¶ … portfolio management "ensures that projects have a set of objectives, which when followed brings about the expected results" (Project portfolio management, 2013, Tutorials Point). Some of the tools of project management include the following: cost and benefits analysis; progress reports; planning of resources; deploying systematic methods of evaluating and scheduling projects; and creating a continual loop of communication within the organization. To facilitate this process requires organizational leadership that can establish a clear vision and overall goals, yet also is able to communicate with every level of the hierarchy regarding changes in the environment. The development of systematized processes for planning and resource allocation are essential, given that the planning of projects (which are often contingent upon one another and use overlapping resources) is just as important as the selection of high-quality projects. "Organizations that have achieved best practice have a clear understanding of the value creation process....
They have identified and structured their objectives and have established performance measures for forecasting and tracking the degree to which they achieve those objectives. They use a project-selection decision model to evaluate project proposals, and update and refine that model as their knowledge and understanding improves" (Best practices portfolio management, 2013, Priority System). Interdepartmental communication is extremely useful to foster, given the interdisciplinary nature of most projects, and all departments should be familiar with the organization's uniform methods of measurement. All projects should be managed and have the same accountability structures. Managers should also be trained in effective communication techniques, to ensure that they create work teams which are in continual dialogue -- another critical component of fostering accountability. The challenge of PPM is that it requires an expansive and flexible view of organizational responsibilities even while it deploys a rigorous method for evaluating organizational…
Project Management: Discussion Questions Project portfolio management is designed as a way to minimize the 'ad hoc' nature of the way in which most portfolios are constructed. "As its name implies, project portfolio management groups projects so they can be managed as a portfolio, much as an investor would manage his stocks, bonds and mutual funds….the obvious benefit of project portfolio management is that it gives executives a bird's-eye view of
This focus on the key success steps associated with a project is an effective way to concentrate on the most critical problems, rather than focus on every possible potential problem. In addition, while some would say that it is better to prepare for the worst and think of every possible problem, this in itself can be a waste of resources and can reduce the amount of focus on the
Project Management A project is defined as a temporary endeavor, usually where a group of people and resources brought together to tackle a specific problem. Project management is necessary in order to ensure that the problem is solved, on time and on budget. Project management is often very task oriented, in particular placing emphasis on how to move through the different stages of the project in order to bring it to
Project Management In Discussions week, project portfolio management selecting projects. Explain meaning statement. The books suppose additional resources: Kerzner, H. (2010) Project management practices: achieving global excellence. "Project portfolio management is more than selecting projects" Managing a project portfolio can be analogized to managing an investment portfolio. While the selection of the component entities of the portfolio are certainly important, it is not enough to merely select good investments -- these 'investments' or
Portfolio Management The current business trends in the airlines industry have the Delta Air Lines Inc. In dire need to exploit on its opportunities while minimizing on its threats and weaknesses. Thus, after various consultations, it is essential to establish a comprehensive strategic business unit (SBU) to propel the company to the top of the industry. The portfolio of the company allows it to venture into various activities that will
In fact, an incoherent approach to it can lead to negative effects such as escalation of costs and lowering of efficiencies. It portfolio management addresses this key issue right from the conceptual stage of projects. The portfolio approach ensures that it projects are implemented with shared commitment, within the statutory framework. Some of the important measures implemented are: Collaborative decision making for key and large scale projects Stakeholder commitment and support
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