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 projects so they can spot redundancies, spread resources appropriately and keep close tabs on progress….[Also] discussions aren't just about how much a project will cost, but also about its anticipated risks and returns in relation to other projects. This way, entire portfolios can be jiggered to produce the highest returns based on current conditions" (Solomon 2002). While my organization does use project portfolio management to engage in more effective scheduling and use of material resources, it does not sufficiently capitalize…...

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Bibliography

Project Portfolio Management (PPM): The Natural Evolution of Project Management. 2011.

Systems Evolution, Inc. (SEI). Retrieved:

 http://www.pmi.org/en/Knowledge-Center/Knowledge-Shelf/~/media/PDF/Knowledge-Shelf/Systems-Evolution_2011.ashx 

Solomon, Melissa. 2002. Quick study: Project portfolio management. ComputerWorld.

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…...

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Works Cited

Organizational Project Management Maturity Model (OPM3) (2003) Retrieved from:  http://faculty.kfupm.edu.sa/MGM/bubshait/project%20management/PDF/opm3KF.pdf 

Project Management Institute, Inc. (2007) PMI® case study: AAA of Northern California [Online] Available from:   (Accessed: 18 May 2010).http://www.pmi.org/Business-Solutions/~/media/PDF/Case%20Study/Case_AAA%20California.ashx 

Project Management Institute, Inc. (2007) PMI® case study: Savannah Final Eversion [Online] Available from:   (Accessed: 24 May 2012).http://www.pmi.org/~/media/PDF/Case%20Study/cs_savannah_final_eversion.ashx 

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 enhance the productivity of the company while favoring the shareholders and other stakeholders in the company. In line with its vision and mission, the airline is at liberty to strategize in various ways, improving its current services, re-inventing the existing services, or executing a new business strategy. Therefore, the strategic business unit I propose is a new unit to propel the company to the top of its operations.

The industry and aspects of the environment of that industry

The airlines industry is…...

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 techniques, organizational decision-makers are able to identify, group, assess, select, prioritize, authorize, terminate and conduct ongoing reviews of different elements of the portfolio to make sure they are aligned with the organization's current and future strategies (The standard for portfolio management, 2008). In this way, organizational resources are optimized (The standard for portfolio management, 2008). It is important to note that project portfolios involve and affect every part of organizations, including functions such as marketing, finance, corporate communications and human…...

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References

Benko, C. & McFarlan, F.W. (2003). Connecting the dots: Aligning project with objectives in unpredictable times. Boston: Harvard Business School Press.

Butler, R. (2005, Fall). Ageism: Looking back over my shoulder. Generations, 29(3) 84-89.

Castellano, G. & Fanelli, A.M. (2009, February). The newer system: How to exploit a neuro-fuzzy strategy for Web recommendation. Journal of Digital Information Management,

7(1), 8-15.

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 projects must be managed. "By optimizing, balancing and continually fine-tuning their portfolios, active investors try to maximize short- and long-term returns and reduce overall risk, thereby achieving larger financial and/or business objectives" (Hays 2011). Similarly, the managers of the project "can identify, evaluate and rank investment opportunities. They can direct resources to the highest-payback projects and cull marginal ones. They can target expenditures more effectively to the most worthwhile initiatives and optimize their performance and execution" (Hays 2011).

Furthermore, projects should…...

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References

Hays, Ian S. (2011). Managing the project. Consulting Services. Retrieved:

http://www.clarity-consulting.com/managing_the_project_portfolio.htm

Kerzner, H. (2010) Project management best practices: achieving global excellence. 2nd ed.

Hoboken, NJ: John Wiley.

