Essay on Analysis and Synthesis of Prior Research

1253 Words Dec 13th, 2013 6 Pages
Analysis and Synthesis of Prior Research Analysis and Synthesis of Prior Research
The companies that efficiently solve their projects issues and portfolio concerns will differentiate themselves from their competition. The projects that companies work to complete with the many different project methodologies demonstrate where the business is now, and the portfolio of projects of the organization demonstrate where the organization is headed. To effectively manage the tremendous number of projects that leaders face today in their organizations, they look to methods and processes that aid them in effectively managing a group of projects. The method used to help in this endeavor is Portfolio Project Management (PPM).
Portfolio Management
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Portfolio board managers or project managers that have the responsibility of leading an organization to their intended goals and objectives must perform an analysis of the current state or performance of the organization, an analysis of the gaps between the current state and the intended state while making the necessary adjustments and corrective actions (Morris & Pinto, 2007).
Project Portfolio
According to Morris and Pinto (2007) a project portfolio is comprised of a group of projects that are supervised and managed based on the sponsorship of a particular department within the company. The different projects within a portfolio will compete for scarce resources such as labor, finances, and time. At the very top of a project-based organization is portfolio management, which contains all of the projects within the organization. Those organizational projects are prioritized, based on strategic global initiatives and business objectives. They are different from projects assigned to project managers, as they must be aligned with strategic initiatives. Because projects support several business objectives across many different lines of business within the organization, oftentimes these projects are interrelated and are strategic.
Portfolio management
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