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Enterprise project management is the process of managing all data regarding projects that an organization might seek to work on and complete. While conventional project management focuses on processes regarding one project at a time, enterprise management is effective if it supports all projects that an organization might pursue. This is often performed by executives or managers who are responsible for making decisions regarding workflow and budget that affect a whole organization. Some of the key components of enterprise project management are development of a project portfolio, development of complex computer networks, and utilization of employees who focus on several projects at once.
In the world of finance, a portfolio traditionally describes all financial instruments, such as stocks and bonds, owned by an individual or business. When applied to enterprise project management, a portfolio describes all of the projects an organization is pursuing. This kind of portfolio should contain information regarding budgets, expenses, and projected revenues.
A professional who is practicing enterprise project management annually might add projects or remove projects from a portfolio. These decisions can be based on demand and risk. By studying markets and the behaviors of clients and competitor businesses, a manager can decide which projects might generate the greatest revenues and which might seem to have decreased in value.
Network management is another important factor in enterprise management. Many larger organizations have complicated computer networks that connect different locations, entities, financial institutions, suppliers, and financial institutions. For this reasons, computer networks tend to be made up of a variety of different kinds of software and hardware and may even use services provided by competing businesses. A professional who practices enterprise project management might hire Information Technology (IT) managers who can streamline communication among various networks, thereby adding fluidity among different projects.
While smaller and mid-size organizations with different interests can practice enterprise project management, only large corporations tend to use complex network systems. Network management in these scenarios can be incredibly complex and often require the need for full IT staff. For this reason, smaller organizations may find that the cost of network management exceeds its potential usefulness.
Efficient use of labor is another hallmark of effective enterprise project management. A professional who practices this kind of management aims to keep several projects functioning at one time. This often requires workers to divide time among several different projects. By providing departments clear workflow patterns, a manager can monitor progress of various projects and deploy labor as needed.