An enterprise is a name used for a small business, firm or a comparable organizational setup, which might have various units and teams working under it at one time. It covers the scope of a firm at a broader scale, as it handles multiple projects of relative variation at one time, such as the Farm Enterprise, which includes components of farm business both arable and dairy enterprise.
On the other hand, project management covers the parameter of planning, organizing, and managing the present limited resources in order to complete specific projects and achieve its goals in the most efficient manner.
A project however, is a service or a product which needs to be established within a given time period, for consumer satisfaction. The main incentive towards project management is to complete a given task in its defined budget, time, quality and scope; while it uses up certain amounts of resources such as money, labor, energy, capital and entrepreneurship; and for a perfect project completion these resources need to be employed in the most capable way so attain both productive and allocative efficiency.
Therefore Enterprise Project Management (EPM) deals in the managerial expansion of different organizations, in managing their current resources and projects while they constantly adapt themselves to the ongoing structural transformations, in the most professional manner. With the innovation of EPM and its adoption of the new Information Technology’s means, an enterprise can generally handle a number of projects at one time, while human capital maybe shared within these projects, its handles various programs simultaneously.
So as to manage and work with EPM efficiently, these projects need to be facilitated, monitored and assessed on a uniform basis; while to fully utilize the essence of EPM enterprises, set up a separate working area for the Project Management office, which selects a particular form of methodology to be adopted and worked on, such as PRINCE2 and Project Management Body of Knowledge, which would thus later select a software system, which best supports its criteria and working form.
Moreover, Enterprise Project Management does not only assist a business to maintain and work over its existing projects in a more efficient way, but it also provides an overview of the profitability of the projects to be run in the future. This is undertaken by the performance of the Project Portfolio Management, which through creating portfolios of items such as budget per year, its size, business calendar, and extra, estimates the present value of a project, so as to estimate if it is beneficial enough to keep it running in the portfolio, or if it was to be discarded due to its low anticipated value. It also ranks the projects according to their estimated significance to the business and to continue evaluating them on the basis of quality, cost and revenue generation.
In today’s world of competitiveness and perfection, where large co operations are not only working in least costly ways, building up large profits but also are proving maximum satisfaction to the customers which ensures them a place in the world market. Therefore, in order for a business to work it needs to broaden itself on to a larger and more extensive network, which is efficient, managerially professional and self evaluating, without leaving any room for flaws. Enterprise Project Management, such as Microsoft EPM solution, are toolsets which are becoming more common to business usage, leading to a more refined and mature working platform.
Michael S. Zambruski (2008) Standard for Enterprise Project Management. Published by CRC Press.
Project Server Support, Inc (2006) Enterprise Project Management. Retrieved from:
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