If your organisation runs multiple capital projects at the same time – be they hospitals, nuclear plants, highways or even Olympic facilities – standardising the organisation, controls and systems across a project portfolio can yield significant benefits throughout the project lifecycle.
Developing a portfolio approach to projects need not become a major, long-term project in itself. What’s needed is the right combination of business acumen, capital projects knowhow and technology.
A centralised portfolio management approach offers many benefits. You get accurate, real-time information on each project; a “big picture” profile of the entire portfolio; sharper insight into resource needs; more effective risk management; and better use of capital.
Along with its plus-side benefits, portfolio management also helps you avoid such negatives as headline-grabbing cost overruns, lengthy delays and a host of other common capital-project headaches.
In short, the portfolio approach lets you see, understand, manage and report all your projects as a strategically integrated whole – and improve efficiency and cost-effectiveness across your entire asset landscape.
Consistent cross-project protocols for organisational framework, processes, procedures, contracting, governance, risk management, financial management, schedule and resource management, systems and technology, regulatory compliance and reporting can bring you: