Learning Outcomes of Project Portfolio Management
The project portfolio management includes collection of various projects to facilitate tasks of strategic business objectives. However, they are not meant to be necessarily interdependent.
The following learning outcomes show how the project portfolio management is a centralized one and includes prioritizations, authorizing, controlling and managing of projects. It is intended to achieve particular strategic business aims.
Summary: The study has been helpful to learn how project management has been helpful in controlling every steps included. The principles are applicable successfully for project such developing Brisbane Airport Parallel Runway. Here, there are particular terms like risk opportunities, value managements related to project management. These risks are various uncertainties related to scopes and projects defining chances to develop projects (Van der Aalst, 2015). Moreover, value management has been referring to different phases. Here clear definition of various project processes can be given for successful compilation of complex project. The processes are arranged as per prioritizations of components to various component mix comprising of higher potential to support and gain strategic goals. The portfolio management life cycle is the process used in collecting, identifying, categorizing, evaluating, selecting, prioritizing, balancing, authorizing and reviewing elements under project portfolios.
Evidence: Here, the instance of Brisbane Airport Parallel Runway can be referred to.
Summary: The study has explained project processes and justifications. The project has defining logical flows of stages and processes needed to develop systems and service. Here, degree of complexity of the project has been depending in project requirements. Here, the project life-cycle has possessed various phases from starting to close the projects. Project initiation is the initial step of project life-cycles where gathering of perquisites is done (Stavrou et al., 2014). For understanding the necessities clearly, particular meetings are to be done between project teams and stakeholders included in that processes. This phase of planning includes making and arranging of tasks needed to be done for compilation of projects.
Evidences: Melbourne IT risk analysis project
Summary: The method of estimations is synchronized with many stages like designing, contrasting, implementing, executing, feasibility and initiation for various construction projects. Here development in technologies has lead to developing various types of automated tools. These applications are used for estimating those costs. Here, these tools have been eradicating different the probabilities or various errors that are encountered in the manual stages. Moreover, there have been various tools that are helpful for track those costs (Whittle & Myrick, 2016). Here the rate up to which those failures in projects developed in current years the common reason is failures of poor budgeting or management costs. Here, most the projects have been defining costs at the final stages and the values are never upgraded during the phase of timeline. It is not be followed and upgraded and reviewed in costs that are needed to be done on the basis of project variances and various levels of tolerances. Here, the cost of projects varies on the basis of deliverables and stages.
Evidences: MAB Corporation’s information system risk management project.
Principles of Project Management
Summary: The data about project expenses has level of variances has been gained through the effective aid of the influence curve. The influences are been made of various revisions that are been done within the project. This also includes various under certainties, particular handling of issues, along with time lost and various future costs. This gap analysis is the technique that has included earned value analysis. It has been daily carried out to determine various areas that have not been performing effectively. Moreover, this has involved the necessity of management interventions. Here is one of most important jobs for project timelines. Here, resources like programmers should be active around the project life0cylce. The programmers must have an important role and significance in contractual phases and stages to determine the feasibilities (Wirtz et al., 2016).
The Budgeting has been regarded as the primary activity. It is needed to be controlled starting from the initial stages. This is done through with the aid of various bar graphs and different kinds of charts. Here, the analysis of network is to be done through the precedence diagram or various arrow diagrams. Moreover, the change management is efficiently carried out with the effective use of precedence diagrams. Here, resources engaged to projects must be upgraded and tracked regularly (Kerzner & Kerzner, 2017). Further, precedence networking can be utilized for resource balancing and allocations. Here, the networks should be tracked constantly and updated with the latest details of resourcing. Here, the controlling activities of the projects are lying on the basis of project values that are measures as the initial planning phase goes on. Here, the main resources are accountable and liable to projects.
Evidences: Franklins’ business analytics project.
Summary: Here the contracts are to be designed only after there is adequate planning carried out before design and developing of those contracts. Here the terms, agreements, policies are been listed and then involved within the contract. It is to be designed on the basis of various outcomes of analysis and planning activities (Kerzner & Kerzner, 2017). As the real contractual development goes in, there are pre-qualification phases where the contracts are analyzed enough and then improvised. Here, various projects have been developing different contracts where some of them are defined. Here, the risk management is the goals of contacts that are been defined within those projects. These contracts have been including different agreements over numerous structures of payments. Moreover, they have been distinct from different projects (Tregear, 2015). The process of review is done through steps and is to be systematic. Hence the evaluation of every prices and activities must be done. The technical properness are validated and then verified through various checks of complains and bid screening and so on. The responsibilities and accountabilities are falling under various issues for project managers. This level of hierarchical determines authorities to find out various contractual terms regarding resources presented at lower levels. Besides, consents from every party is mandatory prior the finalization is done.
