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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 upon the potential for 'risk management' inherent in the process when selecting projects.
Q2. There is often a 'feast or famine' climate within the construction...
It is always tempting to take on as many projects as are available, even if organizational resources are spread thin and the project is not really suitable for the organization. There is always the fear that the organization will lack adequate work to support itself. But it is not helpful in the long run if the company is bogged down with projects outside of the scope of its resources, resulting in the long-term opportunity cost of more suitable projects later on.
Q3. "Without PPM discipline, projects are arbitrarily requested and started without due diligence. PPM methodologies ensure that, first and foremost, projects align to the business and/or technological strategy for achieving organizational goals. The PPM framework then enables sound financial, business, and technological decisions using standardized tools and processes that are consistently applied" (PPM, 2011, PPI). Our overall use of PPM strategy does align with the organizational mission to uphold high project standards with minimal time and waste. On an individual, daily basis, some of these ideals can be forgotten, particularly during 'busy seasons' when…
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.
Available: http://www.computerworld.com/s/article/69129/Project_Portfolio_Management [10 Jan 2013]
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 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 Maturity Key Best Practices: According to the text by Kerzner (2006), one of the most critical paths to refining key best practices is the establishment of a positive and effective company culture. It is the orientation of the organisation and its personnel on a broader level that will impact its project management style and success. This is why such strategies as project 'integration' offer a model for best practices adherence.
teaching profession in order to help students achieve various things. Goals for students are for example assessed in terms of problem solving, critical thinking, lifelong learning, and thinking independently. Further goals may include personal traits such as persistence, flexibility, motivation, and self-confidence. Portfolios are also helpful to reveal the work processes of students. Teachers can then help students to develop processes through which to monitoring their own learning, and be
Project Management: Case Study in Managing a Complex Shipyard Project in Singapore Background of Complex Shipyard Construction Project Company background Project Overview and Objective Work Process of Building Construction Issue Analysis in Shipyard Construction Project Management Literature Review of Project Management Issues in Scope Management Methodology of Scope Management Lessons Learned from Scope Management Issues in Cost Management Methodology of Cost Management Lessons Learned from Cost Management Issues in Human Resources Methodology of HR Management Lessons Learned from Human Resource Management Case Study in Managing a
access case study "Audio file": http://mym.cdn.laureate-media./2dett4d/UofLiverpool/MSPM/0015/03/mm/ScottPaper/index.html Questions: What elements project portfolio management place 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