As a company grows larger and becomes more diverse in its operations, it may begin to experience a variety of growing pains. Entrepreneurs often discover that separate departments or business units are working on similar projects which results in waste of resources and costs.
Within a large organization, two groups might find that they are working on projects that contradict or compete with each other. Even after these situations are figured out, it can take weeks or months to reorder and strategize the overall direction the company wants to proceed with.
Then what's the solution? Enterprise Project Management or EPM.
What is EPM?
To understand what EPM is and why it’s important, it’s better to take a step back and consider the definition of project management.
Wikipedia says, “Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.”
However, a company involved in multiple projects, each focused on a unique goal with a specific deadline, needs a way to organize and direct those projects. That’s where Enterprise Project Management comes into play
The term has been used as validating the number of actions that aimed to improve the management effectiveness rather than following a single project or a static scope of an individual project management methodology.
These includes: Integration of project management office to departmental levelMerging of multiple and versatile projects using advanced project management softwareImprovement of project management capabilities using the organizational “stages of growth” models An enterprise project management incorporates all these parts.
EPM is a working environment for project managers, including rules and processes designed to uplift the effectiveness of the DO as a whole.
However, EPM is more further than just the integration of project management software, it presents charting of error statistics as well.
The key characteristics of EPM include:Strategical arrangements of the project’s components with both strategy and visual level of each individual project.The priority-based choice of selection and scheduled health checks of project investments.Multi-project syndication and reporting through project management tools.
Let’s elaborate more; The Strategic Integration: This top-level of any enterprise project management model that represents the strategic level of an organization.