Evidences: Risk management project at Eftel, Australia.
Tools for Estimating Project Costs
Summary: First of all the long-term mixture of resources are one of the primary effective portfolio management on the basis of knowledge about various kinds of resources and kind of concert and volatility. Next there is also diversification that helps in recognizing huge scopes f recognized assets and class of resources spread of risks and rewards amount asset classes. Next, there is rebalancing where the portfolio is returned to actual targeted location every year and is demonstrated as the primary factor of PPM. Here the reflecting of the return of risk profile is a vital aspect to retain the resource mixtures. Next, the equivalent yearly cost comparison is made. It is useful to compare various quantitative values of cost comparisons and manage various constants on the basis of the funding. Next there is compiling of various capital budgets. These are always a smart approach to examine the current values of intellectual properties and resources that are available for the company. Then, there is return of investment calculations. Then there is return of various investment calculations (Rosa et al., 2017). This is the estimation of various outputs gained around the investments across the project lifecycle alternatively helping to manage the resource lifecycles.
Then there are the determinations of tender processes considered for opening tenders and selection of tendering multi-stage tendering and various tendering. Next there is request of preparing the tenders. These tenders are always invited responding are invited and responses to suppliers. Then there is the identification of various emerging trends and gaps under the efficient approach of estimating the strategies that drags the project towards success (Kerzner & Kerzner, 2017). Next the changes are implemented din smooth manners. Here the changes are behaviors of projects are needed to be implemented under projects motivating towards the various goals and objectives. The evaluation of projects helps to identify the effectiveness’s and efficiencies of the project needing to be manipulated for successful delivery of projects. The risk managements have been useful to control the effects of risks at the minimal level (Norta, Grefen & Narendra, 2014). Moreover, quality management has been assuring project delivery of high quality. The changes have been always available in motivating the project delivery as per the intended deliveries and outputs. Moreover, it has two view-points where the complete change is turned to asset and disasters. The strategies have been leading towards successful implementations of the changes and bring out needed positive outcomes. Here, identified changes have been bringing out disputes in project deliveries. This has identifying changes bringing disputes in project deliveries and is turned towards the court rooms and legal systems. In this way the efficient and effective approaches are considered that is the valuable aspects for the overall delivery of the projects.
Summary: As different kinds of causes of disputes and conflicts are considered, the primary one is budget and schedule. Here the various team members cone to their individual opinions to solve them. Besides, this has been tending to disputes and the team members often blame the gamers to transfer the liabilities and role o issues over one another. As the mediation fails the best solution has been to settle disputes to constrictions areas o arbitrations. Moreover there are various issues for which the stakeholders give rises to disputes where the change sin necessities are made by the clients by various other stakeholders (Leach, 2014).
Data Analysis Techniques for Project Management
The reason has been the restrain behavior from different teams to adapt those changes. Further, storing old and historical data on regular updates has assured the conflicts and disputes resolved as they take place. The process of assurances is conducted that includes compliances under the strategies and processes to assure all the parties involved to adhere those obligations. As those challenges and issues are detected at those early phases of the projects, the risks are controlled in linear ways (Kerzner & Kerzner, 2017). The conflicts and disputes are solved better as the documentation is done. Here communication plays a vital role to manage and resolve the conflicts. The effective communication assures that the issues and conflicts are solved within time. However, it is also seen that most of the project managers prefer to observe and wait instead of taking any step.
Summary: The study has been helpful to understand that among the most important risk lies the risk of health and safety risks. Moreover, it has involved the losses and medical compensations along with direct expenses related to that. (Kerzner & Kerzner, 2017). Here, those security methods assure that the resources, environments and tools and the public are always safe every time. Thus, the adhering the standards and ethics are also maintained. The accidents have been occurring in construction related activities. These projects are due to negligence and must never be neglected. The project managers also requires to assure that the workers are provided with health and scenarios that never the affects the safety and health in any way (Grolinger et al., 2014). Further, various safety and health programs are implemented and designed prior the project commences assure the employees to keep the safe working environments and shall has been covering responsibilities, safety training procedures, working conditions and accidents processes among others. The safety programs has been working on various projects providing different benefits to the organizations like reduced compensation claims, development productivities, reduction of worker absenteeism, claims of compensations among various others.
