EPM, Microsoft Project and You

BY Collin Quiring

In our book, “Mastering Resource Management Using Microsoft Project and Project Server 2010” we concentrate on the tool itself and on Work Resources.  This document is an addendum of sorts to that and is designed to better define specifically the Budget Resource Type and the Cost Resource Type that are available in Project.

From Chapter 5 of the book:

A Resource can be defined as a Work, Material or Cost Type.  Material Resources are consumable items like concrete or paint.  Cost Type Resources are meant for controlling or reporting costs such as airfare or lodging.  Work Resources are people or equipment and can be generic or actual (sometimes called named).  A Generic Resource is a resource identified by the skill set or type of resource and an actual resource is a person.

For example, a Generic Resource might be called something like Carpenter, Painter, System Administrator, DBA or Project Manager.  The Generic Resource is then replaced by an actual resource with the appropriate skill set at a later time

To more deeply define the Cost and Budget Resources I have come up with this:

A Cost Resource is a specific cost that occurs that is usually related to a specific task.  For example, to accomplish a specific task you may incur some airfare.  But, throughout the life of the Project, there may be numerous times where airfare expenses are incurred – each one based on the deliverable for a specific task.  (Yes, if you want to, you can be more advanced and spread a cost across multiple tasks but that requires a bit more effort on your part and we are going to stay simple in this document.)

And, each time you assign the Resource to a task, you can put in the amount of the cost as it pertains to that specific task.  For example, I have created the Cost Resource named Airfare and on these two tasks have two different cost amounts for each ticket – the first one being $750 and the second being $250.  I assign the same Resource (Airfare) but with different costing.  When you enter the information into the Resources tab of the Task Information box the amount of the cost will appear in the Resource Name field.

For the rest of this post, view the full document:  http://pmpspecialists.com/WhitePapers/PMP_Specialists_Resource_Types.pdf

By: Collin Quiring

This seems to be a question, or more often, a phrase stated as a true comment, quite a bit lately.  I just saw a post by somebody that is trying to get a job and he said to the recruiter that he understood how Project worked (he thinks this because he uses Outlook, Word, Excel and some other Microsoft applications).  He was posting a “quick, tell me in 5 minutes what I need to know” question.  He didn’t think that Project could be that much different than other Microsoft software and felt that a few minutes of internet sound bites would teach him everything he needed to know.

I think that this line of thinking comes from a number of origins.  Part of it is that Microsoft used to market Project as if it were a part of Office that “any user can just use”.  Another large part is the many users just use Project to hold a list of tasks and they never use the majority of the features and functions available to Project.  (And, I am just talking about Project Standard or Project Professional and NOT referring to the even more powerful Project Server empowered tools.)  And, many organizations just purchase technological tools and don’t train their users.  So, you end up with users who find Project as a tool available to them and they use it based on their needs.  I think I have said it before, but it bears repeating, that I think one of the reasons that so many users are frustrated with Project and think that it doesn’t work right is because of the complexity of the tool and their lack of training or knowledge about it.  When people think that Project is just like Excel or some other tool they know and they try to use Project they usually get pretty annoyed fairly quickly.  There are many background processes and calculations that drastically affect the way the tool works.  (Some of those background settings and default options are wrong for the way businesses use the tool, and that frustrates users more – but that is a separate post.)

So, let me answer the question for you – Project is NOT like Excel.  It is not like any other Microsoft application.  Yes, Project has some familiar Microsoft interface features.  Yes, it has some functionality like Excel but that doesn’t make it Excel.  It has so many options, variables and levels of capability that are designed for scheduling that it is unique.  Excel is a spreadsheet program designed to calculate numbers (at its basic level).  You wouldn’t write a letter in Excel, you would use Word.  Why?  Because they are different tools for different purposes!  The same holds for Project and Excel – they are different tools with different purposes.  And yes, I know that there are people who successfully use Excel to track lists of tasks for projects – but that doesn’t make it a scheduling tool.  (Tanya posted a short note about this about almost two years ago as well in her post – http://pmpspecialists.com/Blog/2009/10/microsoft-project-vs-excel/ )

The point of this short post is that just because you know one, or two, or twenty, Microsoft applications or tools you can’t claim that you know Project.  And, no, they aren’t all the same – they are designed for different purposes and different needs.  Project is one of those tools that requires time to learn and to learn the levels of complexity that is has available.  Just as it takes time to become a Power User in Excel rather than just a “regular” user.  And, the more you learn, the more valuable that knowledge is to you and to others.  I have talked in other posts about certification but as a strong believer in certifications I always hope that if somebody is claiming to be an expert in a tool they should be able to prove it with more than just saying that since they know one Microsoft tool, they know them all.

