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Modern organizations often face challenges when managing multiple projects. Whether when they have to integrate various projects into a bigger picture, or when they need to decide project priorities and resource management. To address these challenges, organizations need to start integrating Enterprise Project Management (EPM) in their system.
This article will discuss further about Enterprise Project Management and how it benefits organization in providing more effective business delivery.
Breaking Down What Enterprise Project Management (EPM) Is
Enterprise Project Management (EPM) is a method used to manage numerous projects that are currently being carried out in an organization. Enterprise Project Management embraces all individual initiatives, in contrast to traditional project management, which often focuses on a single project with a limited set of objectives. It offers standardized procedures designed to increase project management effectiveness while guaranteeing that all initiatives jointly achieve company objectives.
How Enterprise Project Management (EPM) Differs from Traditional Project Management
One project is the main focus of Traditional Project Management. Enterprise Project management is challenging, though. Enterprise Project Management manages several teams as opposed to managing a single team. If a traditional project management constructs a home, an enterprise project management constructs an apartment building. Enterprise Project Management has different objectives than traditional project management. Traditional Project Management makes sure a project is completed on schedule and on budget. On the other hand, enterprise project management seeks to know whether or not a project adds value to the company. The organization is the main focus of enterprise project management, which also prioritizes and highlights its business goals. Projects are managed and grouped to make sure they achieve the organizational objectives and goals.
Benefits of Enterprise Project Management
Enterprise Project Management (EPM) offers a centralized method for standardization as all projects are managed uniformly using the same standard. This brings organization benefits in the following ways:
Lower the Project Risks
You can understand the possible risks associated with things like how many projects could affect one another or how the same resources might be working on multiple tasks at once.
Better Planning Phases
Organization gains more planning consistency and in-depth project manager knowledge by standardizing the project planning standard.
Better Resource Utilization
Improved planning results in better business outcomes; staffing, resource, and time estimations are more accurate, problems can be escalated for prompt resolution to increase project success.
What Makes Enterprise Project Management Successful
The following are the 4 critical success factors which determine whether the organization can implement Enterprise Project Management successfully or not.
Program and project managers must comprehend how top-down enterprise management supports their efforts and is available to offer additional assistance.
2. Standardization Enforcement
Standardize processes across departments throughout the organization.
3. Genuine Structural Change
As structure is crucial, project management officers must report to the enterprise project management officer, which in turn reports to the CEO. To prevent bottlenecks, communication and escalation need to be clear.
4. Executive Support
There should be constant leadership support and buy-in for the enterprise project management officer to perform its role. The enterprise project management officer assists the executive team of the organization and respects their authority and obligations.
In conclusion, Enterprise Project Management is fundamentally a method of planning and managing numerous complex projects. Enterprise Project Management aims to provide an umbrella of consistent project management to avoid the potential problems while keeping projects focused on overall business strategies. If you want to know more about Enterprise Project Management or other types of project management, join our training classes!
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