The John Deere Health Pan was conceived of to provide quality health care at reasonable costs for its many employees, and also for its non-employees in Deere and Company in the states of Illinois and Iowa and Tennessee and Virginia. (McCollum, John Deere Health cultivates successful IT Project Management)
What Michael McCollum felt was that his IT department was like the IT Department at many other corporations, with many more projects than appropriate resources for them, and no practical and effective method with which to prioritize them, and to make a definitive analysis of which project would have a greater impact on the company, and which the least. In the same way, the organization lacked the means by which a particular project could be assigned with appropriate resources to the appropriate person, and more often than not, priority was decided on the requestor's persistent efforts, or on his management skills…...

management has to do with the knowledge of the resources a company uses in running their daily affairs. It also involves effective projection of additional resources that could be needed along the way, and the maximization of the available resources. Maximizing the efficiency of the available resources and the ability to put some of them in reserve are part of Cost Management. Some scholars define cost management as the of cost setting up systems of accounting and models for the provision of guidance in relation to current and future operations in order to achieve specified objectives. They also believe that analyzing and interpreting cost information is vital and aids the processes of decision making. Basically, between a client and a contractor, cost management refers to the final cost of a construction project (Dubois, 2003).
The major reason for the analysis of cost management is to find a more effective final…...

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References

Ansari, S., Swenson, D., Bell, J. And Kim, W. (2003): Best Practice in Target Costing. Management Accounting Quarterly, Winter 2003, Vol.4, No.2, pp.12-17.

Baker, W. (2002): Eliminate Non-Value-Added Costs. Industrial Management, May/June 2002, Vol.44, Issue 3, pp.22-27.

Carr, D. And Smith R. (2000): Change Management. In: Brinker, B. (ed.): Guide To Cost Management. John Wiley & Sons, Inc. New York, pp.128-143.

Cokins, G. (2001): Activity-Based Cost Management: An Executive's Guide. John Wiley & Sons, New York.

Astra Zeneca
Project Proposal to Streamline Operational Processes

The pharmaceutical industry in general is undergoing extreme amounts of external pressures. Not only has the economic environment since the global recession been less than ideal, but there are increasing regulatory pressures and healthcare reforms that are also expected to dramatically change the environment in which AstraZeneca operates. It is in this environment that the organization must streamline its operations so that it can be more lean and flexible when adapting to the new landscape that will emerge in the near future.

This project proposal outlines a project portfolio management program that can be implemented to ensure the organization can eliminate any unneeded waste in its operations. This portfolio will be implemented across many divisions and will require a schedule of one year. Each division will have an individual project that is tailored to a scope that suites there individual department's needs. However, these individual…...

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Works Cited

AstraZeneca Global. (N.d.). About Us. Retrieved from AstraZeneca Global: http://www.astrazeneca.com/About-Us

Benta, D. (2011). On Best Practices for Rick Management in Complex Projects. Informatica Economica, 142-152.

Hirschier, B. (2013, June 10). AstraZeneca buys U.S. lung drug firm Pearl for up to $1.15 billion. Retrieved from Reuters:  http://www.reuters.com/article/2013/06/10/us-astrazeneca-pearl-idUSBRE95904U20130610 

WHO. (N.d.). Pharmaceutical Industry. Retrieved from World Health Organization:  http://www.who.int/trade/glossary/story073/en/index.html

Project Management/Essentials of Project Management
Nearly all businesses require project management. Having held a position as project manager with a reputable company, I have come to learn that the effective project manager is one who comprehends and is aware of the need to provide sound leadership to help deliver projects within the set budget and on time.

Being an Effective Project Manager

While working in a software company, I noticed that an effective manager must know and understand the 'iron triangle' of project management. This approach is also at times referred to as the 'triple constraints' of project management. An effective project manager is capable of taking advantage of all opportunities that present themselves during the course of the project to ensure development of team synergy (Project Smart, 2015).

This is to say that the effective project managers establish a network that is supportive of all people involved. They start by identifying the key…...

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References

Brown, K. A., & Hyer, N.L. (2010) Managing projects: A team-based approach. New York, NY: McGraw Hill/Irwin.

Hassan, A. (2006). Project Scheduling (PERT/CPM). CISC 322 Software Architecture. USA: John Wiley and Sons, Inc.

