Portfolio Management The objective of Part A of this study is to analyze the key best practices that the organization can adopt to improve its project management maturity level and to examine and describe the key elements of change management, which could be used during an initiative to raise the project maturity level of an organization. OPM3 has specific benefits to the organization in that it makes provision of a method to advance the strategic goals of the organization using project management principles and practices. The Best Practices and Capabilities in the OPM3 Standards are reported to be "mapped to two key factors: (1) domain; and (2) stage. ( p.19) Domain is reported to refer to "the three domains of the project" which include: (1) project; (2) program; and (3) portfolio management. (Project Management Institute, Inc., 2003, p. 19) Stage is reported to refer to "the stages of process improvement." (Project Management Institute, Inc., 2003, p.19) Process improvement means making a process "capable" which involves the "sequential stage of improvement" which includes: (1) standardize; (2) measure; (3) control; and (4) continuously improve. (Project Management Institute, Inc., 2003, p.19) Therefore, best practice and capability in the OPM3 Standard is reported to be linked to "one or more of these process improvement stages." (Project Management Institute, Inc., 2003, p. 19) Capabilities in OPM3 are additionally linked to the five project management process groups including: (1) initiating; (2) planning; (3) executing; (4) controlling; and (5) closing. (Project Management Institute, Inc., 2003, p. 19) It is reported that the progression of the organization's increasing maturity, which OPM3 has designed, includes...
(Project Management Institute, Inc., 2003, p. 4)
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
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
Portfolio Management In the project portfolio management context, a portfolio is an aggregation of active programs, projects and other business activities that indicate an organization's priorities, investments and allocation of resource (The standard for portfolio management, 2008). According to the editors of PM Network, "Portfolio management is the centralized management of one or more of those portfolios to achieve specific strategic business objectives" (2008, p. 75). Using project portfolio management
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
The projects portfolio was handled by a head that had the people who concentrated fully in projects implementation, the Human Resource department on the other concentrated on rewards like benefits, compensation and pensions, resourcing, organizational development and design, employee relations and development and learning. However, over the years, many organizations have been continually undergoing alignment, which means integration of the decisions about the employees with the decisions about the
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
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