BY: Collin Quiring

 Microsoft announced new competency requirements – 22 of them were just launched.  From our perspective at PMP Specialists, as a Microsoft Partner, we welcome these new competencies and their requirements. 

 But, why should you, the end customer care at all?  Well, how many times has a consultant (for any product or service) told you how they could do whatever it was that you wanted?  Or, that they have on their business card and brochures that they are experts in everything?  This is particularly true of the really big consulting firms.  There is a natural tendency for them to claim, and for customers to believe, that they are “Jacks-of-all-trades” and can install, configure, setup, train and otherwise help you with any IT or business need that you have.  But, sadly, as most of us have experienced, this isn’t always true.

 I know of one large IT consulting firm that routinely claims they can help customers with various software and then when they sell the consulting to the customer, they get somebody that knows software “similar” to it.  Or, they use the philosophy of “that software can’t be too different from the stuff we know”.  And, I know of and heard about bad experiences from both the consultant and customer side and sometimes those situations even result in lawsuits.

 I am a believer in “you get what you pay for” and in paying for the right expertise (see the three part series of blog entries called “Microsoft Project Certifications – are they worth it?”).  Just like you get a painter to paint your house and electrician to wire it and not just some guy that says he knows wiring or knows painting; you should strongly consider hiring the appropriately certified consultant to help with your business needs.

 When you determine what your Microsoft needs are, I strongly recommend that you review the competency level of the Microsoft Partner and the certifications of the individuals they are sending to you.  You are paying for the services and products and you should have a level of comfort that the Partner is capable of producing the results that they claim.

 And, I think this applies to the business side of the equation as well.  A Supply Chain expert, a Project Manager and a Business Analyst may have some overlapping duties, but they aren’t necessarily experts at all three.  Each industry has a certification path and I think that a customer should “get what they pay for” and have a level of comfort with the ability of the individual.

BY: Collin Quiring

For those that don’t know, there is a great organization out there called MPUG – the Microsoft Project User Group.  I just wrote a brief article for them in regards to the fact that there is no longer an Active X control in Project Server 2010.  This is one article in a series by various Project Server experts about some of the new features in the 2010 version.

View the article at:  http://www.mpug.com/News/Pages/MicrosoftProject2010FeatureRallyNoMoreActiveX.aspx , or, here is a copy of it:

Project Server 2010 has many new features, abilities and enhancements that make it a great product.  However, there is one modification to the 2010 version that will go unnoticed by new administrators and will hopefully soon be forgotten by administrators that have worked with previous versions.  I am referring to the fact that the ActiveX controls are no longer part of Project Server.  My non-technical explanation of what an ActiveX control does is that it adds functionality to Project.  In the case of Project Server, there are a number of places it is used but the most noticeable is that it allowed you to see the information within Project Center and Resource Center. 

 I can’t count the number of times I would have a user contact me and tell me that they were getting an error message that looked like this one:

The catch?  Well, if the person isn’t an administrator (or high level permissions) on their machine they can’t download the ActiveX control.  And, there are other settings that have to be configured in Internet Explorer as well.  If the client machines were “locked down” by a central IT group, then they had to administer the installation of these controls.  It isn’t always easy to get the controls pushed out from the central IT administration folks!  Then, when some system updates (Project or not) are done, the ActiveX controls have to be downloaded/pushed out again.  At one client of mine, this is a constant issue and there are always a handful of users that can’t access Project Server due to the hardware and software update cycles and I know for a fact that this has slowed the adoption of the tool overall.

With all of the improvements and new components of Project Server 2010 I hope this now defunct “feature” becomes one of those topics of conversation that “old” administrators tell each other about the “old days” and how much better it is now!  

The catch?  Well, if the person isn’t an administrator (or high level permissions) on their machine they can’t download the ActiveX control.  And, there are other settings that have to be configured in Internet Explorer as well.  If the client machines were “locked down” by a central IT group, then they had to administer the installation of these controls.  It isn’t always easy to get the controls pushed out from the central IT administration folks!  Then, when some system updates (Project or not) are done, the ActiveX controls have to be downloaded/pushed out again.  At one client of mine, this is a constant issue and there are always a handful of users that can’t access Project Server due to the hardware and software update cycles and I know for a fact that this has slowed the adoption of the tool overall.

