Situational Context and Evaluation
The organization of GMR group has been established as one of the most exponentially growing organization centralized to infrastructure development. The organization handles a lot of projects. It was established in the year 1978 and over 28 years it has been increasingly making developments starting from a jute mill to establishing airports and transportation division amongst other developments as well (Sardana & Zhu, 2017). However, to establish the organization in a better position within the market it is needed that the organization adapts to feasible methods for the management of portfolio it handles for different projects.
The proper way to adapt to the project portfolio management techniques would be suggested to the organization with the help of analysis of the entire organization based on the situational context and its evaluation. This will help in understanding how the organization currently handles its project which would be then analyzed with the opportunities and threats in the project portfolio management techniques.
Therefore, the further scope of improvement can be analyzed. Further development of the plan would then be analyzed, based on which it would be easier to make sure which would be the most feasible technique of project portfolio management that can be offered for the organization. Later, the tools and techniques needed for the feasible and seamless implementation of the PPM plan would be described in the report.
Situational Context and Evaluation
Introduction of portfolio management given the size and project needs of the organization
GMR Group is associated with the implementation of critical projects in major metro cities like Delhi and Hyderabad that are related to the major developments in the metro cities. The GMR Group operated various projects in the Delhi and Hyderabad airports and has also been developing the state of the art project of India’s largest private airport company at Goa’s Greenfield Airport at Goa (Lin, 2015). Therefore, it is not hard to analyze that the projects that the organization handles are massive and thus a proper project portfolio management techniques is necessary to handle all these projects with equal effectiveness and finesse.
How the organization currently manages its projects and is there scope for improvement
There have been many projects that the organization of GMR Group has completed including transport stations, energy hubs, and airports to name a few. For the way it manages its projects has resulted in the company being awarded to develop India’s largest private airport (Chuang & Tai, 2016). At Goa’s Greenfield Airport, the company is focusing on developing the project by operating and managing the Airport. It has divided several sections of the entire project to implement the project feasibly within a timeline of September 2020 or earlier (Belu et al., 2018). These sections would have several facilities for the customers including Integrated Passenger Terminal Buildings, Runways, Taxiways, Rapid Exit Ways, and many others. These projects are managed separately by the organization.
Given the current project of the project, it can be said that there is indeed a scope of improvement for the way which the project is being progressed.
Introduction of Portfolio Management Given the Size and Project Needs of the Organization
How the organization incorporates sustainability criteria into its business decision-making process and its operations
The organization has currently been focusing on implementing ways by which the customers would be benefitted by the airport (Kaiser, El Arbi & Ahlemann, 2015). Therefore, it needs to implement their CRM techniques or the Customer Relationship management program in a better way. This is necessary because an airport is all about providing benefits to the customers while their travel. Sustainability criteria are maintained with the project only when there is better quality of service provided to the customers.
All the development that is made within the airport should make sure that the customers receive the best services they have received so far (Guide, 2001). The sustainability criteria of the airport will only then be feasible and effective. Thus, solid decision has to be made to make sure that proper CPM or Customer Portfolio Management techniques are followed to make sure that the development of the airport has the benefit of the customers in mind at all costs.
Scope of further improvement
The benefits that the GMR Group is planning on providing the customers can always have a scope of improvement where the organization would implement the techniques of Customer Portfolio Management, which is a technique of developing better customer relationships (Snyder & Dionisio, 2017). This technique surpasses the previous customer relationship development techniques because it assesses the possibility of the company’s probable and existing customers and takes each of their individual needs in consideration (Kerzner & Kerzner, 2017). The process begins with applying the identification of all the possible and existing customers and evaluating them as per their needs to implement strategize the system in which the organization would operate.
Opportunities and Threats
The likely successes that the organization might experience by introducing a project portfolio management process
The probable successes that the organization of GMR Group would experience with the implementation of the technique of Customer Portfolio Management are as follows:
- Better advantages of feasible decision making
- Proper management of risks
- Faster Project turns times
- Increase of success rate of the project delivery
- Streamlined data and increased collaboration
- No tangible investment strategies
- The likely challenges the organization might face with the adoption of the project portfolio management process and overcoming the challenges
The GMR Group, which is headquartered in New Delhi has been helping the government for the development of different kinds of projects within the high growth areas that includes transportation, energy, airports and urban infrastructure (Hadjinicolaou, Dumrak & Mostafa, 2017). Based on the consideration of adopting of the handling of larger form of projects, the organisation would be using the Project Portfolio Management (PPM) process (Saunders,Kitzinger&Kitzinger, 2015). With the aid of this form of process of management, the project management offices and project managers within GMR Group would be forecasting the problems and thus would be able to analyse the implementation of the project within the portfolio.
