Project Costing and Billing Features and Functions
Project portfolio management organizes a series of projects into a single portfolio consisting of reports that capture project objectives, costs, timelines, accomplishments, resources, risks, and other critical factors. Executives can regularly review entire portfolios, spread resources appropriately, and adjust projects to produce the highest departmental returns. As its name implies, project portfolio management groups projects so that they can be managed, the same way an investor would manage stocks, bonds, and mutual funds.
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Portfolio Management
Project portfolio management (PPM) organizes a series of projects into a single portfolio consisting of reports that capture project objectives, costs, timelines, accomplishments, resources, risks, and other critical factors. Executives can then regularly review entire portfolios, spread resources appropriately, and adjust projects to produce the highest departmental returns.
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Project Management
Project management is a methodical approach to planning and guiding project processes from start to finish. According to the Project Management Institute, the processes are guided through five stages: initiation, planning, executing, controling, and closing. Project management can be applied to almost any type of project, and is widely used to control the complex processes of software development projects.
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Resource Planning and Scheduling
Resource planning and scheduling is the efficient and effective deployment of an organization's resources when they are needed. Such resources may include financial resources, inventory, human skills, production resources, or information technology.
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Third Party Integration
Numerous best-of-breed professional services automation (PSA)and project portfolio management (PPM) vendors' solutions integrate with third party project management systems, customer relationship management (CRM), and back-office systems to provide their clients with complete PSA functionality for organizations.
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Project Accounting
Project accounting uses financial practices to monitor the schedules and spending of projects.
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Financial Management, Budgeting, Costing, and Billing
Financial management systems in a professional services automation (PSA) solution automate the tracking and submission of project budgets, costs, and assets. In addition, it provides the capability to track multiple billable details and generate customized invoices.
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Additional Project Costing and Billing Requirements
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ERP for the Oil and Gas - TK421 Features and Functions
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