Planning For A Mba Project Management

1051 Words5 Pages
According to Fiala, Arlt, and Arltova (2014), project portfolios are used by organizations to identify, define, and examine possible project opportunities to be completed within a company. As a company grows and develops, it is critical to the success of an organization to carefully choose only projects that will promote and expand their organizational goals. Once a company decides to start a project, the company must be ready to commit employee time and company resources to the selected project in order to successfully complete the project. As outlined by Fiala, Arlt, and Arltova (2014), successful project completion is achieved through “the discipline of planning, organizing, securing and managing resources” (p. 455). Therefore, it is critical for companies to only select projects within their portfolios that accomplish their goals and can financially afford. The concept of project portfolios intrigued me because I am currently pursuing a MBA in Project Management. After I complete my degree at Liberty University, I am planning to prepare for and take the Project Management Professional certification through the Project Management Institute. This topic allowed me to further explore future goals. Comparison There are several interesting articles written on project portfolios. The most common theme among all the articles used for this discussion is: once a project is selected, an organization must carefully manage and monitor the completion of the selected project through some type of project portfolio management (PPM) system. According to Meredith and Shafer (2013) “it is vital to consider the interactions among various projects and to manage the projects as a set” (p. 208). In other words, PPM allows for an organization to ma... ... middle of paper ... ...plication of using project portfolios is one that is currently being used within competitive organizations. Project portfolios are not a new idea; however, the methods available for managing and monitoring project portfolios are constantly growing. As previous highlighted, companies should always be ready to grow and expand their organizational goals and market share; if successfully used, project portfolios allow companies to identify, define, and examine possible project opportunities, which will create new opportunities within a company and reach different market shares. The key to project selection success is the careful management of selected projects. Selecting the right project to complement organizational goals is the most critical part of any project portfolio; however, the successful management and completion of a selected project is what defines a company.

More about Planning For A Mba Project Management

Open Document