Common Types of Resistance to Project Portfolio Management

Develop a decision framework for project portfolio management at XYZ highlighting objectives, constraints, risks involved, alternatives, and information required for analysis.

* Management of the portfolio by means of a set of selection criteria for proposed projects, as well as reallocating, reprioritizing, and/or rescheduling current projects at various phases of the pipeline, (thus the portfolio and project management processes become interconnected, and the portfolio is constantly reevaluated).

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

PM within organizations is gaining momentum and an indispensable component of the work flow procedure. Improving organization project management can effectively improve an organization use of resources. Nevertheless, if an an organization does not possess a clean target and does not follow project phases no one willing enters into the transformational journey. The issue is the bottom line in PM, whether it is to better the organization financially, ethically, or for standardization of procedures. Constitutions must be cognizant of the elements and competencies required to receive a successful PM outcome. In the closing, business should have an active strategy to revise and adapt to the shifting marketplace.

First, develop project selection criteria and a high level process for applying the criteria and managing the portfolio. The criteria should be consistent with the business environment for the industry, consistent with your company's overall mission/strategies, and consistent with the mission and strategies of your strategic business unit. You are proposing a process, not individual projects.

In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.

Information Technology (IT) projects are an important part of a company's growth and advancement. Playing a key role in the development of most businesses, IT projects impact all departments and many work processes that take place throughout an organization. Certain factors must be taken into consideration when moving forward with an IT project, such as budget and importance. Effectively prioritizing IT projects helps to ensure that important projects are completed first. Using Project Portfolio Management (PPM) helps companies to identify projects that offer the most potential

Portfolio and project management are similar and sometimes thought of as being one another. Between the project and portfolio management the goals and the intended strategic action is similar. The process between the portfolio management includes and involves the resources that list a process, which includes the evaluation, selection, and prioritization. Portfolio management and strategic management assist with the organizations missions and goals. These lay out the objective in the continuous planning and monitoring that assist with reaching the goals.

The PDQ project will take a detail process that will help launch the appropriate software technology along with existing processes in order to implement new cutting edge innovations. Although technology is not the only leverage for improving project management, modern technology is an important element (Kendall & Austin, 2013). Today, businesses depend on technology to produce more in less time and with minimal resources making modern technology a critical component to a successful business. In today’s high tech world, it is important to develop and execute effective project management strategies that will place the company at a competitive level. Companies must continue to work on projects that will drive their business to innovate and change for the better (Shenhar & Dvir, 2997).

Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements (PMBOK Guide, 2008). Using this definition, it is made evident that the parties involved in the Denver International Airport (DIA) Baggage System project in the 1990’s failed at applying basic organizational practices towards managing the triple constraint of scope, time, and cost goals. The combination of inherent risks, uncertainties, and dysfunctional decision making geared the project towards disappointment while simultaneously designating it as a text book example of what not do when taking on a complex project. By looking at the key strengths, weaknesses, opportunities, and threats we can

Using project management offers a business a way for dealing with considerably lowered phase times. With businesses operating internationally projects that can have an effect on the company as a whole are not easy to manage without a proper line of attack. For this, project management would help cross functional teams to be more successful.

UNIVERSITY OF ILLINOIS AT CHICAGO Liautaud Graduate School of Business Department of Finance Professor Hsiu-lang Chen 1 Practice Problem I

I learned from the presentation that there are many inhibitors/barriers that make a project more difficult. The main barrier was communication, in the presentation we were asked to make the best poker hand we could, but without talking. This made many errors and took a long time to find a good poker hand. Then the second time we were allowed to talk. This time it went very quickly and almost every group got the highest hand possible in poker, a royal flush. I also learned that there are many different barriers for each style of person. The four styles of people are, Dominant, Influencing, Steady, and Cautious. A common barrier for the dominant trait is being over powering. By this I mean that people may get annoyed or frustrated if someone is telling them what to do all the time. For the influencing trait a common barrier would be getting off topic. Often time’s people with this trait are very talkative and outgoing, and these people get off topic quite frequently. Cautious and steady go together. A common barrier between these two traits is the not being able to lead. Often these two traits will like to stay back and let someone else lead.

While projects can be similar in some instances, no two projects are ever the same. For this reason, management of projects requires the application of tools and techniques to meet the goals of the temporary endeavor. Project managers apply these tools and techniques to determine what is required for project delivery such as the list of activities to completed, the time required to complete the activities, resources needed and the various risks associated with the deliverable and efforts. A multitude of tools and techniques are employed by the project manager based on the need of the effort to organize, identify and communicate the various aspects of the project. While in contrast, the repetitive nature of operations activities

A project portfolio is a group of projects that share and compete for the same resources and are carried out under the sponsorship or management of an organization (Archer & Ghasemzadeh, 1999a, 1999b). Turner and Müller (2003, p. 7) defined a portfolio as “an organization (temporary or permanent) where projects are managed together to coordinate interfaces, prioritize resources between projects, and thereby