Enterprise project management involves managing data related to all projects an organization is pursuing. It includes developing a portfolio of projects, managing complex computer networks, and using employees who focus on multiple projects simultaneously. Efficient use of labor is also important.
Enterprise project management is the process of managing all data related to projects that an organization may be seeking to work on and complete. While conventional project management focuses on processes involving one project at a time, business management is effective if it supports all the projects an organization might pursue. This is often performed by managers or executives who are responsible for making workflow and budgeting decisions that affect an entire organization. Some of the key components of enterprise project management are developing a portfolio of projects, developing complex computer networks, and using employees who focus on multiple projects simultaneously.
In the world of finance, a portfolio traditionally describes all financial instruments, such as stocks and bonds, owned by an individual or a company. When applied to enterprise project management, a portfolio describes all the projects an organization is pursuing. This type of portfolio should contain information about budgets, expenses and expected revenues.
A professional who practices corporate project management annually can add projects to or remove projects from a portfolio. These decisions can be based on demand and risk. By studying markets and the behaviors of customers and competitor firms, a manager can decide which projects are likely to generate the most revenue and which may appear to be declining in value.
Network management is another important factor in business management. Many larger organizations have complicated computer networks that connect different locations, entities, financial institutions, suppliers and financial institutions. Because of this, computer networks tend to be made up of a variety of different types of software and hardware and can even use services provided by competing companies. A professional who practices enterprise project management might hire Information Technology (IT) managers who can streamline communication between various networks, thereby adding fluidity between different projects.
While small to medium-sized organizations with diverse interests can practice enterprise project management, only large companies tend to use complex network systems. Network management in these scenarios can be incredibly complex and often require the need for a full IT staff. For this reason, smaller organizations may find that the cost of managing the network outweighs its potential utility.
Efficient use of labor is another hallmark of effective business project management. A professional who practices this type of management aims to keep several projects running at the same time. This often requires workers to divide their time between several projects. By providing departments with clear workflow patterns, a manager can track the progress of various projects and distribute work as needed.
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