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Posts Tagged ‘Oracle Primavera’

Oracle issued a press release today announcing a new Project Portfolio Management (PPM) solution named Oracle Primavera Prime. Oracle Primavera Prime is the first Enterprise PPM offering designed to leverage Oracle’s Engineered Systems vision, a tightly integrated technology “stack” of Oracle hardware and software components, to deliver superior performance and ROI.

The first module in the Oracle Primavera Prime suite is Oracle Primavera Prime Capital Plan Management. Oracle Primavera Prime is integrated with Oracle’s Primavera P6 and enables time-phased details to be shared between each solution related to budget, cost and schedule progress.

The full press release is below.

Next-Generation PPM Solution, Oracle Primavera Prime, Leverages Engineered Systems Vision to Deliver Exceptional Performance and ROI

Oracle Primavera Prime Capital Plan Management for Developing and Managing Long-Range Capital Plans is the First Offering Available within Oracle Primavera Prime

News Summary

Prioritizing, planning, managing and executing projects, programs and portfolios on a global scale demands powerful, robust, and easy-to-use solutions. To further meet this demand and extend its support for mission critical Project Portfolio Management (PPM) requirements, Oracle today introduced Oracle Primavera Prime as well as the first available module in that offering, Oracle Primavera Prime Capital Plan Management. Oracle Primavera Prime is the first Enterprise PPM offering designed to leverage Oracle’s Engineered Systems vision, a tightly integrated technology “stack” of Oracle hardware and software components, to deliver superior performance and ROI.

News Facts

A key element of Oracle’s vision and strategy is to offer integrated hardware and software solutions in all of the major enterprise application and tool categories to deliver superior performance, reliability, support and ROI.

Oracle Primavera Prime represents the initial realization of this vision in Project Portfolio Management (PPM) with the culmination of Oracle platform technology and PPM application innovation, expertise and best practices.

Oracle Primavera Prime Capital Plan Management is the first Oracle Primavera Prime application module available as part of a broader plan to offer a complete portfolio of integrated capabilities in areas such as scheduling, resource management, project team collaboration, scope and cost management.

Oracle Primavera Prime Capital Plan Management leverages the performance of Oracle Primavera Prime to help organizations develop and manage long-range capital plans that are strategically aligned to the business in order to help maximize financial returns.

Oracle will also continue to invest in its portfolio of strategic PPM applications and cloud service offerings which include Oracle’s Primavera P6 EPPM, Oracle’s Unifier and Oracle’s Instantis. Enhancements and innovations to these product lines will continue to be leveraged by the Oracle Primavera Prime application suite.

News Details: Oracle Primavera Prime Capital Plan Management

Key capabilities of Oracle Primavera Prime Capital Plan Management include:

  • Budget Planning: Enables capital planners to allocate budgets, review annual budgets against targets, recommend priorities, and model strategies to manage long-range capital planning requirements.
  • Project Initiation Governance: Allows key stakeholders to review proposals for new projects and support planning for active as well as planned projects.
  • Project Costing: Empowers project managers to easily manage the time-phased cost planning of a project from inception to completion.
  • Project Selection: Supports the project prioritization and selection process allowing capital planners to develop a capital portfolio that is balanced and configurable across multiple dimensions such as location, project type and risk/reward.
  • Business Process Management: Provides customizable forms and business workflow processes to facilitate the easy and smooth execution of the capital planning process.
  • Strategic Alignment and Compliance: Supports alignment and compliance with company priorities by providing reporting and performance monitoring controls to meet company targets, monitor project performance against pre-defined thresholds, predict spends and to mitigate risk.
  • Portfolio Monitoring: Enables capital planners to make easy, agile and strategic changes, when necessary, across multiple projects by providing visibility into project budgets and timelines.
  • Collaboration: Facilitates collaboration between project managers, capital planners and key stakeholders during critical budget negotiation cycles as well as throughout the capital project lifecycle via inbuilt workflows, discussion and notification capabilities.
  • Integration with Oracle’s Primavera P6: Enables time-phase details to be shared between each solution related to budget, cost and schedule progress.
  • Mobile Support: With zero additional applets or plugin footprint, Oracle Primavera Prime Capital Plan Management is designed for easy consumption on mobile devices.

Supporting Quote

“Prioritizing, planning, managing, and executing projects, programs, and portfolios on a global scale is an incredibly complex management process that requires the highest possible levels of performance,” said Mike Sicilia, senior vice president & general manager, Oracle Primavera Global Business Unit. “Oracle Primavera Prime marks the dawn of next-generation for Project Portfolio Management systems. The software and hardware have been engineered to work together from the ground up to offer exceptional performance & ROI, while enabling organizations to achieve strategic alignment, operational excellence and repeatable success.”

Find more information about Oracle Primavera Prime Capital Plan Management here.

By Kimberly McDonald Baker

We want to be sure you don’t miss a new case study article featured in the November 2012 issue of Profit Magazine, titled “Unifying Financial and Project Management” In this article you will learn about Colonial Pipeline Company’s integrated Oracle E-Business Suite and Primavera systems, and a few of the benefits that Colonial is receiving.

