Project portfolio is also referred to as the company’s aggregate project plan. Its primary purpose is to define whether the organization succeeds in managing all of its projects. An aggregate project plan is made to determine whether a company is good at achieving it long-term objectives. The reason for its development is that the organization usually has way too many projects because it focuses on the financial attributes of them, not their contribution to the set goals. The point here is to define the appropriate order in which to conduct operations so that both financial and strategic objectives of the company are achieved. What should be taken into consideration is the project type and project life cycle. There are few types of projects included in project portfolio: derivative aimed at improving output and performance; breakthrough for developing new kinds of processes based on the newest technologies; platform close to breakthrough, however, they depend on the existing technologies; and R&D designed for developing new knowledge (Meredith & Shafer, 2013). They are often used to create project matrixes. What is special about this type of project management is that every project is carried out by the team formed specifically for it of the …show more content…
First of all, GM focuses on the productive system of project management. The company makes sure that its project managers are trained according to its global standards and are highly skilled. Moreover, special attention is paid the leadership features of the managers, so that they are able to coordinate the process and teach the employees if needed (Iamratanakul, 2013). However, the company has faced a challenge of quantity over quality because it focuses on the speed of finishing tasks, not on the essence of the progress (McKie, 2014). It means that planning and scheduling are successful, but the control tools are not always
For more than 25 years, The Little Black Book of Project Management has been introducing project managers to the incredibly effective and logical project management skill and methods to help them achieve their goal. This book has been flooded with very nee project management techniques as well as the latest standards of the Project management body of Knowledge (PMBOK) .accepted by PMI (Project Management Institute).
With today's businesses constantly embracing the technological advances that are made on a daily basis there becomes an increasing need for someone to supply the foresight, ability and commitment to ensure that these new technologies are implemented as seamlessly and successfully as possible. The Project Manager is just the person for the job. This paper will examine this career and explore the benefits of working in this profession. It will provide a look into the life of current Project Managers and their thoughts and concerns regarding their profession.
Project Management is quickly becoming a field of study and importance in the business world. A search on the Internet of the title “Project Management” yields hundreds or results including forums, training manuals and job openings for related positions. Project Management is a broad term referencing the necessary steps taken by management to ensure a product is feasible before and during implementation. According to Project Management Learning Objectives, the steps to achieve success in this area include: testing and measuring products, evaluating and managing the product cycle, comparing costs and benefits, measuring product worth, economic analysis, product analysis, teambuilding and leadership, and budgeting and cost control (Project Management Outline). Project Managers oversee many different areas of the business and are responsible for project success.
This paper will examine three websites that I found to provide interesting information on one of the following topics: project management, project management careers, project portfolio management, and IT project management; as well as the Project Management Institute’s Web site. The four websites that will be examined are: CIO – Project Management Definition and Solutions, Project Management Certification, and Wisconsin School of Business – Project Portfolio Management.
Patanakul, P., & Milosevic, D. Z. (2010). They are business leaders at Spotlight Corporation. In D. Z. Milosevic, P. Patanakul, & S. Srivannaboon, (Eds.), Case studies in project, program, and organizational project management (pp.409-416), Hoboken, NJ: John Wiley &
A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries.
The scope of all projects is to deliver specific target and goals in the best possible way. As have been recognized, projects are dynamic and hide lot of risk and a more manageable way of delivering them was needed. The project life cycle is the series of these phases pass from the beginning of a project until it's closure (PMBOK, 2013, p.38). Each of the phases has a specific time and has also a beginning and an end. The standard project has usually four different stages: Initiating, Planning, Implementation and Closure. The project phases took their names from the deliverables of each phase and can be managed as mini projects (Burke, 1999).
Most of the time the commonality can materialize in various forms in different projects. For example, at most of the highest level, in an enterprise, the commonality most likely will be as simple as the realization that all the projects just belong to the same company. As one might deliberate about the entire structure it is important to realize where the Project Portfolio Management (PPM) is positioned and the distinct roll the project portfolio manager has in this process. The descriptions below provides a good representation of the multiple roles and position of the people involved with the project management strategic management process:
Projects focuses more on strategic and tactical goals but portfolio management focuses more on strategic goals. As a project manager, for a successful project he/she should not only consider scope, schedule and cost as the important objectives but also the project manager should meet the needs of the project and should reach the satisfaction of the people involved in the project. As a portfolio manager, they should be aware of Project selection, Project scheduling and budget and should care about the
Program management and application portfolio management are two essential concepts that CTO’s and IT professionals must understand to help ensure future success as it presents a significant challenge that requires the commitment of considerable organizational resources. A large number of IT organizations are taking on large complex efforts that combine the delivery of IT solutions, new and changed business models, as well as overall changes to organizational structure and capabilities. These efforts typically involve several projects running in parallel, and managers are finding that "traditional" project management approaches fall short for such undertakings.
Nowadays due to competition, economic pressure and mostly rapid technology changes, better ways to manage projects are being researched. Many projects are still managed ineffectively but a new trend called strategic project management is on the rise within the discipline of project management. The general idea about strategic project management is that project management teams must learn how to satisfy the business aspect of their project and support their company’s business strategy and sustainability while considering the time, budget and operational goals. Even though this approach is gaining popularity it has not become explicit in project implementation. The main aim of this paper is to provide a full definition and implementation of the project strategy concept.
The Accounting Principles II portfolio project helped me become familiar with accounting practices used to complete routine financial tasks. This course helped me learn how to complete routine business transactions, discover and explain financial issues in companies and create and manage ledgers for employers. The Accounting Principles II portfolio project taught me how to manage companies’ journals, income statements, cash flow statements and closing statements in ledgers. The Bryant Stratton Online college program outcomes helped me learn about merchandising laws, rules and approaches used in corporations. These outcomes helped me learn and distinguish practices used to create, track and manage product inventories when I am completing tasks
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Thiry.M (2006), in his article titled, ‘Recent developments in project based organization’, has defined portfolio management as the process of allocating and analyzing the organization resources to achieve corporate objectives and maximize the organization stake