Huckman, R.S., Staats, B.R., & Upton, D.M. (2007). Team Familiarity, Role Experience, and Performance: Evidence from Indian Software Services. Confidential Draft. Retrieved on 18th September, 2015 from  https://www.google.co.in/url?sa=t&source=web&rct=j&url=http://www.hbs.edu/faculty/Publication%2520Files/08-019_0dffce35-4c1d-4ceb-b3ad-d547bc30470c.pdf&ved=0CBkQFjAAahUKEwjevZWxmYHIAhUGcI4KHZBhCfs&usg=AFQjCNER1rq_Bx0886KAtFYW-oI8CetoDg 

Jun, L., Qiuzhen, W., & Qingguo, M. (2010). The effects of project uncertainty and risk management on IS development project performance: A vendor perspective. International Journal of Project Management. 29. pp 923-933. Science Direct Database. doi:10.1016/j.ijproman.2010.11.002

Project Management and the Transformation System
In this research paper, the author discussed he concept of project management employing in a construction firm. The author described briefly, the mission of construction organization, i.e. its product and services, intended markets, and how the product or service is distinct from those offered by competitors. The author also analyzed the scope of integration of project management concepts such as; Project Planning, Portfolio, Life Cycle, Team Management, Scheduling and Controlling the Project. Firms can benefit by integrating project management concepts to overcome the issues like team management, planning and managing. A project is considered winning if it completes on time, goes on to follows a pre-set schedule, remain within the provided budget, and finally its customers are pleased. For successful completion and for the satisfaction of costumers, it should have a specific time frame and must achieve the prior set targets by deploying resources both…...

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References

Bennet F. Lawrence (2003), The management of construction: a project life cycle approach, UK: Oxford: Butterworth-Heinemann

Derek Torrington and Laura Hall (2001), Personnel Management HRM in Action, UK: Prentice Financial times

Gail Blackstone (2003), Performance Management in Project Management, UK: Journal of Personnel Management

Gelbard, R. & Carmeli, A. (2009). The interactive effect of team dynamics and organizational support on ICT project success. International Journal of Project Management, 27(2), 464 -470. doi:10.1016/j.ijproman.2008.07.005

Project schedule and risk management are some of the most important components of project management. These components play a crucial role in project planning, which is a process used to organize various areas of a project such as workloads and management of the project team. Project schedule basically refers to a listing of the activities or tasks, milestones, and deliverables of a project that includes the expected start and finish dates ("Project Scheduling," n.d.). isk management is a process through which a project manager and team predicts risks, estimates impacts of these risks on the project, and describe reactions to these issues. This process usually involves the preparation of a risk management plan or outline in order to accomplish these goals.
Definition of What Needs to be Done:

One of the most important aspects to consider when developing a project schedule is all the work that needs to be completed. The need…...

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References:

Harris, S. (n.d.). How to Implement An Effective Risk Management Team. Retrieved January 23,

2014, from  http://searchsecurity.techtarget.com/tip/How-to-implement-an-effective-risk-management-team 

"Project Schedule Development." (n.d.). Mind Tools -- Essential Skills for An Excellent Career.

Retrieved January 23, 2014, from  http://www.mindtools.com/pages/article/newPPM_71.htm

The use of Gantt charts for enabling interprocess integration and knowledge management in the A&D industry is a best practice for also managing process-intensive projects (Singh, Keil, Kasi, 2009). These include the development of new computer systems and advanced technologies where the project needs to capture the knowledge to fulfill its objectives. Project management's core set of tools therefore needs to be focused on how to augment and strengthen project performance while also capturing process and product knowledge critical to its success (Besner, Hobbs, 2006). The combining of Gantt charts, progress reports, change requests and the use of kick-off meetings to set objectives is critical in this regard.
ecommendations to Project Managers Using the Product Launch Activity Plan

The pro-forma Product Launch Activity Plan shown in Table 1 of the Appendix is designed to provide project managers with a framework to define a Gantt chart to manage the new product introduction…...