Conclusion
The project portfolio managements has been the fancy terms that are described how to manage the mixture of connected, dependents and interrelated projects. The PPM has been considered and big pictures grouped together and calculating the optimal prioritizations and sequencing projects in maximizing return of investments. As it has been theorizing the projects as independent and discrete units. Moreover, it is understood that the projects ate interreconnected to the budget, timeline and various resources. The above learning outcomes shows how to manage to prioritize the mixtures of projects for ensuring around every projects the project portfolio managers has been all about.
References:
Dingsøyr, T., Dybå, T., Gjertsen, M., Jacobsen, A. O., Mathisen, T. E., Nordfjord, J. O., … & Strand, K. (2018). Key Lessons from Tailoring Agile Methods for Large-Scale Software Development. arXiv preprint arXiv:1802.05118.
Fdhila, W., Indiono, C., Rinderle-Ma, S., & Reichert, M. (2015). Dealing with change in process choreographies: Design and implementation of propagation algorithms. Information systems, 49, 1-24.
Grolinger, K., Capretz, M. A., Cunha, A., & Tazi, S. (2014). Integration of business process modeling and Web services: a survey. Service Oriented Computing and Applications, 8(2), 105-128.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Hinkelmann, K., Gerber, A., Karagiannis, D., Thoenssen, B., Van der Merwe, A., & Woitsch, R. (2016). A new paradigm for the continuous alignment of business and IT: Combining enterprise architecture modelling and enterprise ontology. Computers in Industry, 79, 77-86.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Leach, L. P. (2014). Critical chain project management. Artech House.
Metzger, A., Leitner, P., Ivanovi?, D., Schmieders, E., Franklin, R., Carro, M., … & Pohl, K. (2015). Comparing and combining predictive business process monitoring techniques. IEEE Transactions on Systems, Man, and Cybernetics: Systems, 45(2), 276-290.
Müller, O., Schmiedel, T., Gorbacheva, E., & Vom Brocke, J. (2016). Towards a typology of business process management professionals: identifying patterns of competences through latent semantic analysis. Enterprise Information Systems, 10(1), 50-80.
Norta, A., Grefen, P., & Narendra, N. C. (2014). A reference architecture for managing dynamic inter-organizational business processes. Data & Knowledge Engineering, 91, 52-89.
Rosa, M. L., Van Der Aalst, W. M., Dumas, M., & Milani, F. P. (2017). Business process variability modeling: A survey. ACM Computing Surveys (CSUR), 50(1), 2.
Rosemann, M., & vom Brocke, J. (2015). The six core elements of business process management. In Handbook on business process management 1 (pp. 105-122). Springer Berlin Heidelberg.
Sparrow, P. R., & Makram, H. (2015). What is the value of talent management? Building value-driven processes within a talent management architecture. Human resource management review, 25(3), 249-263.
Stavrou, V., Kandias, M., Karoulas, G., & Gritzalis, D. (2014, September). Business Process Modeling for Insider threat monitoring and handling. In International Conference on Trust, Privacy and Security in Digital Business (pp. 119-131). Springer, Cham.
Tregear, R. (2015). Business process standardization. In Handbook on Business Process Management 2 (pp. 421-441). Springer, Berlin, Heidelberg.
Van der Aalst, W. M. (2015). Extracting event data from databases to unleash process mining. In BPM-Driving innovation in a digital world (pp. 105-128). Springer, Cham.
Van Der Aalst, W. M., La Rosa, M., & Santoro, F. M. (2016). Business process management.
Vom Brocke, J., Petry, M., & Gonser, T. (2016). Business process management. In A Handbook of Business Transformation Management Methodology (pp. 137-172). Routledge.
Whittle, R., & Myrick, C. B. (2016). Enterprise business architecture: The formal link between strategy and results. CRC Press.
Wirtz, B. W., Pistoia, A., Ullrich, S., & Göttel, V. (2016). Business models: Origin, development and future research perspectives. Long Range Planning, 49(1), 36-54.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