Some of the major challenges that would be faced by GMR Group are as follows:
- The management team within the organisation would not be able to expect the outcomes from the project during the development stages. The failure for identification of the proper project would make a liability for the PPM.
- The members of the project team would feel to be unsettled based on constant form of monitoring. This would be requiredby PPM to have a thorough knowledge about the progression of the project. This could be seen as a form of micromanagement, which would hence impact the work culture in a negative manner (Conforto et al., 2014).
- There should be a matured team of project management. A matured team of project management would help in the simplification of the implementation of PPM.
- The senior management would not be ready for the purpose of absorbing the benefits, purpose and value that would be extracted from PPM (Thakur & Workman, 2016).
- Risks within the development of projects are not identified during the early stages.
These challenges could be overcome by following the certain processes. The project managers of the project should adopt the 5-question model based on PPM during the initiation stages of the project in order to verify that the project would be suitable during PPM (Boyde, 2014)
- The project manager should understand whether they would be investing within the right kind of project.
- The project management team within GMR Group should be able to estimate their level of capabilities. The best practices should be popular and should be able to suit according to the infrastructure needs and protocols of the organization.
- The organisation should be able to share necessary form of knowledge with their relevant teams regarding the vales and benefits based on PPM. This would be able to understand about the returns based on the frequent form of evaluation regarding the process.
- The senior management team within GMR Group should be encouraged based on meeting with the protocols.
- A proper form of documentation based on risks, concern and the various kinds of solved issues should be prepared based on future form of reference.
The work should be performed in proper phases based on the demands of the customers that would be incorporated during development.
How the Organization Currently Manages Its Projects and Is There Scope for Improvement
Development of the Plan
Key elements of a plan to introduce project portfolio management into the organization and their impact on the strategic goals
The GMR Group is currently on the development process of a project. The Airport Project would be based on a Public Private Partnership (PPP) model that would be based on designing, building, financing, operating and transferring. Based on the requirement of the projects undertaken by GMR Group, there are some form of key elements based on the introduction of PPM is:
- Understanding of Business Requirements–This is one of the most of the vital part within the development of the undertaken project. There should be a clear form of business direction and defined objectives that would be able to measure the efforts of work and costs incurred within the project (Too & Weaver, 2014).
- PPM Tools –There are some tools that would be able to measure and manage the performance of the different projects that are undertaken by GMR Group.
- Return on Investment (ROI)–The GMR Group should be able to consider ROI, which is defined as the ratio of the money that would be lost or gained (Beringer, Jonas &Kock, 2013).
- Suggested type of project portfolio management model proposed for the organization
Based on the project undertaken by GMR Group, the PPM model that would be undertaken is known as Unified Portfolio Management (UPM) Model. This model has been defined as on the basis of Project Management Institute. This type of model has been chosen due to the reason that it would be able to cover the portfolio management within the different forms of operational organisations along with project based organizations (Costantino, Di Gravio&Nonino, 2015).
The model comprises of Portfolio Governance, Directing components, Portfolio management and Component management. This would also be responsible for developing of strategies. The main result of strategic planning would be able to define the strategies of the organization based on building of the new projects that have been undertaken by them (Jenner & Kilford, 2011). Hence, the different components of the portfolio should be developed based on accordance of the strategies that have been adopted by the organization.
Implementing project portfolio management into the organization
The different plans should be implemented within the development of the project undertaken by GMR Group are:
- Identification of the problem and thus be able to define plans.
- The proper form of processes should be evaluated and thus selected (Archer & Ghasemzadeh, 1999).
- The process of evaluation and selection based on the portfolio should be balanced within the components.
The process of evaluation and selection should be able to define a new set of components based on a new portfolio.
Tools and Techniques
Some of the tools and techniques that would be available for the management of the different form so project portfolios are – SWOT analysis, Stakeholder Matrix, Cause and effect diagram, Risk Map and Decision tree (Martinsuo, 2013).