With all of the improvements and new components of Project Server 2010 I hope this now defunct “feature” becomes one of those topics of conversation that “old” administrators tell each other about the “old days” and how much better it is now! 

BY: Collin Quiring

This is part three on Microsoft Certifications.  Part one and two dealt with the question of “Is it worth it” from the perspective of an employer and an individual.  In writing those, I became interested in the process of how a test comes into existence.   That is what this article is about.

As Microsoft technology is replaced by newer versions, so are the tests.  If I were to tell you that I am certified in Microsoft Project, you might be impressed; until I told you that it was Microsoft Project 1994.  Hopefully, you will be more impressed that I am certified in Microsoft Project 2007 and Microsoft Project Server 2007.  Keeping current on the tests is important.  But, how do the new tests get created?

According to Microsoft, tests now normally go through this development process:

To ensure the validity, reliability, and relevance of Microsoft Certification exams, developers create exams in eight phases:

1.       Job analysis: Exam developers break down the tasks performed within a specific job function, and identify the relevant knowledge, skills, and abilities needed when using a specific technology.

2.       Objective domain definition: Tasks are translated into a comprehensive set of more specific and measurable skills and abilities. The resulting list of objectives, or the objective domain, forms the basis for the development of certification.

3.       Blueprint survey: The objective domain is transformed into a blueprint survey, in which technical and job function experts rate the importance of each objective. This helps to determine the appropriate number and types of items to include on the exam. Contributors may be Microsoft Certified Professionals (MCPs) or MCP candidates recruited from within Microsoft or through online forums. Based on contributor input, exam developers prioritize and weigh the objectives.

4.       Item development: Exam developers write the exam items according to the prioritized objectives. Developers review and revise items to ensure that they are:

Technically accurate

Clear, unambiguous, and relevant

Not biased toward any population, subgroup, or culture

Not misleading or tricky

Testing for useful knowledge rather than obscure or trivial facts

Items that meet these criteria are included in the alpha item pool.

5.       Alpha review and item revision: A panel of experts reviews each item for technical accuracy. After the items are approved, they undergo a legal review.

6.       Beta exam: The reviewed items are beta-tested. During the beta exam, candidates comment on items. The beta exam allows Microsoft to evaluate the quality of the item in an actual exam situation, and helps ensure that only the best content is included in the live exam.

7.       Item selection and cut-score setting: The results of the beta exam are analyzed to determine which items should be included in the live exam. This analysis focuses on many factors, including item difficulty and reliability. Microsoft works with a panel of experts to review the technical accuracy of questions and to determine the final item pool for the live exam. The panel determines the cut score (minimum passing score) for the exam. This score differs from exam to exam, because it is based on the difficulty of the item pool and the expected performance of the minimally qualified candidate.

8.       Live exam: Prometric, an independent testing company, administers the final certification exam. The exam is available at testing centers worldwide.

I used to wonder why it took so long for the tests to come out in some areas after the software was released.  But, if you realize that the software sometimes isn’t finalized until just before it is being released, that means that test questions can’t even be created yet!

Read Parts One and Two here.

BY:  Collin Quiring

This is the second part of three articles on Microsoft Project Certifications.  In the interest of trying not to repeat myself and not requiring you to read Parts one or three, let me just say that this article is trying to answer the question: Is certification worth it for the individual?

From the perspective of the individual and according to Microsoft, certifications are “available for most Microsoft technologies and skill levels from business workers to IT professionals, developers, technology trainers, and system architects. Achieving a Microsoft Certification helps provide you with up-to-date, relevant skills that can help lead to a more fulfilling career, while giving you access to valuable Microsoft Certification program benefits.”

If you have the experience in a tool, I think that certification is what gets you “in the door” if you are looking for new work.  It is also beneficial if you are trying to move up the corporate ladder within your own organization.  And, in this economy, sometimes it is the deciding factor to just keep the job you have now. 

