Project portfolio management

The project portfolio management solution acts as support in connecting project work with company's strategy, and facilitates the status follow up of project work as a whole.

The portfolio management solution supports the following processes

• The evaluation of project proposals, and connecting proposals to strategic targets
• The approval of project proposals and plans, and the startup of projects
• Reporting on ongoing projects
• The follow up of the project work as a whole through project portfolios
• Information management in the projects taken to the portfolio
• Finishing projects and archiving them in a "project bank"

Projects in the portfolio go through a lifecycle process defined in the company. The status of individual projects and the whole portfolio can be followed up in real time in the Kronodoc project portfolio.

Project portfolio management 

Using the Kronodoc project portfolio, it is easy and fast for the company management to get a picture of the status of the projects. Summaries can also be drawn per unit or per department as needed. The follow up shows which projects are yet to be started, which ones are in a preliminary research phase (or in an offer phase), which ones are being implemented, and which ones have already been carried out.

It is also easy to use the portfolio to follow up the status of an individual project: how the timetable is being followed pitää, how the end products are being produced, how the actual project costs follow the budgeted costs, and how accurately the budgeted man hours are being used.

Project management

The project portfolio gives a place for the project team to collect project status reports. The application will create summaries of these and create reports over all the projects in the portfolio.

In addition to reporting, all other documentation related to the project, such as designs, memos, minutes of meetings, and the end products of a project, can be collected in the portfolio. And if needed, access to a project or specific information in it can be limited to a project steering group and a project team. This ensures that the visibility on different organizations' or departments' projects stays within the departments in question.

A project team can modify an information management structure for their project - a structure which will include project related materials and progress reports. Distribution of project documentation and notifications on project activities are easy and fast to do with Kronodoc.

Placing all project information centrally in one location facilitates both the work of the project team and the management. When all the project related information is in one place a significant amount of time that would otherwise go to searching for materials, is now saved.

Completed or postponed projects can be stored in separate portfolios, and can be reactivated as needed.

The main functionalities of project portfolios

• Creating project proposals
• Portfolios for active projects - one project can be placed in several portfolios
• The management of the most essential project documents - project proposals, project plans, change reports, progress reports, final reports, budgets
• Project progress reports
• Project hours reporting
• Project and portfolio status reporting
• Portfolios for completed and postponed projects
• Advanced access profile management for controlling visibility to portfolios, projects and project documentation

The uses of project portfolios

• Creating and processing project proposals
• Document storage and progress reporting in active projects
• Saving and searching of the project related information
• Storage of completed projects

The advantages of project portfolios

• Business development and strategy implementation become more systematic
• Prioritization and transparency of projects increase. The number of unnecessary projects cecreases
• The throughput times of projects decrease
• The follow up and management of the project portfolio status is easier
• Standard project work practice is formed through common way of working
• Supports spreading of project knowledge and common work practices

More info: sales@kronodoc.com