The Success Of Project Portfolio Management - 824 Words

Jeffrey Pinto defines project portfolio management as, â€Å"the systematic process of selecting, supporting, and managing a firm’s collection of projects.† (p. 92). Many large firms can have multiple projects going on at the same time. These projects might support each other or can be stand-alone projects. This essay will examine the keys to successful project portfolio management and analyze the key difficulties in successfully implementing them. The success of project portfolio management is determined by three key factors. The factors include: flexible structure and freedom of communication, low-cost environmental scanning, and time-paced transition. Projects that involve difficult channels of communication can be very difficult to develop. The projects that involve lots of â€Å"red tape† and other levels of administration can hinder them from meeting milestones and can be doomed to fail from the beginning. One of the main keys to a projects success is communication. Pinto writes, â€Å"Successful portfolios emerge from environments that foster flexibility and open communication. When project teams are allowed to improvise and experiment on existing product lines, innovative new product ideas are more likely to emerge.† (p. 95). This open communication and flexibility allows team members to voice their concerns when issues arise and allow them to come up with alternatives freely with having to get approval fr om project leaders or management. The next key to success is low-costShow MoreRelatedCritical Analysis Of The Heathrow Terminal 5 Project1236 Words   |  5 Pagesanalysis of the Heathrow Terminal 5 project Programme and Portfolio Management: Analysing the Strategic Multiple-Project Environment Introduction: Project portfolio management (PPM) deals with the coordination and control of multiple projects pursuing the same strategic goals and competing for the same resources, whereby managers prioritize among projects to achieve strategic benefits. (Martinsuo 2012) Heathrow Terminal 5 success is attributed to the project management approach, this is needed in orderRead MorePortfolio Management And Strategic Management Concepts.836 Words   |  4 PagesPortfolio Management and Strategic Management Concepts Portfolio and project management are similar and sometimes thought of as being one another. Between the project and portfolio management the goals and the intended strategic action is similar. The process between the portfolio management includes and involves the resources that list a process, which includes the evaluation, selection, and prioritization. Portfolio management and strategic management assist with the organizations missions andRead MoreThe Importance Of Creating Strategic Goals At Strategic Planning Essay1322 Words   |  6 Pages Institution 1.0 Introduction In the process of strategic planning, each and every part of the involved process happens to be very important. Despite the importance, one of the most important aspects of planning entails the development of a project strategic, objectives, and corporate goals as well as the goals of the business (Bearce Tirone, 2010). A large proportion of the all the analysis done by people in strategic planning happens to be designed for purposes of helping the individualsRead MoreOrganizations And Project Management Organizations955 Words   |  4 PagesOrganizations and Project Management Organizations use governance to establish strategic direction and performance parameters. The strategic direction provides the purpose, expectations, goals, and actions necessary to guide business pursuit and is aligned with business objectives. Project management activities should be aligned with top-level business direction, and if there is a change, then project objectives need to be realigned. In a project environment, changes to project objectives affect project efficiencyRead MoreSupply Chain597 Words   |  3 PagesProject Portfolio Management at XYZ Pharma Part 1 – Framing the Project Portfolio Management Problem * What are the objectives? To prioritize the research amp; development selection based on the selection that maximizes value * What are the constraints? Extremely risky drug discovery and development, lengthening development times which increase development cost, return on investments, and generic competitors. * What are the risks involved? Technical risk, a large portion ofRead MoreThe Association For Project Management1141 Words   |  5 PagesThe Association for Project Management (APM) published the first edition of the APM body of knowledge (APM Bok) in 1992. The reason for publishing APM Bok was because, PMBOK ® does not elaborate upon knowledge of interpersonal skills and interaction with the stakeholders. In 2012, APM Body of Knowledge 6th edition was published, and unlike the old version, the 6th edition is based on analysis of the functions rather than on a project life cycle. APM Body of Knowledge 6th edition provides the standardRead MoreEssay on Analysis and Synthesis of Prior Research1253 Words   |  6 PagesSynthesis of Prior Research The companies that efficiently solve their projects issues and portfolio concerns will differentiate themselves from their competition. The projects that companies work to complete with the many different project methodologies demonstrate where the business is now, and the portfolio of projects of the organization demonstrate where the organization is headed. To effectively manage the tremendous number of projects that leaders face today in their organizations, they look to methodsRead MoreProject Managment Essay779 Words   |  4 Pagesor renewed interest in the field of project management? There is a new or renewed interest in the field of project management because there is new technologies that are significantly used in many different countries and to keep in contact with these industries. World wide project management is used to develop the many different projects that are important within the industries. 2. a. What is a project, and what are its main attributes? b. How is a project different from what most people doRead MoreFinding The Right Project Managers1407 Words   |  6 Pagesexplains that â€Å"finding the right project managers begins with the organization’s definition of the role, and its project management processes. Most often companies look for project experience when evaluating new project managers, followed by communication skills. The generally described project manager competencies, such as project-specific expertise, problem-solving competence, leadership and social competence have to be complemented with entrepreneurial and project management competence.† In addition,Read MoreProject Portfolio Management : Project Management1432 Words   |  6 PagesProject Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key char acteristics. The objectives of PPM are to determine the optimal resource mix for delivery and to schedule activities to best achieve an organization’s operational and financial goals ― while honoring constraints imposed by customers, strategic