Project Portfolio Management (Essay Sample)
From this perspective, compose a critical analysis on the following topic and answer in depth: After reading and analyzing the following cases and articles in relation to the below readings, write a 4 FULL page paper on the following topic: (PLEASE Not 3 and a 1 one half pages, 4 FULL pages please or more). Answer & discuss in depth the following questions based on the below readings/cases:;;;_______________
“”Discuss in depth the key issues in project portfolio management and how each of them could present a challenge to the organization. How to mitigate and overcome these issues? Can organizations succeed without project portfolio management? If so explain how? Close the paper with 5 recommendations to IT management in your organization regarding what they need to know about project portfolio management and how will they help benefit management.””__________________
***Points to consider, NO Plagiarism please!!! Carefully explain and justify your conclusions.
After reading Levin’s case study below and other articles and related material below, try to put yourself in the position of a new IT manager. You have been called upon to manage a suite of technology projects in order to look into the investment portfolio supporting each project. You were asked to plan around the facts and define projects suitable to company strategy. You should first look into the impact to operations, benefits, and risk, and how strategic projects will bring competitive advantage to the company. The above readings should help you establish your context.
In addition, the optional reading expands on many of the central points; you may also want to do some independent research to clarify any issues. Be sure to reference these sources properly.
This module's Case is about assessing project risk at the development and implementation level. Evaluating risk in a systematic way reduces project failures and empowers all stakeholders to communicate and reach agreements.
A key point in project portfolio management is that the IT manager must determine the risk associated with each project and develop a profile of various projects for risk visibility. Different organizations and strategies plan project profiles to measure the risk impact on development and implementation.______________
These are The required reading/case studies for this Paper you MUST use/cite:
#1.) Levine, H. A. (2008, November). From project management to project portfolio management: Why the new process needs more than Excel. The Project Knowledge Group. Retrieved from http://viewer(dot)media(dot)bitpipe(dot)com/1103740304_372/1270227600_160/FromProjectManagement.pdf
#2.) Gliedman, C. (2002). The many faces of IT portfolio management. Research Digest,5(3), 1-10. Retrieved from http://tvertne(dot)org/tmp/IT_portfolio_management.pdf
#3.) Lee Merkhofer Consulting. (2011). Best practice project portfolio management. Priority Systems. Retrieved from http://www(dot)prioritysystem(dot)com/reasons6b.html
#4.) Ernst & Young (2014). Strong risk management practices and internal audit capabilities as drivers as drivers for growth, http://www(dot)ey(dot)com/GL/en/Services/Advisory/EY-accelerating-high-growth-companies-climb-to-the-top
#5.) Pennypacker, J., & Retna, S. (2011). Project portfolio management: A view from the management trenches. Garnert Group. Retrieved from http://www(dot)gartner(dot)com/it/content/911400/911412/project_portfolio_mgmt_excerpt.pdf
#6.) Celoxis. (2011). Project Portfolio Management. Celoxis Resource Management. Retrieved from http://www(dot)celoxis(dot)com/index.php
Please write an A+ paper at a Masters/Graduate degree level, Thank you!!!
Project Portfolio Management
Project management is a very significant element that serves the core functions of an organization. Projects are referred to as the temporal activities that have started and finishing points and are conducted within the set performance parameters and over a specified duration. To achieve an organization's goal that is considered as the backbone of an entity, there is the need that the prospects of project management are incorporated into the functions and operations of a business (Levine, 2008). According to sources, project management remains the knowledge that is derived to meet the needs and requirements of a company's project. Organizations therefore need to link their projects with sufficient business strategies to achieve the desired organizational goals and objectives.
The proponents of project management include the project portfolio management (PPM). The project portfolio management (PPM) is an element that builds the portfolio of an organization in ensuring that its projects are beneficial through an approach that provides an increase in value, an assured alignment with a business's strategies and a reduced resource demand (Levine, 2008). This process is therefore enhanced through the initiation of a specialized computer system that is designed to optimize and address the issues that projects face. This paper therefore seeks to determine the critical issues involved in project portfolio management and how these elements can result in a challenge for an organization.
Critical Issues in Project Portfolio Management and Their Challenges
The project portfolio management includes the aspect of determining an investment strategy for the IT portfolio in an organization (Gliedman, 2002). PPM is in this regard is driven by an organization's fundamental objectives that enables a broad involvement of the organization in its projects, with its main goal being in managing and selecting projects portfolios with the primary aim of creating the greatest value for an organization. However, it is important to mention that portfolio managers in many instances have faced challenges especially in communicating the progress of projects to executive leaders while aggregating data from the relevant teams in a project.
1. Unplanned Project Initiation;
In the event an organization engages in an unplanned project, the teams working on these projects tend to lose their productivity quickly, especially in an event where the resources are shifted to other projects (Gliedman, 2002). The project stakeholders on the other hand also turn frustrated as a result of unfinished progress. The customers also lose their trust and credibility in an organization in the event that delays are experienced as a result of the lack of proper planning.
2. Poor Project Estimation;
Poor project estimations are known to result from budgetary problems that accrue from a poorly projected estimate (Lee Merkhofer Consulting, 2011). The lack of proper planning also may lead to these aspects a factor that can affect a company. Many project portfolios are known for their weak financial states that result from the exclusion of past project estimates in the budgeting process of a new project.
3. Poor Project Planning;
Poor planning of a project in many instances results in planning within a silo rather than initiating collaboration that engages different teams in deriving approaches of management (Lee Merkhofer Consulting, 2011). Projects require the collaborative efforts of various actors in initiating and in the event that they lack the inputs of a team commitment, they are bound to fail. Poor planning can, therefore, affect an organization's budgetary allocation to different projects.
4. Disparate Portfolio Status Reporting
It is essen...
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