Using Forecasting Software to Better Manage Current and Future Projects
With more companies going 100% remote, forecasting software and project management resources are more commonplace, and it can be dizzying to decide which is right for your company. According to the Project Management Institute (PMI), portfolio management can be classified into two major disciplines: portfolio resource management and project portfolio management.
All too often, project portfolio management (PPM) systems offer limited and inflexible resource management tools. Because of the limitations of managing any project portfolio, resource management can pose huge challenges and make your process unpredictable. Having tools available to monitor trends and act with the market is the only way to stay ahead and keep projects on track.
What is Forecasting?
Forecasting is the ability to see which mountains are on your path and decide which ones you need to climb, and which ones you need to avoid. Having the right project management software can help you plan for any what-ifs and project management failures. Forecasting and strategic portfolio management begin with a clear strategy.
The strategy, however, doesn’t have to be step by step in one straight line. Multiple strategies are commonly appropriate for large companies, one of which is always to maintain the revenue from current operations to pay for all of your business goals.
First things first, establish a business forecasting process that supports informed decision making. What is contributed to the strategy by each perspective?
What are the inherent risks? What are the necessary dependencies? Is there a logical timing for this particular investment? Ask these questions any time you need to make an informed decision. Use, cost, value, and resource availability to help guide you in the right direction.
What Features are Important in PPM Software?
As a project manager, you’re trying to maintain the birds-eye view of your team while still staying on top of every little detail in place. Features like a portfolio kanban help you see tasks by highest priority. You might also consider the size and needs of your particular organization.
How many team members are working on the project? Timesheets, work flows, and skills and competency management tools can help keep personnel details organized so you know exactly who needs to be focusing on what and where.
If you could see issues before they arise and know exactly how to react, wouldn’t that be helpful? Having access to features like resource forecasting and scenario planning are vital for knowing all the “what-ifs” and knowing how to zig when you thought you needed to zag.
Need to make lots of changes fast? Spreadsheets should allow for bulk editing so you’re not stuck going line by line. Ideally, if you can have one product to manage staff, timelines, financials, and market research, that would be the best product to manage all of your projects and resources.
ProSymmetry PPM Software
Since 2007, Tempus resource by Prosymmetry has been approaching resource management challenges that slow down, damage, and overwhelm organizations.
It’s clear that traditional, and even agile project management software can’t keep up with the demands of today’s resource management world. Organizations struggle to find and manage their data, create scenarios and real solutions, and remain flexible in their projects.
Designed for ultimate ease, simplicity, and flexibility, Tempus adaptive resource PPM provides unmatched value in its resource capacity planning, what-if analysis, and hundreds of other tools for ensuring your organization always has the right people in the right place at the right time.
Behind this software is a team that delivers second-to-none customer support and service, along with decades of industry experience and a growth mindset that means we never stop listening, improving, and helping our clients thrive.
If you’re ready to take your projects to the next level, visit https://www.prosymmetry.com/ today!