Working with project portfolios means you are interested in an entire collection of projects, rather than the individual projects themselves.
In other words, you are interested in which portfolio is most important to you... or which portfolio you're logging the most hours to... or other things related to the entire collection.
ST has a several things it can do with portfolios of projects.
Mike with Standard Time® back with Ray White of Scoutwest the developers of Standard Time. Ray, welcome back. You know all things Standard Time and I just found this out you know all the answers of the universe, which is awesome that I’m sitting this close to you.
I have a question about Standard Time, maybe we can talk about the universe later. Right now I really want to know about project portfolios. A lot of companies have millions of projects. Is there a way to group these down to make this a little bit easier to handle?
Ray: Yes. In Standard Time we have project portfolios; essentially all they are is just groups of projects. And you take a project, put it into a portfolio, take another project different portfolio.
You build out these portfolios they’re really collections of projects. You might have consulting projects, in house projects maybe sales, marketing, different divisions in the company, any reason you want to divide up these projects. Now you have them in these collections.
Now I have these collection of projects in one place. What do I do with them?
You can report on them, so you can run a report on an entire portfolio of projects. You can look at comparisons between portfolios like revenue, project revenue. How much revenue am I going to get for the entire portfolio as opposed to single projects. So these are dealing in larger more abstract collections. You can do project recourse allocation, employee availability-search by things like skill, or employee time they have available for a project. There are lots of different things you can do with those portfolios.
This comes with the full 30 trial version of Standard Time, correct?
It does, yes. You can go out to stdtime.com, download it, set up those portfolios and try it day one.
stdtime.com you heard it right here. Project Portfolios it’s going to make your life a whole lot easier. We’ll see you next time.