Based on the case, the President identified the need of formal project management at the executive staff meeting. The President also cited the need to be more competitive by effective project management in place which could be implemented by adopting Enterprise Project Management.
EPM is the process of monitoring performance across the enterprise with the goal of improving business performance. An EPM system integrates and analyzes data from many sources like e-commerce systems, front-office and back-office applications, data warehouses and external data sources. (Gartner, 2017). The typical six phases in EPM are listed below:
· Phase 1 – Conceptualization
· Phase 2 – Planning
· Phase 3 – Design
· Phase 4 – Implementation
· Phase 5 – Go-Live or Closure
· Phase 6 – Post Implementation Review
The benefits of EPM include but are not limited to higher quality arising from more consistent project management (PM), reduced impact of skills shortage, by leveraging the skills of an experienced manager, reduced project risks and increased reliability of delivery and improved productivity.
In Enterprise Project management, it is most suited to have six or less life-cycle phases. There are various benefits attached to this which are listed below:
· Each phase helps define the lifecycle of the project with clear deliverables and timelines. To ensure minimal overlap and redundancy between any two phases, it is very important to have lesser life-cycle phases.
· Lesser phases ensure more accountability for the team members which ensures more clarity in the job responsibilities and expectations for the team members.
· Each project is divided into various phases and each phase will have its own gate review meetings. This may lead to unnecessary documentation, redundancy and waste a lot of valuable time of the project manager and other team members, which can be otherwise spent on timely completion of each phase in a coherent manner.
· Lesser life-cycle phases imply an in-depth understanding and evolution of the project, simultaneously identifying the areas of greater risk and hence developing a risk mitigation plan for these scenarios