One of the obvious benefits to a certification is that it shows to others that you have the skills, knowledge and ability that you are claiming you have.  If you talk to somebody that doesn’t know your work – inside or outside your company – sometimes the certification is the only way that person will believe that you actually know the subject matter.  I am not claiming that having a certification will get you a job, but I do believe that it will get you the interview.  How many times have you seen a job listing where the hiring entity wants persons with a list of skill sets and you have some of those?  Any time that more than one person applies (or, in times like now, when 100’s or 1000’s apply) how is that hiring manager going to differentiate people?  If you can apply for that job showing that you have the experience AND you have the certification to back that up, you have a better chance of at least making it past the first culling.

There are some people that have told me that certifications are a waste of time, that nobody cares and that since they have years of experience and can show any hiring manager (internal or external, whether for full time or contract position) that they have the skills and then they don’t need any certification.  I am not so sure, particularly in times like this.  When lots of individuals are competing for work, unless this person can somehow get past the first cut, they never get the chance to show their abilities (even if they are superior).

I will give a simple example from my life.  I can’t do any major car repairs and I move quite a bit.  Therefore, I don’t have the personal knowledge to judge a mechanic’s ability.  Also, I don’t have any life-long mechanic friend in my city because I always seem to be relatively new to town.  Therefore, I have no choice but to look for a mechanic that can somehow prove to me that they have the skills to work on my car.  I look for those certifications (like ASE) on websites and phone books before I call.  When I call, I ask questions about their experience in the type of repair I need.  There may be a mechanic that is absolutely excellent that lives in my town but because of a lack of a certification I don’t go to them. 

That leads me to a quick sub-point.  Not all certifications are created equal.  Some carry more weight than others do with employers and experts in the field.  Therefore, it is important to get the certification that best fits what you are doing and best represents your skill sets. 

A certification shows an employer that you cared enough about your profession to obtain a level of endorsement that not everybody else has or gets.  However, the benefit to you can be significant as well – and not just for work reasons.  I won’t get into all of the psychological reasons why a certification might be of value to you but there are non-monetary benefits.

The last thought I will mention about this is that a certification can demonstrate that you are current and a series of them can show that you know your technology.  With Windows 7, Office 2010 and new server versions coming out, a current certification shows that you know the tool.  For example, depending on where and how you work, it is entirely possible that you work with, or recently worked with, SQL Server 2000, 2005, 2008 (and 2008 R2).  Obtaining the latest certification on the newest software shows that you are keeping up with the changes in technology.  Having your older certifications along with the newer ones shows that you have experience in a wide breadth of the technology.

To me, the certification is worth it because presenting a certification is a quick way to gain credibility and be recognized as knowledgeable in your field.  That is the way that you stand out from the crowd.

Read Parts One and Three here.

BY:  Collin Quiring

I noticed that Microsoft is retiring a couple Project certifications in October of this year:

Exam 74-131: Designing a Microsoft Office Enterprise Project Management (EPM) Solution

Exam 70-281: Planning, Deploying, and Managing an Enterprise Project Management Solutions

It is common for Microsoft to discontinue tests over time as the software or original purpose of the test becomes out of date.  Unless the technology has been discontinued or the original purpose no longer exists, there is usually a replacement exam that is created.  With Project 2010 coming out, it makes sense for the older tests to be phased out and new ones to be created.

I have one of those certifications and fully expect to have to take the “new” version – I have been fortunate to help with the beta testing in the past and hope to do so again (see Part Three for the test creation process).  That said, I started thinking about a few questions and ended up with three separate articles.  First, “Is certification worth anything for the Employer?”  The second one is “Is it worth it for the Individual?”  And, part three is about the normal process that Microsoft goes through to produce a test.

According to Microsoft, one of the benefits to the employer is that “when you hire a Microsoft Certified Professional (MCP), your company benefits from a technically proficient professional who has hands-on experience and in-depth knowledge.”  Microsoft has a 10 page paper based on an IDC survey that explains more benefits of hiring a certified individual.  Go to http://www.microsoft.com/learning/en/us/certification/cert-benefits-emp.aspx  and find the link titled “Read the “Value of Certification,” IDC white paper”.

I have two main points of view for the Employer.  The first one is about hiring somebody that already has a certification and the second is in paying for certifications for current employees.  In the case of hiring an individual that already has the certification the employer can be confident that they are getting somebody that can begin contributing immediately and the learning curve for a new hire will be more about the organization’s culture and “how we do it here” rather than learning the technology.

(I know that the risk to an employer is that a person goes to a boot camp or is just inherently good at passing a test and that some “certified” individuals aren’t worth the paper their certification is written on.  But, I do think that this is getting to be a smaller set of individuals over time as the tests become harder and more specific.  And, the person’s ability is easily tested during the interview process with a simple practical application assessment.)

