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Project portfolio management
What elements of project portfolio management are currently in place in the process to develop new products for Scott Paper?
According to Rajegopal et al. (2007)
the controlled and coordinated management of a company's portfolio of projects so as to achieve some set business objectives is referred to as project portfolio management. It can also be defined as the centralized management of methods, technologies, and processes that are used by project managers for collectively managing and analyzing a group of proposed projects. Some of the key elements of project portfolio management that Scott is currently using for its development of new products are clarity on the strategy's intent, flow of good proposals and aligned decision making.
Having clarity on the innovation strategy of the company, will ensure that every employee knows and understands which way the company is headed and which proposal would be welcomed. For Scott paper, its main strategic goal is to extend some of its existing international consumer products into new markets internationally. By extending an already existing product line, Scott will ensure that it does not lose its market share as would be the case if the company was to develop a new product. Scott paper has already established channels through which employees and customers can contribute ideas for new products. This has allowed Scott paper to have a good flow of potential proposals. Having regular reviews has also ensured that the company...
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