Enterprise project management involves managing all data related to an organization’s projects, with a focus on supporting all projects. Key components include developing a project portfolio, managing complex computer networks, and utilizing employees who work on multiple projects. Effective enterprise project management also involves efficient use of labor.
Enterprise project management is the process of managing all data pertaining to projects an organization may seek to work on and complete. While conventional project management focuses on processes related to one project at a time, enterprise management is effective if it supports all projects an organization may undertake. This is usually done by executives or managers who are responsible for making workflow and budget decisions that affect the entire organization. Some of the key components of enterprise project management are developing a portfolio of projects, developing complex computer networks, and utilizing employees who focus on multiple projects at the same time.
In the world of finance, a portfolio traditionally describes all financial instruments, such as stocks and bonds, owned by an individual or company. When applied to enterprise project management, a portfolio describes all the projects an organization is undertaking. This type of portfolio should contain information about budgets, expenses, and projected income.
A professional who practices enterprise project management annually can add projects to or remove projects from a portfolio. These decisions can be based on demand and risk. By studying the markets and the behavior of customers and competing companies, the manager can decide which projects can generate higher revenues and which appear to have diminished in value.
Network management is another important factor in enterprise management. Many larger organizations have complicated computer networks that connect different locations, entities, financial institutions, vendors and financial institutions. For this reason, computer networks tend to be made up of a variety of different types of software and hardware and may even use services provided by competing companies. A professional who practices corporate project management can hire Information Technology (IT) managers who can streamline communication between various networks, thus adding fluidity to different projects.
While smaller and medium-sized organizations with different 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 requires the need for a full IT staff. For this reason, smaller organizations may find that the cost of network management exceeds its potential utility.
Efficient use of labor is another hallmark of effective enterprise 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 split their time between several different projects. By providing departments with clear workflow standards, a manager can monitor the progress of multiple projects and deploy manpower as needed.
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