The Benefits of PPM

Project Health Chart Using SPI and CPI It is imperative that when project execution commences, executives focus on two important aspects: the performance of their portfolios and the ability to visualize the impact of any strategic changes to their portfolio. This cannot be left to just project teams or departments for the simple reason they most likely will not have an enterprise view. Monitoring and controlling the portfolio performance requires adopting performance management systems that can aggregate projects’ schedule and cost performance results. For example, the earned value process provides a number of performance indicators that can indicate whether a portfolio of projects is on schedule and/or on budget (Figure 4 shows a Project Portfolio Health Chart). Executives have the ability to aggregate key milestone dates in order to have a clear picture of their projects and portfolios.

Primavera PPM DashboardThe growing interest in project portfolio management has created great interest in what is known as Portfolio Analysis Dashboards. These dashboards provide executives with “a single version of the truth” about the status of their project investments by consolidating project information in different forms and in a real time environment. With project portfolio management applications such as Primavera PPM Solutions, executives as well as project leaders can collect and analyze the necessary information to proactively manage project portfolios. In the oil and gas industry, Primavera solutions have broad adoption for a number of reasons. First the majority of oil and gas organizations globally (and in the region) have standardized on Primavera’s PPM solutions for managing their different types of projects and programs from plant expansion to maintenance work. This also applies to project management contractors, EPCs, general contractors and engineers who work for those organizations. This means that the data that project portfolio management requires for generating the dashboard content is readily available in a format that does not require recreation. The second reason is the flexibility in designing multiple dashboards with different graphical and tabular portfolio analysis reports depending on the unique needs of the user. And all of this is a fully web-enabled solution that provides access anywhere at any time for those who have the right access rights—whether in the boardroom or in the field.

Conclusion
As the pressure to successfully plan, select and execute projects grows, leaders with a strategic portfolio will be best positioned to succeed. Project portfolio management solutions, such as Primavera solutions from Oracle, enable executives and project leaders alike to successfully identify the best strategies and opportunities for existing and future projects. With this understanding, oil and gas leaders in the GCC countries can thrive during challenging economic times.