THE ROLE OF PROJECT, PROGRAMME AND PORTFOLIO MANAGEMENT IN ENSURING BUSINESS SUCCESS

The Role of Project, Programme and Portfolio Management In Ensuring Business Success

ENSURING BUSINESS SUCCESS

Introduction

In order for a business to prevail, strong foundations and undertaking must be implemented in response to comprehend, analyze and identify greater profits regiments and at the same time maintaining healthy competition with all the other buyers in the market. Business processes and procedures need to be aligned and kept side by side with the company's reason of existence; usually when companies initiate, being freshman they do not hold much information about how organizations work and what goes on in the industry at the time. With sound knowledge earned through secondary resources (journals, publications, economic surveys) or primary data (capital budgeting, estimations, pre- and post-project evaluation, etc.), companies gain a sound background as per how to sustain the current reputation and look forward to value accordingly.

Tools involved in establishing the business

Now when the company has established, it require a vast and loyal customer base in order for it to survive the rivalry and improve its position in market. This approach is generally aligned with the company's mission: many go towards being ahead of others (the market maker) in order for being the leader, others somehow deviate from their objective and therefore lead to underestimation of the company and thereby sheer dissolution. When dealing with matters, financial decisions, unlike any other departmental setting, holds a vital role in delivering and making forecasts and estimations of a company's ventures and endeavors.

Many tools and applications are used in the midst of making a valuable and strategic decision simultaneously; some use capital budgeting (NPV, IRR, MIRR, Payback, etc.) as token of understanding or may use ratio analysis in order to recognize aspects of a business's performance and help to aid healthier decision making.

In addition to the above, there are certain tools used to predict the impact of future conditions on the company, thereby identifying the credibility and standing in the future. For the purpose of expanding their earning and profit portfolio, companies implement projects to gauge the balance in company's profits and also to expand the profit base.

Project, Programme and Portfolio Management

The word 'project' has been taken from the word of Latin origin, which is meant 'to combine and hybrid'. In portfolio management, a discipline that is practiced in the midst of planning, organizing, leading and controlling the effects financial decisions on the entity's resources and create succession and achievement of project-specific goals and objectives.

Moving on, programme implies a written documents or prints shown in black and white, etc. in a public performance, often presented at a scheduled time. Finally, we have portfolio management (PM), as discussed above, that curtails and covers all proceedings, planning and presentations of all projects covered under the discipline.

Role of Project, Programme and Project Management

Projects date back from as historical as the building of the Pyramids in Egypt to as technological and hi-tech as the HSB Hong Kong headquarters, or simply ...