.
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