Introduction to Project Portfolio Management
The project portfolio management is the formal method for organizations to arrange, prioritize and take benefits from the projects. The approach has been examining risk-reward of every project along with funds available.
The following learning outcomes and evidence ate helpful to understand the best ways to invest the capital and human resources through project portfolio management.
2. Itemizing each learning outcome:
2.1. Learning outcome 1:
Summary: The projects are the new structures, systems, software and plan whether large and small. This has also been including refurbishing, replacements, removal and renewal of the current one. They have always been of various complexities and scales. For instance at, Brisbane Airport’s New Parallel Runway they are the investments of resources having the different rise in the level of the investments. This takes place as the project moves from the idea to implementation. Value Management addresses the value process during the concept, definition, implementation and operation phases of a project (Kaiser, El Arbi & Ahlemann, 2015). Here, every review must be structured for following that job plan.
Evidence: At Brisbane Airport’s New Parallel Runway Various problems regarding safety, operation, maintenance, buildability has needed to be determined while the evaluation options and VM reviews are done.
2.2. Learning outcome 2:
Summary: The study has helped in understanding the risks and uncertainties. At the appraisal stage, the estimation of running costs and capitals are determined. This has also included the realistic estimation of running costs and capitals. The method of project evaluation and the extent of uncertainties related to project development have needed the use of wide range of economic criteria regarding ranking and quantification of alternatives. Further, they have included various discounting tools (Srivannaboon & Munkongsujarit, 2016).
However care is needed to be taken while making interpretation of the results of the projects in the long run as seen from the example of big data analysis of Cyber Infrastructure Inc. Apart from this various factors except money is also needed to be considered. Here, none of the factors can be ignored since it has been complex and impossible to quantify the monetary values. The cost-benefit assessment is needed to be considered that has been influencing various benefits and the project budget. Moreover, an analysis must be done to projects of similar sizes and patterns of flow of cash.
Evidence: This can be examined through the big data analysis of Cyber Infrastructure Inc. from where it is also learnt that the scope of the secondary benefits is to be considered from the analysts’ point of view
Risk-Reward Analysis of Projects
2.3. Learning outcome 3:
Summary: The project finance has been used for describing the financing of a specific legal entity. The cash flow and revenues have been accepted here by the lenders. This has been the source of various funds from where the lean is repaired. The financing of the project has been very difficult like in the case of IT risk analysis of Sphinx Solutions. Here the biggest risk has been taking place while the construction phase goes on. The private finance packages have been depending on the project type, currencies of the loan, loan schedule and probable impacts of the related risks (Costantino, Di Gravi & Nonino, 2015). Next the determination of risks related to any project has been a significant step prior allocation and analysis.
Evidence: IT risk analysis of Sphinx Solutions has faced various risks. They are mainly commercial risks, revenue risks and financial risks.
2.4. Learning outcome 4:
Summary: Successful realization of a project has depended on continuous planning and care. For example at VironIT’s cloud computing implementation the reason behind planning has been assured delivery of resources and end the tasks instead of developing any delay. The benefits of precedence diagram have included the flexibility as logic has been defined in two stages.
Further, the gummy tasks are eradicated, revision and introduction of the new tasks have been simple. Further, the delaying and overlapping tasks are also defined. Moreover, the pre-printed node sheets are needed to be used possibly. Next regarding resource scheduling, the precedence network is to be constructed. Moreover the project float must be used to the level of resource load (Brook & Pagnanelli, 2014). As per the role of the project manager is considered, the system must be established through allocating various responsibilities. They must ensure that the budget is allocated properly.
Evidence: VironIT’s cloud computing implementation is an epitome for the above study where they have assured that the payments are authorized as sufficient. This is controlled by obtaining verbal reports that are regular. This must also include the progress reports and internal measurement processes and external audits.
2.5. Learning outcome 5:
Summary: The task of project planning is organizing and designing the system. This has been fulfilling particular requirements within particular restrictions at low costs. Axios’s IT risk assessment has included selecting and dimensioning of tools, elements and resources. This has also included connection of the elements for performance chains and designing logistic networks (Tonchia, 2018). Here, the job of project realization has been scheduling of implementations, constructions and manufacturing of system elements.
Project Evaluation and Uncertainties
Evidence: Axios’s IT risk assessment can be considered where building-up of the entire system and ultimately the tests and start-ups is seen. Here, both planning and realization have required qualified project management.
2.6. Learning outcome 6:
Summary: Here, the contracts are used for procuring plant equipment, services, materials and people. These are fundamental for project management. All the projects have their individual outcomes. Thus they have been all about achieving results. Further, the results at implementation of cloud computing at Axios have been not available every time internally. Commonly they are from various other organizations. The contracts have been provided with the process to retrieve the resource through defining approach, relationship and expectations to payments.
Here various industries have been using distinct kinds of contracts for achieving those results. In the case of project organization, the number of contracts in a project has been varying from project to project (Daniel, Ward & Franken, 2014). To create the project, various subcontractors have been hired for service, finishing and structural tasks.
Evidence: The implementation of cloud computing at Axios can be referred to as the case study here. At last as per as risk allocation is considered, the main function of the contract has been allocated between various parties. Here, both of them are liable and responsible for that risk. Here, the risk is defined as the possible adverse outcome of various uncertainties.
2.7. Learning outcome 7:
Summary: Various tools are available in project management of big data analysis at Solentive, Australia. This helps to drive the project forward. The software of project management has been offering various tools that have been helping teams to discuss the problems in real time. Here the benefit has been that all the team members have been able to be updated and quickly deal with problems that have been arising (Archibald & Archibald, 2016).
