{"id":288779,"date":"2023-03-22T14:01:54","date_gmt":"2023-03-22T14:01:54","guid":{"rendered":"https:\/\/project.co\/?p=288779"},"modified":"2024-06-27T15:40:57","modified_gmt":"2024-06-27T15:40:57","slug":"enterprise-project-management","status":"publish","type":"post","link":"https:\/\/project.co\/enterprise-project-management\/","title":{"rendered":"What Is Enterprise Project Management?"},"content":{"rendered":"
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Last updated on 27th June 2024<\/em><\/p>\n\n\n\n

In this article we are going to answer the question: What is enterprise project management?<\/p>\n\n\n\n

Project management is such a broad term and it impacts every business in some way or another. And yet, a lot of businesses still struggle to get it right.\u00a0<\/p>\n\n\n

\n <\/i>Statistic\n<\/div>\n
\n 94% of people feel the businesses they buy from have room for improvement when it comes to effective communication and project management.<\/strong>\n
\n Source: <\/strong>Project.co Communication Statistics 2024<\/a>\n <\/div>\n<\/div><\/div>\n\n\n

Here\u2019s an in-depth look into what enterprise project management is and how to implement it in your business\u2026<\/p>\n\n\n\n

What is enterprise project management?<\/strong><\/h2>\n\n\n\n

Enterprise project management focuses on the management of projects on a company-wide scale. This usually refers to multiple projects that require standardised processes to make managing them easier and more streamlined for everyone involved. <\/p>\n\n\n\n

Enterprise project management is typically implemented by an enterprise project manager<\/strong>. The role of this person is to oversee all of the projects that are occurring in the company at any one time, usually across multiple departments. <\/p>\n\n\n\n

The enterprise project manager will monitor projects to see if they are meeting their goals, and may occasionally be required to cancel projects that are under-perfoming. It\u2019s very important for enterprise project managers to be able to tell the difference! <\/p>\n\n\n\n

The 7 elements of enterprise project management<\/strong><\/h2>\n\n\n\n

According to the Project Management Institute, there are 7 elements of enterprise project management<\/a> (sometimes referred to as EPM). <\/p>\n\n\n\n

\"The<\/figure>\n\n\n\n

Here we\u2019ll take a look at each element in more detail to see why it\u2019s important. <\/p>\n\n\n\n

1. Risk analysis<\/strong><\/h3>\n\n\n\n

Risk analysis is the process of identifying and analysing potential risks, and then implementing measures that can be put in place to mitigate those risks.<\/p>\n\n\n\n

In terms of enterprise project management, this means evaluating what went wrong with past projects and using this information to inform future risk management decisions. Risk analysis should be applied to projects on an individual level, but also to the company as a whole. <\/p>\n\n\n\n

A list of potential risks should be made, along with the likelihood of them happening and a contingency plan to mitigate the risks if they occur.<\/p>\n\n\n\n

2. Project estimation<\/strong><\/h3>\n\n\n\n

Project estimation refers to estimating things like project costs, duration, and resources required. This will help you to determine a standard or \u201crule of thumb\u201d for your projects. You\u2019ll be able to understand how long projects should take, how much they should cost, what resources you\u2019ll need, and also what revenue you can expect. <\/p>\n\n\n

\n <\/i>Our Insight\n<\/div>\n
\n This is a really important part of enterprise project management because it can inform the management of projects for years to come. It can help you to decide which projects to take on, and which to refuse (or cancel before they cause big issues).\u00a0\n<\/div><\/div>\n\n\n

3. Project reviews<\/strong><\/h3>\n\n\n\n

Reviewing projects is of course a crucial aspect of enterprise project management. We\u2019ve already mentioned how reviewing past projects can help you set new standards for risk analysis and cost estimations, among other things. <\/p>\n\n\n\n

Regular reviews of your ongoing projects will help you to keep all of these things in check, and ensure your projects are running efficiently. <\/p>\n\n\n

\n <\/i>Statistic\n<\/div>\n
\n Just 6% of businesses rate their efficiency as excellent.\u00a0<\/strong>\n
\n Source: <\/strong>Project.co Communication Statistics 2024<\/a>\n <\/div>\n<\/div><\/div>\n\n\n

Project reports<\/a> can be really useful to give you a quick overview of the condition your projects are in so you can work more efficiently and be more productive. <\/p>\n\n\n\n

4. Project management coaching<\/strong><\/h3>\n\n\n\n

As vital as your enterprise project manager will be, they also need to delegate some tasks to the project managers throughout your different teams. <\/p>\n\n\n\n

Project management can be a stressful job without the proper coaching and resources, so that\u2019s exactly what this element of EPM is about. <\/p>\n\n\n\n

Training can be provided in house by your enterprise project manager or externally using a team of sourced experts. You want to make sure your project managers are trained on project execution, problem solving, and decision making so that they can manage large amounts of projects with more ease. <\/p>\n\n\n\n

5. Escalated issue management<\/strong><\/h3>\n\n\n\n

Even with a solid risk analysis process in place and well-trained project managers, sometimes issues will inevitably arise that require intervention from upper-level management. <\/p>\n\n\n\n

The best way to prepare for these escalated issues is to create a protocol for how to handle them when they do arise. This can include things like what qualifies as an \u2018escalated issue\u2019, who should be contacted about it, and how you want to proceed going forward. It may be that escalated issues result in the implementation of wide-scale organisational changes. <\/p>\n\n\n\n

6. Time tracking<\/strong><\/h3>\n\n\n\n

Time tracking is key for managing projects on an enterprise level. This data allows you to understand how long each section of each project should take, and this can help you with future planning and estimations. <\/p>\n\n\n\n

With time tracking being so important for project management in general (both enterprise and not), it may shock you to know that only <\/strong>34% of people<\/strong><\/a> actually use a dedicated time tracking tool<\/strong>.<\/p>\n\n\n\n

Time tracking tools, like the one available in Project.co, can save project management teams a lot of time and effort: <\/p>\n\n\n\n

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Not only that, you can rest assured that the data you\u2019re tracking is accurate and available at your fingertips whenever you need it. <\/p>\n\n\n\n

7. Information system<\/strong><\/h3>\n\n\n\n

This last element of enterprise project management is probably the most important. When managing everything from risk analysis to time tracking, you need a solid system to store all of your precious information. <\/p>\n\n\n\n

A robust enterprise project management tool<\/a> will allow you to keep all of your important project information in one place. <\/p>\n\n\n\n

The perfect platform will give you the opportunity to manage every project individually and also manage your projects together as a whole. <\/p>\n\n\n\n

You need a platform that you can personalise and use to communicate with clients and team members alike. Somewhere to keep your files safe and centralised, and also integrate with your most-used tools, like Google Drive. Plus, get access to the reporting insights you need to ensure your projects are profitable and successful. You can get all this and more from Project.co, check it out: <\/p>\n\n\n\n

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