My second point of view is when an employer provides the opportunity to become certified (or maintain) to an existing employee.  Not everybody cares about or desires certification but for those that do, having a certificate is more than just a pride item – it can be an intrinsic benefit that demonstrates their hard work in learning the latest technology and that their employer recognizes this as well.  Depending on the certification, it is possible that no extra training expense be incurred as the individual just has to make sure they understand what the test is covering and brush up on their skills in their weak areas.  In other cases, some training expense may be incurred.  I understand how companies cut training expenses in lean times – but this is still less expensive than trying to replace an employee.  The benefits to an organization aren’t easily quantified on a spreadsheet when they invest in their employees in this manner.

Be sure to read Part Two and Part Three.

BY: Collin Quiring

I am asked “What release (version) of Project do I have?” and “What is the latest update?” quite often and this is an attempt to help answer those questions.  And, this also answers the question about what the differences are between a hotfix, patch, update and service pack.

Please note – always read the installation instructions on any update for software as there are pre-requisites that sometimes must be installed first or at best the update won’t work and at worst case it could stop your program from working at all.  And, of course, always back up your software and data prior to patching anything!

ALSO NOTE that it is very important that the Server and Client versions of the software stay matched with updates as problems can occur if they are not equal.

To determine the version of Project that you have, open Project, go to Help and then select About.  (There are other ways to determine the version, but we will only cover this one method.)

A pop-up box will appear and the top line will have the information that answers the question “What version of Project do I have?”  The first part of the line will be descriptive of the version and will say something like “Microsoft Office Project Professional 2003” or “Microsoft Office Project 2007” (or 2000, 2002, 2010) as appropriate. 

The next part of that line is the “File Version” or “Build” for that product.  If you have installed a Service Pack then the file version or build of the Service Pack is listed as well.  Here is an example:

“Microsoft Office Project 2007 (12.0.6524.5000) SP2 MSO (12.0.6425.1000)”

This means that this computer is using Project 2007 with the December 15, 2009 hotfix update (found by knowing what the number “12.0.6524.5000” means) and with Service Pack 2 that has been updated with the latest Office Service Pack (that is what “12.0.6425.1000” means).

I have included a list below of the Project 2007 release numbers as of today, with the Microsoft KB article explaining the modifications:

I don’t have a full listing for Project 2003 like I provided above for 2007, but here are the original release values for Project 2003:

Project 2010 and Project Server 2010 haven’t been officially released as of the writing of this article so I won’t try to put in values for those here at this time.

How do you determine what version of Project Server are you running?  If you go to the Project Server itself, to the currently installed program list it will have a line for Project Server.  In the 2007 version, that is called “Microsoft Office Project Server 2007”.  When you select that line, there is a “Click here for support information” option.  Selecting that will bring up a pop-up with the server version of the product that you are using.

As a rule, the file version of the Server should be the same as the file version on the Client.  When the client says this:  “Microsoft Office Project 2007 (12.0.6524.5000) SP2 MSO (12.0.6425.1000)” the Server version should also be “12.0.6425.1000” – demonstrating that they are on the same Service Pack.

Here are the Project Server 2007 release numbers as of today:

Finally, here are the definitions and differences of the various update types (as taken directly from Microsoft’s TechNet Project information):

Hotfix:

A hotfix is a single cumulative package composed of one or more files used to address a problem in a product. A hotfix addresses a specific customer situation and is distributed by Microsoft Customer Service and Support. Customers may not redistribute hotfixes without written, legal consent from Microsoft.  Individual hotfix releases are no longer available. Hotfixes are released to customers by Microsoft Customer Service and Support through cumulative updates.

Cumulative Update:

A Cumulative update is a method of providing hotfix releases on a scheduled delivery basis for Office Server products, including Office Project Server 2007. Through this model, Office hotfixes are released every two months in the form of a downloadable package of current and previous hotfixes. The primary goal is to deliver high-quality fixes on a predictable schedule.

Service Pack:

A service pack is a tested, cumulative set of all hotfixes, security updates, critical updates, and updates. Service packs may also contain additional fixes for problems that are found internally since the release of the product and a limited number of customer-requested design changes or features. Microsoft service packs are public updates that are available for download from the Microsoft Download Center.