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References

Claude Besner, & Brian Hobbs. (2006). THE PERCEIVED VALUE AND POTENTIAL CONTRIBUTION OF PROJECT Management PRACTICES TO PROJECT SUCCESS. Project Management Journal, 37(3), 37-48.

Saumya Bhattacharya. (2009, August). Creating a project plan: The secret sauce of a project is in its planning.. Business Today.

Blackstone, J., Cox, J., & Schleier, J.. (2009). A tutorial on project management from a theory of constraints perspective. International Journal of Production Research, 47(24), 7029.

Michael Burkett. (2005, July). The "Perfect" Product Launch. Supply Chain Management Review, 9(5), 12-13.

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 fruition. A given project will have a number of specific, finite objectives and a defined time frame. Success for the project will typically reflect whether or not the project's objectives, including that relating to the time frame, where met, which would define a successful project. If they were not met, then perhaps the project would be deemed unsuccessful (Githens, 2011). Where a project manager deals with conflict, it is usually interpersonal conflict or communication issues between members of the project…...

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References

Githens, G. (2011). Eight distinctions between portfolio management & program management. Leading Strategic Initiatives. Retrieved May 17, 2015 from Discuss the definition, similarities and differences between Project Management, Program Management and Portfolio Management.

Usmani, F. (2012). Project management vs. program management vs. portfolio management. . PM Study Circle. Retrieved May 17, 2015 from  http://pmstudycircle.com/2012/03/project-management-vs.-program-management-vs.-portfolio-management/

Project Management
Balanced scorecard

This is a strategic planning and management system that is widely used in the industrial sector, the nonprofit organizations, in the business world and even the government in order to put the activities of the business to the strategy and the vision of the business. It is used to check whether the management and their visions and decisions are in line with the goals of the organizations and whether these visions are implemented by the employees. The balanced scorecard helps in improving the external as well as the internal communications of the organization. This also helps in monitoring the performance of the organization against the strategic goals that the organization set. The balanced scorecard also helps in increase in quality of service in the service oriented organizations and observance of procedure. These set procedures under the balanced scorecard will ensure the reduction of blame games within the organization.

The…...

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References

Bisk Education, (2014). Top 10 Project Management Challenges. Retrieved November 12, 2014 from  http://www.villanovau.com/resources/project-management/top-10-challenges/#.VGVA2snSn5U 

Brown K.A. & Hyer N.L., (2010). Managing Projects: A Team Based Approach. McGraw-Hill Irwin.

Program Management
Projects Compared - Belbin analysis

In order to find a way through which the success of teams could be predicted Dr. Meredith Belbin, a management psychologists, worked in collaboration with Henley Management College in the early 1970s. Business simulations were used in running some experiments for the research by Dr. Meredith Belbin. Participants were divided according to different psychological types such as if they are introvert or extrovert etc. It was his hope to find a team mix that is perfect. In 5 years' times he was able to establish the fact that in particular types of projects specific clusters or patterns can be made use of in order to predict the success of a team (Bennett, 2001). There is often a preference found in the minds of the individuals regarding these clusters. It was also established by him that it can never happen that one team can be…...

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References

Beck, K. (2000). Extreme Programming Explained. Reading, MA: Addison Wesley.

Belbin, M.R. (1981) Management Teams, John Wiley & Sons, New York.

Belbin, M.R. (1993). Team Roles at Work. Butterworth-Heinemann, Ltd., Oxford

Belbin, M.R. (1996). The Coming Shape of Organization. Butterworth Heinemann

1. Systems thinking provides a comprehensive framework for understanding the interconnectedness of corporate strategy and projects, enabling organizations to make more informed and holistic decisions.

2. By considering the relationships between projects and the broader corporate context, systems thinking enhances project alignment with strategic goals, reducing the risk of misallocation of resources and project failures.

3. Systems thinking empowers organizations to anticipate and mitigate potential risks and dependencies across projects, ensuring a more integrated and efficient project portfolio management approach.

4. Adopting a systems thinking mindset fosters collaboration and communication among project teams, breaking down silos and promoting a shared understanding of strategic....