Advantages of Project Portfolio Management
Discuss about the Collaboration Program and Portfolio Management.
The following study has discussed various advantages and disadvantaged of various electronic and manual PM application systems. Further, PM applications have been helping project managers to control various performances and control the changes within the project. The contemporary developments in using PM application systems are also discussed here.
Any successful project management has the ability to look at the wider scenario in organizing and delegating. However, at time, moving business towards portfolio management has been wisest choice.
As per as advantages are considered, there has been incredible amount of benefits for active project portfolio managements. The first reason is the inventory. In any situation as there are various programs going on, the complete process gets fragmented (Kerzner & Kerzner, 2017). PPM has been allowing business to retrieve a common vision of wider picture. The next one is the involvement. The project portfolio management has been allowing wider depth towards inclusions around every vertical. This kind of alignments has been making various challenges in terms of performances that has been easy to address and more visible. The next one is the risk as anyone opens the project for sharing resources in portfolios the risks of failure gets decreased.
As per as disadvantages is considered, it has been seemed that project portfolio management has been no-brainer. As the benefits of the business are considered, there has been various ways that has been going dramatically wrong for regular operations. The first one has been in terms as resources that have been a benefit as the programs gets shared responsibly (Drury-Grogan, 2014). This has been leading to the decline of project portfolio management. The next drawback has been in defining project managements. The management of various projects has been calling for the capabilities of defining and categorizing various elements under the project to prioritize them. Further, the company’s size of the business has been the sheer element determining the success. The PPM has been needed as there has been room regarding the rise defined through the broader scope of the managements.
Lastly, it is understood from the study that project portfolio management has encourages people to become involved at various levels of the business (Binder, 2016). This has lessened the risks and permitted management in keeping closer view over the inventory around the board. Besides, it has been also draining various resources and has not been the proper fit for the business that has been smaller size. Further, the portfolios have been the key for a disorganized setup. However, the business must assure that the system has been working first.
Disadvantages of Project Portfolio Management
The project management applications has been helpful for the project managers to be more methodical and organize as it comes in tracking progress, managing budgets, controlling risks and changes, allocating resources, scheduling and planning (Badewi, 2016). There have been numerous project management applications that are available and effective tool. However, it has been unable to replace the real-world experience along with professional training. However, the tool has been able to improve organizational skills, refine the scheduling and better understanding of why and how the things has going right and wrong over specific projects. Thus it has been not been difficult to research various tools that are available (Kerzner & Kerzner, 2017). However, individual project managers and the overall business have possessed various necessities. Hence it has been vital to assure that what the project managers has been looking for. This has been useful to know what is needed and business can take advantages of the project management applications prior making the commitment to specific packages.
Further, some of the project management applications have been free and very inexpensive. However, most of the software has been major investments. Hence the decision has not been always easy. Besides, over complex and large projects, the applications have been bringing various benefits (Bider & Jalali, 2016). They have been determining that the resources are assigned effectively, the changes are placed within control the project has been staying under budgets, project has been staying under scopes, the documentations are managed properly, proper priorities are been maintained established, the developments are tracked accurately and the tasks are managed efficiently.
From various installed software to the web-based, the cloud hosted products and mobile applications are the techniques for all kinds of projects and every type of the company. With various international projects managed, the software tools have been able to assure that wherever various teams are located, they are managed effectively. Further, the teams are able to collaborate and communicate smoothly (Bider & Jalali, 2016).
Moreover, there have been various choices as far as the project management applications are considered. Further, many of them are aimed at particular industries and specific organization and team sizes. Moreover, many of them have been focusing on specific activities like risk management and time management and various others have been focusing over various ways in which project managed including few tools that has been particularly designed for different projects (Andler, 2016).
Project Management Applications
However, the initial choice is needed to be made on whether one needs any cloud-hosted solution, web-based or various software installed to the own servers. This is helpful to cut down various choices for more manageable number. Here, the choice has been financial ones as the cloud-hosted and web-based are more affordable. However, this has been also a reality that installed software has been less-well suited for smaller business that never possess various resources to control the task of installations (Kerzner & Kerzner, 2017). As far as project attributes are concerned, the project managers must be looking for tools that are aimed at particular industries, project sizes and various team sizes. This is useful and meaningful to various people utilizing them. Further, any efficient project management application has been assuring every project tasks that is been organized at a single place. Here, all the people gas the access to every project data. It has indicates that the information of the project is simply seen by every stakeholders and remaining engaged for the project life. This has meant that team members has been collaborating and communicating easily.
The progress of project management applications has been creating the needs of new skills allowing adapting the fast changing work environments. The “smart contracts” has been providing with various tools and skills for mangers allowing them to make the running process in more skilled and flexible ways (Bider & Jalali, 2016). The managers have been able to control the projects as per the strategic vision of the company and seeing the complete picture besides the smallest details. For example, “Gantt Chart Maker” has been no longer any isolated discipline to solve the narrow spectrum of various issues (Drury-Grogan, 2014). This approach to run project management charts has been currently over the frontline of every kind of practices in business (Andler, 2016). This has been adapted to various spheres through different methods and standards. In order to be trendsetter, current business has been trying to create project management charts template to the ultimate capacity in all the possible ways.
The automation has been an important part of project management. Asking marketers, chasing team mates down for filling out the time sheets, these repetitive and simple activities has been making project managements miserable and tedious (Badewi, 2016). Besides, various communications tools such as HopChat and Slack has been rolling down slowly various tools of automations such as reminders, status alerts and up gradations for keeping all the people over the similar page. Further, they have been also incorporating various bots to share automated notifications, questions and launch latest version of any website or applications and so on. The automation has been taken off in about 50% organizations that have been using automation at various marketing projects and programs (Kerzner & Kerzner, 2017). There has been a silent and deadly issue for marketing teams to struggle with. The problem has been killing strangle productivities and performances. Moreover, the marketing teams are filled with various engaged employees outperforming teams with very less or no engagements.
Conclusion:
The above study has demonstrated the various ways in which the budgets of various projects can go over. Besides, effective usages of PPM tools have been helping organizations to fetch various potential benefits. Moreover, they have been useful to find out whether the project is over already and the posing and budget issues are economical at many sectors. Whenever, the projects have been falling beyond, these leaderships have possessed the ability to stifle various effective effects. This is done through different applications of project portfolio managements.
References:
Andler, N. (2016). Tools for project management, workshops and consulting: a must-have compendium of essential tools and techniques. John Wiley & Sons.
Badewi, A. (2016). The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework. International Journal of Project Management, 34(4), 761-778.
Bider, I., & Jalali, A. (2016). Agile business process development: why, how and when—applying Nonaka’s theory of knowledge transformation to business process development. Information Systems and e-Business Management, 14(4), 693-731.
Binder, J. (2016). Global project management: communication, collaboration and management across borders. Routledge.
Drury-Grogan, M. L. (2014). Performance on agile teams: Relating iteration objectives and critical decisions to project management success factors. Information and Software Technology, 56(5), 506-515.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons
Morozov, V. V., & Timinsky, A. G. (2016, August). Strategic gaps in the capabilities of internal and external adaptation of methodologies and information systems of project management. In Data Stream Mining & Processing (DSMP), IEEE First International Conference on (pp. 405-409). IEEE.
Webb, A. (2017). Project management for successful product innovation. Routledge.
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