Infrastructure Updates:

The Infrastructure Update for Microsoft Office Servers is a set of public updates to improve platform performance and also contains several customer-driven fixes.

BY: Collin Quiring

This is a quick primer on the difference between a summary task and a milestone task. 

In the Project Management Body of Knowledge (PMBOK), version four, the term “Summary Activity” is defined as:  “A group of related schedule activities aggregated at some summary level, and displayed/reported as a single activity at that summary level.”  And, a “Milestone” is defined as “A significant point or event in the project.”

A milestone is usually used to indicate when a specific phase or group of tasks is to be completed.  It can be considered a deadline date.  It is possible to have numerous milestones in a schedule.  While a milestone can be assigned a resource that is responsible for its completion, it is more common to use the milestone without resources.  This is because the milestone is often a successor to a number of other tasks that all have to be completed prior to its completion.

In Project Professional, a milestone is what the system automatically creates when a task is given a zero duration.  To add a deadline date to the milestone task there is an option to add that date in the task information.

A summary task is just that – a task that summarizes another set of tasks.  Normally, the summary task is not assigned a resource.  This is because the summary task’s start and completion dates are derived from the earliest subtask’s start date and latest subtask’s finish date.  As each task is completed, the summary task’s overall completion is updated as well.  Normally, a summary task is not linked to other tasks.  Using summary tasks makes reading a WBS (Work Breakdown Structure) easier when using a logical grouping.  Creating a WBS usually involves determining the summary tasks and then the subtasks to complete them but it is possible to put all the tasks into a WBS and then determine the summary  tasks later.

In Project Professional, the subtasks are indented and that makes the summary task bold and outdented.  Many levels of summary and subtasks can be created.

Just as a reference point, here are the definitions as defined by Microsoft.  For Microsoft Project, a milestone is defined as: “A milestone is a reference point that marks a major event in a project and is used to monitor the project’s progress. Any task with zero duration is automatically displayed as a milestone. You can also mark any other task of any duration as a milestone.”  And, a summary task is defined as: “When organizing the tasks for a project, you can group the tasks that share characteristics or that will be completed in the same time frame under a summary task….You can use the summary tasks to show the major phases and subphases in the project. Summary tasks summarize the data of their subtasks, which are the tasks that are grouped beneath them.”

BY:  Collin Quiring

There are many new features, modifications and changes to Microsoft Project in the 2010 version.  This entry is about only one of those modifications – Portfolio Server.

With Project Server 2007, there is a separate tool to purchase called Portfolio Server 2007.  The Portfolio Server is designed to allow an organization to identify, select, manage and deliver portfolios that align with strategic priorities.  PMP Specialists has done installations of both Project and Portfolio Server and customers have received value from Portfolio Server.  However, there is some installation and configuration that must be done to tie Portfolio and Project together in a useable fashion. 

Well, in 2010 there is no more Portfolio Server.  That is because it is now part of Project Server 2010!  This is a great combination!  From the technology standpoint, this makes the installation just that much better – and, of course, makes the integration seamless (since, it isn’t really something else to integrate but is just part of the tool).  By combining the two tools into one there will no longer be the issues related to having to pull the data together between the two programs.  From a reporting standpoint this makes life just that much easier and it means that information flows more easily from the “top” (selection) to “bottom” (Resource hours or task information or other specific details).

From the “business perspective” I really like that Portfolio Server is combined with Project Server.  This means that an Executive will be able to “one stop shop” for information (yes, they could do that before, but the setup was critical for it to flow, and, there were potentially two or more security locations).  They can drill down easily and, they won’t have to know when they are looking at “Portfolio Server” or when they are looking at information from “Project Server” as they do today.  The information will be in one place!  This should also make it easier for the stakeholders to understand the goals of the Executives as the information will be more readily available for them as well.

The term “Portfolio Server” will no doubt fade away and a term like “Portfolio Management” will become more common when talking about this aspect of Project Server.

I have given my opinions above but here are some of the official Microsoft bullet points:

·         Project and Portfolio Management capabilities in a single server

o   This provides a consistent user experience

·         Common data store

·         Centralized administration

·         Portfolio Prioritization and Selection Analytics

·         Project Capture and Initiation

·         Resource Capacity Planning

·         Enhanced Reporting and Business Intelligence

Sources:  http://www.microsoft.com/project/en/us/project-portfolio-server.aspx

http://www.microsoft.com/project/2010/en/us/default.aspx