Project Planning & Prioritization
What is Project Planning & Prioritization?
Project Planning means being able to capture all initiatives that you would like to fund. The keywords are 'like to fund'. Project Prioritization allows you to select the right projects to fund.
How is Project Planning & Prioritization done?
Usually project planning gets done via spreadsheets that capture all initiatives. The next step is for teams and groups to go through cycles of prioritizing. Then the projects that will be funded are identified. Sometimes projects are categorized into compliance, risk and other categories. It is important to flag projects that you have to do versus projects that are discretionary. So being able to quickly see the non-discretionary versus discretionary projects is critical. Then being able to go into your discretionary pool and select projects that provide the highest value to the organization.
What is the first step in planning?
In the upfront planning stage, you're trying to make a quick assessment about a portfolio of projects. You try to align what could be hundreds or thousands of projects to a budget that in most cases is fixed. That's project planning.
What is the biggest challenge?
The biggest challenge with the project planning process is having to manage and align different spreadsheets. There are a lot of PPM tools that claim to do project planning but a lot of the work is still done via spreadsheets. PPM Tools fail to help you during the critical phase of building up the portfolio plan and choosing which projects to fund. They claim to do the planning but in reality it's the spreadsheets that are doing the planning. PPM platforms are an expensive internet tool used as final repository when the plan is ready.
How PlanIQ solves this problem?