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Reflection on creating project portfolio
Essay on project portfolio management
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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
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
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).
The project management is a skill to apply the functions correctly which measures the outcome of the project, the more the skill the nice the outcome will be. This comes through experience and having a proper knowledge of some of the functions like
Project managers are leaders of small and large groups destined to complete a strategic project plan. Leadership characteristics described above can make or break a team. In all successful project fulfillments, it is the leadership of the project manager that determines the type of success for the project’s members. The most...
The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows:
Note: Reprinted from " Project Management Institute”, A guide to the project management body of knowledge, Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
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.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
It can be said that understanding is what separates the best project managers from the average performance.
The organization should therefore set up structure and then allocate resources to facilitate in the execution of the activities in the organization as Jane Stanley in her you tube video portrays. The strategy should maximize what they organization shall receive after the completion of the project. This is a function of the activities carries out with the guidance of the framework. In this regard, the portfolio should be classified in terms of strategic goal. At the portfolio level (different programs and projects), the management should categorize the portfolio in terms of the goal to achieve and also the people involved in the implementation of the project. This means the project manager should have a clear layout of the people involved in the different programs and projects and assign them, specific goals which they should achieve. At the program level, each program should have a leader, the team working under the program leader and the structure processes. The team leader at the different programs should identify whether there is the need for a subcontracting, this shall depend on the vast nature of the program, expected time of completion and the returns
In the globalized economy, Successful project managers are in much demand across many industries. Organizations strongly need experienced project managers to lead their staff to accomplish their business goals and deliver successful projects. In an increasingly complex environment, project managers need to turn into many roles and have all kinds of responsibilities at each level of management within an organization. Good project managers are not born. They need to be trained. They develop their skills through study, practise and experience. They become better project managers after they finish a successful project each time. They learn new techniques and apply them on their projects. They learn their lessons from failed projects and then improve to be better project managers in the future.
There are definitions of projects in the literature and one of the best has been offered by Tuman (1983) which is a project is an organization of people dedicated to a specific purpose or objective. Projects generally involve large, expensive, unique, or high risk undertakings which have to be completed by a certain date, for a certain amount of money, with some expected level of performance. At a minimum, all projects need to have well defined objectives and sufficient resources to carry out all the required tasks.
Project managers have to improve their skills every day to deal with the organizational change and especially the world’s Megatrends. However, it can be a challenge for a project manager to comprehend what skills they should be improved, what sections of project management knowledge that should be tried to perceive, and how to measure and enhance their performance.
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.