StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Project Portfolio Management - Essay Example

Cite this document
Summary
It takes a holistic approach at the organization’s projects and aligns the same to business strategy hence delivering meaningful value…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.1% of users find it useful
Project Portfolio Management
Read Text Preview

Extract of sample "Project Portfolio Management"

Portfolio Project Management Success The aim of project portfolio management (PPM) is to improve attainment business objective through selection and management of projects. It takes a holistic approach at the organization’s projects and aligns the same to business strategy hence delivering meaningful value. Projects are vetted against their strategic relevance and priority placed on those that are considered more important such as IT and finance portfolios. High risks are carefully balanced with the conservative ones and the blend monitored closely to ensure projects are on course and determine those requiring assistance or closure.

According to Todd (2003) having a strong program for portfolio management can significantly lower risks and maximize the value of projects. It can strengthen communications between projects teams business leadership, encourage teamwork & responsibility in management of projects, permit efficient scheduling of project resources and eliminate project redundancy. The ultimate result is profitability and maximum value out of projects. It is crucial to follow best practices and key steps of project management.

Firstly it is important to have an inventory of projects so as to have all the projects the organization is running in a single database. Second is to identify those projects matching strategic business objectives and then categorize the projects based on their scores. It is also crucial to proactively manage the projects and identify potential hurdles in good time. The article is very useful especially to persons involved in project management. While the author appreciates there one specific approach to portfolio project management, he points pins out aligning projects with strategy and embracing best practices as key success factors.

The article also maps important activities that must be implemented while managing projects and therefore the information is very useful to project management teams but also business leaders and students of PPM. References.1. Todd Datz. (2003). Portfolio Management Done Right. CIO. available at: http://www.cio.com/article/2440051/it-organization/portfolio-management-done-right.html?page=2

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Project Portfolio Management Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Project Portfolio Management Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/management/1696341-project-portfolio-management
(Project Portfolio Management Essay Example | Topics and Well Written Essays - 250 Words)
Project Portfolio Management Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/management/1696341-project-portfolio-management.
“Project Portfolio Management Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/management/1696341-project-portfolio-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Project Portfolio Management

W8-IP Project Portfolio management and Project Plan

Project Portfolio Management Frozen Foods Company Table of Contents Abstract 5 1.... Project Portfolio Management Process 9 4.... SBUs and Project Portfolio Management 11 5.... Strategic Business Units and Product portfolio 8 4.... nalysis of portfolio 15 6.... cope of the project 7 4.... Required Funding Profile for project D 16 6.... Risk Assessment of project D 18 7....
14 Pages (3500 words) Assignment

W3Q-Executing and implementing project portfolio management

Rouse (2013) defines Project Portfolio Management as “a strategic prioritization methodology employed to analyze and manage current or proposed projects within an organization”....
2 Pages (500 words) Assignment

W8 Follow Up:Making project portfolio management sustainable in an organization

hellip; Kerzner (2010) views management support and commitment as most crucial for successful implementation of the project portfolio Follow Up - Making Project Portfolio Management sustainable in an organization Response The company underwent merger with required careful merger of the culture of my company and the other company that was merged.... Kerzner (2010) views management support and commitment as most crucial for successful implementation of the Project Portfolio Management, where a closed door policy, on the other hand, can develop feeling of “us and them” among the employees....
2 Pages (500 words) Assignment

Project Portfolio Management Process

The primary objective of this essay is to form and develop an effective Project Portfolio Management process, which might enable the company to acquire necessary funding and adopting adequate measures for enhancing its each Strategic Business Unit (SBU).... In this regard, the… ssion includes a clear view and understanding about the aspects associated with Project Portfolio Management activities and their relevance to provide adequate support to the company in attaining the aforesaid objective....
7 Pages (1750 words) Essay

Importance of Portfolio Management

Translating corporate strategy to program or project strategy involves a stream of processes… This paper discusses portfolio management and program management as some of the methods used in translating corporate strategy to program or project strategy. ... ccording to Mlybari, portfolio management can be defined as a collection and management of an organization's programmes, projects and other works to achieve the organization's strategic objectives considering resources limitation....
4 Pages (1000 words) Essay

Week 2 - IT STRATEGY

Project Portfolio Management: Selecting and Prioritizing Projects for Competitive Advantage.... Project Portfolio Management Tools and Techniques.... Evaluation being part of any… Additionally, evaluation identifies the effectiveness of a project and thus the governance group uses this tool to measure project's capabilities.... A well- executed project is given priority project Prioritization al Affiliation: project Prioritization Prioritizing IT projects is a major step in improving its maturity in an organization....
1 Pages (250 words) Essay

Project Portfolio Management and the Project Management Office

For these reasons, many organizations formulate the Project Portfolio Management and project management departments within their organizations (Mustafa, 2012).... roject portfolio management and the project management office are essential for the success of a project.... he program management office provides the foundation for portfolio management.... In case, the planned outcome and the actual outcomes are not in unity, the program management reviews the entire project regarding the allocation of resources and carries out necessary changes to ensure the achievement of major objectives (Butler, 2012) ...
4 Pages (1000 words) Essay

Programme and Portfolio Management

Project Portfolio Management process and implementation strategy – in the current literature on the subject of project programme and portfolio management.... Project Portfolio Management process and implementation strategy – in the current literature on the subject of project programme and portfolio management.... o identify and analyze the existing policy level disagreements among consultants on the subject of effectively designing and implementing Project Portfolio Management programmes at the organizational level....
12 Pages (3000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us