What Is Enterprise Project Management? (With Steps)
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Companies may have several large projects that are on an organization-wide scale. To manage these projects successfully, these companies might implement enterprise project management (EPM), which is the process of delivering these company projects. If you're interested in pursuing a career in project management, then it might be useful to learn about this topic.
In this article, we discuss what enterprise project management is by explaining what's included in the process and providing steps to implement EPM.
What is enterprise project management?
Enterprise project management is how a company creates, develops and completes projects throughout the entire business. Since EPM is company-wide, these projects can be extensive and include multiple employees and stakeholders. To manage these projects, EPM teams usually implement different strategies and plans, ensuring that they complete the projects. There are many components involved in EPM, such as resources, schedules and financial management. Another main factor of this type of project management is that the EPM team manages all the projects at once, which requires organization and coordination.
What's included in enterprise management?
There are several common aspects included in enterprise management including:
Risk analysis refers to studying what potential risks a project poses. This is important for EPM as there are so many large projects happening at the same time. Implementing risk analysis helps the EPM team develop ways to resolve issues or concerns relating to a project. You can enforce risk analysis by measuring risk and thinking of ways to mitigate these issues if they occur.
In EPM, structured estimating includes examining various components of a project, such as costs, time and resources. This helps the EPM team determine how long a project might take to compete or how much it could cost. Structured estimating is beneficial because it helps the team coordinate each project. If they estimate how long one project could take, they know when they can start planning the next one.
Related: What Is a PMO and What Does It Do?
Project reviews are the process of monitoring a project and its progress. Completing periodic project reviews allows the EPM team to evaluate how well they're performing tasks or meeting deliverables. EPM managers sometimes conduct project reviews to analyze risk or to see if there are areas of improvement for the project. The EPM team might complete these reviews at the start, middle and end of the project.
Project management coaching
Companies invest in EPM through project management coaching. There are several components involved in EPM, which is why organizations train and coach their project management teams. This training prepares these employees to oversee projects on a much larger scale. Project management coaching might involve training, resources or even mentors to help employees feel more capable of implementing EPM.
Escalated issue management
Escalated issue management refers to prioritizing problems that develop into more serious issues. This is an important aspect of EPM because large and important projects sometimes have more issues. The EPM team should try to fix these errors before they develop, which is why you might use escalated issue management. This process might involve team intervention or problem-solving.
All EPM projects have a lifecycle, which is essentially the project's timeline, including when it begins and when it ends. Time accounting is measuring how long a project lasts and how much time the EPM team spends on a project. This helps create a guide that the team can use to judge how long similar projects might take.
Information system management
Information system management is the tools and applications the EPM team uses to oversee and organize projects. There are many project management programs available that allow users to create, edit and share documents, charts and prototypes. While these systems aren't a requirement for successful EPM, they can be very helpful in managing several projects at the same time.
How to implement enterprise project management
Here are four steps to implement enterprise project management:
1. Decide how you might use EPM
The first step in implementing enterprise project management is to decide how to use this process. This might include determining what resources EPM requires, the company's business objectives or how the company currently uses project management. Deciding how to use EPM can help you create a successful EPM process that matches the company's needs.
2. Assign an enterprise project manager
While there are many team members involved in EPM, it's important to assign an enterprise project manager. This role is the leader of the entire EPM team. For example, the enterprise project manager ensures that all projects are of high quality and that the team finishes them by their deadlines. If there's an issue with a project, the EPM team might refer to the enterprise project manager to resolve it. The company might hire a current employee to fill this role, or they might look for external candidates.
3. Communicate with stakeholders
Projects often rely on the support from stakeholders to succeed, so it's important to communicate with these groups. You can develop lasting relationships with stakeholders by being transparent with them. For example, you could ask stakeholders for suggestions or schedule a focus group so they can ask questions about the project.
4. Utilize project management
EPM is similar to regular project management, only it's on a larger scale. This means you can utilize the processes you have for regular project management. If you have a specific methodology for your normal projects, you can use these processes for EPM. In doing this, you're ensuring that all your processes are consistent, which can help when coordinating these projects.
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