The New Age of Project Portfolio Management

The New Age of Project Portfolio Management

Efficient project and portfolio management was key to the smooth operation of our oil & gas multinational client. Located in Queensland, Australia, the refinery produced 100,000 barrels per day at its peak. By 2008-09, the organisation recognised that the paper forms used to track project workflows, costs and new ideas were not meeting its needs.

The Challenge

Under there paper-based processes, forms may have sat on someone’s desk for long periods, or have required multiple signatures and document scans, delaying approval processes. The client wanted to implement electronic approvals and consolidate and improve the visibility of project portfolios.

The Solution

A software package was designed in partnership with the client’s own project management professionals, called ‘Nostra PPM’  and was designed to simplify the operational performance requirements for project & portfolio management practitioners and executives of capital-intensive industries.

VISIT NOSTRA PPM 

The Outcome

With the project managers taking greater responsibility for costs and our greater ability to understand the status of projects and portfolios, combined with management by exception, the client's portfolio project management improved tremendously. A clear benefit was end-of-quarter forecasting accuracy improving from 80% to 98%, with project managers able to:

  • Identify earlier if a project is tracking late or experiencing issues; and
  • ‘Level out’ portfolios – e.g. accelerate projects or bring projects forward from the following year if they are under budget.


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The Results