With the new, integrated Oracle system, Colonial will have all project related financial records and information in one centralized repository. Project managers and the leadership team will be able to view individual projects or overall capital spend easily. With the new system, Colonial expects time spent on monthly status reporting to decrease by 75 percent, from 8,000 to 2,000 project management hours annually.

“This is a paradigm shift of work for our project managers from doing data manipulation to actually being a project manager,” says Phillip Chandler, Financial Controls Administrator at Colonial Pipeline Company. “This allows them to support our customers both internally and externally in a more effective manner.”

Chandler says Project Partners has helped Colonial implement best practices into its processes, making the company more efficient. “The Project Partners team is sensitive to the specific needs of Colonial. At the same time, they are able to present solutions from an outside perspective that we also need to grow as a business,” says Chandler. “Project Partners has provided the expertise and professionalism that we needed for developing and implementing our project.”

You can read the full article here.

By Randy Egger
President, Project Partners LLC
Former chief architect of Oracle E-Business Suite Projects applications

Over 20 years ago, Finance and IT organizations (under the direction of the Chief Financial Officer), were in control of systems and desperately wanted to instill some financial controls and measures into the Delivery organizations that ran projects. The battle was always that the Project Managers (PMs) didn’t want to be controlled by departments they felt had no understanding of the world of project management, they wanted complete flexibility to best deliver their projects, and they were not concerned with the CFO’s desire for visibility into projects. Most PMs managed projects using personal systems based on Microsoft® Excel or Microsoft Access. The more sophisticated project managers used Microsoft Project, and the most advanced firms used Primavera, Cascade, Mantix, Artemis, and Cobra. BUT, the project systems used by PMs seldom could reflect accurate cost data which then made it difficult to really know the financial health of the project. Therefore, many PMs simply managed to effort and schedule.

In the “old days” a job code equating to a project was part of the general ledger chart of accounts – and most PMs were not strongly concerned about financials. So, how could you let accountants manage financials and project managers manage projects? You needed a system that allows both worlds to obtain the information that they wanted in the format that they wanted. To meet this need, in the early 1990’s Oracle released its first Project Accounting (PA) system: a true project based sub-ledger.

When the initial implementations of PA started, it was the Finance group that was imposing controls onto the Project Managers. Finance wanted visibility into ongoing projects, hence Finance was making most of the decisions, which generated friction between the organizations. To meet the requirements driven by Finance, PMs needed to change the way they were managing projects and that introduced a large opportunity for Change Management.

Getting structure into a non-structured environment was the primary challenge. When companies have been doing things a certain way for decades, it is VERY hard to change that culture… so compromises are made in an attempt to balance the needs of both organizations. Some folks would create a Work Breakdown Structure (WBS) to map to a Cost Structure simply so that they could track and control costs. Other companies placed intelligence into both the Project number as well as the WBS … because that was the way it was always done in the past. Some would claim that it made controlling charges easier while others would claim that it made reporting easier. But, in both cases, Project/Task naming was mirroring the way a General Ledger chart of accounts is structured, and not the way a project manager manages a project.

As time progressed, operations and project-based delivery organizations matured and developed a better understanding of what is needed to facilitate harmony between Finance and Project based Operations. At the same time, Oracle developed a Project Management system that was closely linked to its Project Accounting application. When Oracle released its Oracle Project Management (PJT) application and companies began to implement it, it became clear that Oracle had taken one step closer to really bridging the Accounting world to the Project Management world. But that still was not enough. PMs wanted and needed an EASY tool to assist them with their Project Management needs. Then, Oracle made the smart decision to purchase Primavera.

For those companies that implemented Oracle Project Costing and Project Billing only, without a futuristic vision of having a truly integrated Project Management system in place, trying to implement any form of integration of Project Accounting to a Project Management system became a horrible mess. When that happens, the only real thing that can be done is to update the implementation of Project Costing and Project Billing with a clear understanding of how it would integrate with either Oracle Project Management or Primavera. If there are other major issues that also need to be addressed, then a complete reimplementation of these modules should be considered.

Any company that is upgrading to E-Business Suite Release 12, or implementing R12 for the first time, will have the opportunity to rethink or redefine how they will move to become a truly project centric organization. Whether you are implementing for the first time, updating your implementation or re-implementing, thinking through the business needs that address both Project Accounting and Project Management will be paramount for your future long term success.

This issue applies to more firms than one might initially expect. I have always stated that “every company is a project company … they just don’t know it yet.” As more and more organizations decide to operate their firm or certain divisions on a project basis to better understand costs and level of effort and to develop repeatable processes using a structured Project Management methodology they will look to Oracle’s Enterprise Project Portfolio Management solutions, which remain the most complete in the market. And they will benefit from the significant evolution of these applications that enable Finance and Project Management to work together in harmony.

By Kimberly McDonald Baker

Project Partners is pleased to announce that we will be presenting six papers at the Collaborate 11 conference in Orlando, Florida in April.  While at the conference, be sure to visit us in Booth 953 in the Exhibit Hall, and enter to win a Kindle. Read the rest of this entry »