What Is Enterprise Project Management?
Modernity has given rise to huge corporations and projects of unsurpassed size and scope. Traditional project management often focuses on small projects, which can be completed in a short time period.
However, larger projects and projects that are part of larger programs, such as those in the oil and gas industry, require Enterprise Project Management (EPM), and you need to know what it means for your project team.
Defining Enterprise Project Management
Enterprise Project Management is a comprehensive approach to project management. It considers how direct and indirect influences impact the project’s progress as a whole. As a result, it includes risk analysis, scaling of project processes to match size, monitoring of project resources, continual reporting and analysis of cost versus benefit and the use of tools to manage all of these aspects.
By considering the definition of “enterprise,” EPM is designed for the effective management of large, difficult projects. Ultimately, EPM is a way to break apart a large project into actionable, achievable portions that sequentially line up to produce a final, positive result.
How Does Enterprise Project Management Differ From Traditional Project Management?
Unlike traditional project management, EPM is based on combining all the parts of project’s management into one resource, often in a web-based software. These capabilities help to reduce barriers between workers and the project management team, which increases efficiency and productivity.
EPM goes beyond budget and scheduling in project management by making the schedule and budget “tangible” to all parties involved in a project. For example, stakeholders can review a project’s progress. Skilled workers can access work schedules and request changes to schedules within the Enterprise Project Management system. Yet, the true benefit of EPM is realized through business intelligence and dashboarding.
Enterprise Project Management Benefits
Business intelligence tools enable project managers to create a proactive work environment. In other words, project managers can use automated data collection and analysis to identify potential problems in a project before they occur through forecasts. In addition, business intelligence increases the responsiveness of the project schedule as risks evolve, allowing for continual risk management and less downtime.
Taking project management to an enterprise-level also directly impacts how well a project aligns with a company’s business strategy. By making this connection, project managers can coordinate complex projects that rely on the completion and execution of other projects or tasks that may be outside of their control. In other words, bringing information together through data-sharing helps to keep the whole company on schedule and budget.
Enterprise Project Management sounds complicated, but it is actually a methodology in project management that allows project management professionals to maintain control over the most complex projects and programs. Regardless of your experience in project management, you will encounter EPM, and if you can leverage its benefits and capabilities, your project will be more likely to succeed.
- Enterprise Project Management is built for large-scale projects, but it is applicable to small projects as well.
- EPM enables project managers to view projects in overtone and detail concurrently.
- Business intelligence and advanced, customized dashboards are common components of EPM tools.
- EPM encourages alignment of business goals with the goals of a project and clear communication between workers, project management professionals and upper-level management.