Moreover, it has included document sharing. For various projects that need the use of notable documentation, tolls to share documents has allowed people to edit, upgrade the report status. This has also been creating systems allowing communication and transparency. As the project management software has been providing great solutions, at many times the solutions have been requiring being custom designed or then solved by purchasing various software programs. This has been an expensive option and very hard to implement.
Evidence: Here, big data analysis at Solentive, Australia can be taken as evidence. The advantages have been including the collaboration with various team members in real-time. This has included the collaboration of team members at a real time. However, one of the disadvantages in the area is that some of the programs have been costly with small ROI.
Project Financing: Sources and Risks
2.8. Learning outcome 8:
Summary: The usage of PM application systems has been helpful in many ways for monitoring performances. The system helps project managers of Android app development for Consagous Technologies to control the performance according to time allocation and tasks. This raises the productivity of the system where performances of the employees are constantly reviewed.
The last couple of stages of the project management include closures and implementation of the project. This has indicated that with this use, the aims and objectives of the project are aligned according to the necessities of the business here the employee performance helps to attain the goals (Hansen & Svejvig, 2018). At various cases where this lack of performance is denied, it is seen that the changes are made to implement and plan the project as it is conducted through the systems of project management.
Evidence: The Android app development for Consagous Technologies, Australia is reviewed. Here, the use of project application systems has been helpful for the managers to evaluate and identify the needed changes.
2.9. Learning outcome 9:
Summary: The construction industry is one of the popular industries that have been applicable to Nettechnocrats IT Services Pvt. Ltd’s cloud implementation project. Here, it is seen that ProContractor is one of the popular project management application systems has been related to the industry. Further, it is strongly suggested that it has been helpful to manage projects from the bidding process until completion of an audit.
This has been one of the most efficient application systems that are used. At retail sector, there have been various project application systems used according to the necessities of functioning and process in the company (Stettina & Hörz, 2015). IQ metric, for instance has been highly used in retail where agility and innovation are required to be calculated. There are various other examples like RQ that is used in streamlining and monitoring. Because of high effectiveness as per the warehouse control and inventory management, Recipharm is a smart system application toll used extensively.
Evidence: Nettechnocrats IT Services Pvt. Ltd’ cloud implementation project is a good example of the above discussion. Here, Enterprise Resource system can be sued as a more generic form for the automobile industry. These types of systems help in aligning allocating resources like overall costing of business being decreased.
2.10. Learning outcome 10:
Summary: It is understood that one of the most crucial developments in using PM application systems is developing and adopting agile development systems. This has been seen as the system of communication as per the efficiency of a system gets developed. Moreover, another outstanding contemporary popularity has been identification and application of development of those processes like that of IT risk analysis at Synotive.
Successful Project Planning and Execution
Here with the rise of knowledge of cross-cultural management, this is also seen that the ability to include the cultural dimensions has been the rising efficiency of those application systems. Moreover, it is seen that Artificial Intelligence and Internet of Things has been assimilated to assure that the effectiveness of the systems has been totally automated with manual interventions that are totally reduced (Kopmann et al., 2017).
Evidence: The IT risk analysis at Synotive can be reviewed as a case study here. It is seen that one of the trends affecting the development of application systems has been the way through which automation system and applications are developed reducing the manual interventions at the same time. Moreover, the primary developments are the rise in the use of intelligence and technologies in those systems.
Conclusion:
The above study helps in understanding how the project has been contributing to the overall achievement of that portfolio. Then the efficiency of the performance of the project is evaluated. Next the adverse effects of future projects are also determined by the above study.
References:
Archibald, R. D., & Archibald, S. (2016). Leading and Managing Innovation: What Every Executive Team Must Know about Project, Program, and Portfolio Management. Auerbach Publications.
Brook, J. W., & Pagnanelli, F. (2014). Integrating sustainability into innovation project portfolio management–A strategic perspective. Journal of Engineering and Technology Management, 34, 46-62.
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.
Daniel, E. M., Ward, J. M., & Franken, A. (2014). A dynamic capabilities perspective of IS project portfolio management. The Journal of Strategic Information Systems, 23(2), 95-111.
Daniel, E., & Ward, J. (2015). Improving the Business/IT relationship with IT Project Portfolio Management. Cutter IT Journal, 20-24.
Gutiérrez, E., & Magnusson, M. (2014). Dealing with legitimacy: A key challenge for Project Portfolio Management decision makers. International Journal of Project Management, 32(1), 30-39.
Hansen, L. K., & Svejvig, P. (2018). Agile project portfolio management, new solutions and new challenges: preliminary findings from a case study of an agile organization. In IRIS/SCIS Conference 2018.
Jiang, Z., & Xue, Y. (2017, September). Using patents cluster method to facilitate open innovation from the perspective of project portfolio management. In Computer Sciences and Information Technologies (CSIT), 2017 12th International Scientific and Technical Conference on (Vol. 2, pp. 75-82). IEEE.
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.
Kopmann, J., Kock, A., Killen, C. P., & Gemünden, H. G. (2017). The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), 557-570.
Kopmann, J., Kock, A., Killen, C. P., & Gemünden, H. G. (2017). The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), 557-570.
Srivannaboon, S., & Munkongsujarit, S. (2016, September). Project management and project portfolio management in open innovation: Literature review. In Management of Engineering and Technology (PICMET), 2016 Portland International Conference on (pp. 2002-2007). IEEE.
Stettina, C. J., & Hörz, J. (2015). Agile portfolio management: An empirical perspective on the practice in use. International Journal of Project Management, 33(1), 140-152.
Tonchia, S. (2018). Portfolio Management. In Industrial Project Management (pp. 173-178). Springer, Berlin, Heidelberg.
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