PROJECT PORTFOLIO MANAGEMENT

Project Portfolio Management

Project Portfolio Management

Introduction

Today's rapidly changing technological and business environment has given multiple benefits to businesses and changed the way of managing projects (Cleland & Roland, 2006). There is no doubt about the fact that modern way of project management has allowed businesses to improve their ability to make decisions related to IT investments, plan their projects in an efficient way and control projects leading it towards the progress of meeting goals. Project management includes planning a project, implementing, controlling and identifying tasks and goals which are to be achieved (Cleland & Roland, 2006). The paper highlights the project management process of business cases that relies on the effectiveness of network diagram in ensuring the smooth execution of the project. The paper also discusses the project management process, skills and capabilities of the project manager, the project lifecycle stages, and the control issues of the project management process.

Discussion

It is a fact that every project, regardless of its size, contains some or more degree of risks. It is also important to know that management have affixed time, resources, and budget to achieve a set target. The manager needs to decide how to manage the risk by implement the risk management process. The steps in risk management are risk identification, qualification and mitigation (Cleland & Roland, 2006).

Project Management Process

Usually project managers are responsible for some or all of the following activities:

Drafting of the proposal- The proposal specifies the object, objectives, scope, quality and estimated project risks, and describes how it is carried out. It also includes estimates of cost, and time and makes the integration of all the above with what follows, and justified circumstances, assessing credentials and why the project contract should be given to an organization or team in particular, and under what conditions (Joseph, 2003).

Project planning- It refers to the identification of activities, milestones and project deliverables, including risk mitigation options.

Estimated project costs- This activity is predetermined by the quantitative assessment and collection of talent and resources required to carry out the business plan of the project involves estimating for each of the volumes and unit costs per unit of time to develop the project.

Monitoring and review of the project- It refers to leadership and continuous monitoring. The manager should know the progress of the project with existing and planned costs. Also, it is normal to issue formal reports on its management, reviewing progress and technical developments of the project, reporting project status. The high non feasibility estimate during the execution phase may lead to cancellation of the project (Limoncelli, 2007).

Specification, recruitment, evaluation, selection, induction, supervision, staff training, etc- it goes for linking competencies and achievements fixed compensation variable compensation, etc. The managers typically select people who will work on the project, setting the minimum, ideal team to develop the project (Limoncelli, 2007).

Project Stages

Project start- It includes the formulation of an idea through to implementation and evaluation of a business case and establishing the priority of an idea for a possible project in relation to plan activities ...