The technique that would be suitable for this organization is Cause and Effect diagram. This is performed within a fish-bone diagram. This form of diagram would be able to reopresent the causes of the event and would define the potential form of impacts (Heldman, 2018). This would be declared within a graphical representation. Hence, this form of tool would be able to suit within the project definition of GMR Group.
Conclusion
Thus, it can be concluded with the analysis made in the report that the organization can implement the above project portfolio management techniques to make sure that GMR Group can seamlessly progress with their projects in future without any kind of hindrance. These PPM techniques have been suggested to the organization in the proper way with the help of analysis of the entire organization based on the situational context and its evaluation. This has helped in understanding how the organization currently handles its project.
This has further helped in analyzing the opportunities and threats in the project portfolio management techniques associated with the projects handled by GMR Group. Therefore, the further scope of improvement has been analyzed as a result. Further development of the plan has then been analyzed, based on which it has been easier to make sure which would be the most feasible technique of project portfolio management that can be offered for the organization. Later, the tools and techniques needed for the feasible and seamless implementation of the PPM plan has been described in the report with the help of which the organization has found it easier to implement these PPM techniques to further handle their projects in the future.
References
Archer, N. P., & Ghasemzadeh, F. (1999). An integrated framework for project portfolio selection. International Journal of Project Management, 17(4), 207-216.
Belu, N., Rizea, A. D., Ni?u, E. L., & Gavrilu??, A. C. (2018, August). An application of Six Sigma to PPM reduction in the relationship with the external customer. In IOP Conference Series: Materials Science and Engineering(Vol. 400, No. 6, p. 062006). IOP Publishing.
Beringer, C., Jonas, D., &Kock, A. (2013). Behavior of internal stakeholders in project portfolio management and its impact on success. International Journal of Project Management, 31(6), 830-846.
Boyde, J. (2014). A Down-To-Earth Guide To SDLC Project Management: Getting your system/software development life cycle project successfully across the line using PMBOK adaptively. Joshua Boyde.
Chuang, Y. F., & Tai, Y. F. (2016). Research on customer switching behavior in the service industry. Management Research Review, 39(8), 925-939.
Conforto, E. C., Salum, F., Amaral, D. C., da Silva, S. L., & de Almeida, L. F. M. (2014). Can agile project management be adopted by industries other than software development?. Project Management Journal, 45(3), 21-34.
Costantino, F., Di Gravio, G., &Nonino, F. (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), 1744-1754.
Guide, A. (2001). Project Management Body of Knowledge (PMBOK® GUIDE). In Project Management Institute.
Hadjinicolaou, N., Dumrak, J., & Mostafa, S. (2017, September). Improving Project Success with Project Portfolio Management Practices. In International Conference on Engineering, Project, and Product Management (pp. 57-66). Springer, Cham.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Jenner, S., & Kilford, C. (2011). Management of portfolios. The Stationery Office.
Kaiser, M. G., El Arbi, F., & Ahlemann, F. (2015). Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment. International Journal of Project Management, 33(1), 126-139.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Lin, C. L. (2015). A novel hybrid decision-making model for determining product position under consideration of dependence and feedback. Applied Mathematical Modelling, 39(8), 2194-2216.
Martinsuo, M. (2013). Project portfolio management in practice and in context. International Journal of Project Management, 31(6), 794-803.
Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fifth Edition. Project management journal, 44(3), e1-e1.
Sardana, D., & Zhu, Y. (2017). Corporate Governance and Business Management. In Conducting Business in China and India (pp. 157-218). Palgrave Macmillan, London.
Saunders, B., Kitzinger, J., &Kitzinger, C. (2015). Anonymising interview data: Challenges and compromise in practice. Qualitative Research, 15(5), 616-632.
Snyder, C., & Dionisio, C. S. (2017). A project manager’s book of forms: A companion to the PMBOK guide. John Wiley & Sons.
Thakur, R., & Workman, L. (2016). Customer portfolio management (CPM) for improved customer relationship management (CRM): Are your customers platinum, gold, silver, or bronze?. Journal of Business Research, 69(10), 4095-4102.
Too, E. G., & Weaver, P. (2014). The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), 1382-1394.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
