The Importance of a Clearly Defined EPM Project Scope

Based in Alpine, NJ, John Klein is an experienced pharmaceutical executive who has served as the chairman of Cambridge Therapeutics since 2011. Additionally, John Klein is the chairman and CEO of Bilogix, LLC, which operates in the enterprise performance management (EPM) space.

A set of processes and applications that help analyze and predict the performance of an organization, EPM can significantly improve actions and outcomes relating to business strategy, enterprise planning and budgeting, financial modeling, and business reporting. However, in order to increase the likelihood of the success of an EPM project, managers must clearly identify the scope of the project, including its goals and objectives.

All relevant stakeholders should be consulted in determining the work required to achieve the project’s goals. Moreover, it is vital to define what won’t be accomplished during the project to ensure all involved are completing tasks in line with its primary purpose. Setting the project’s scope will also help define the tools required to outline project activities, establish project phases, assign resources, and estimate the budget required to complete the project. Working with stakeholders, managers should then establish a list of desired goals, such as improved performance times or enhanced process efficiencies, which will be used to gauge the success of the project.

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