¶ … 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…
