Project Portfolio Management

It is generally accepted that standards should be based on agreed up achievable level of performance considered proper and adequate for specific purposes. The standards can be established, developed, reviewed or enforced by variety of

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

Project portfolio management can enable an organization to prune redundant or overlapping projects, use resources more effectively and to keep closer watch on projects' progress to ensure projects do not go over-budget or overtime (Solomon 2002:1). However, despite the technique's obvious advantages, it can meet with profound resistance when it is implemented in practice. 'Turf wars' are common at many organizations, in which representatives of various departments jockey for scarce resources. Every department has its 'pet projects' that it may fear losing to overly rigorous scrutiny.

Performance standards should be objective, measurable, realistic, and stated clearly. The standards should be written in such a way that will be used to assess performance.

This standard is vital for ensuring the structure of the agency and maintains the accreditation which the sole purpose of being recognized as a professional organization. This will also define the roles of

Assuming nevertheless that such a process would be agreed upon and an initiative to implement project portfolio management would be initiated, it would best be implemented by following the following steps:

Effectively controlling an organization requires information about product standards and actual products, as well as actions to correct any deviations from the standards.

The traditional approach to project management is to identify where he or she is right now, and what he or she is trying to accomplish, and the steps needed to take to arrive where he or she wants to be. Project management is the process of activities or tasks that lead to the successful completion of a project. Carrying out a simple project that involves two or three individuals or one that involves a mix of individuals, tasks, and organizations is a big difference. If an individual has an unlimited amount of money and time, project

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).

1. Recommend a project portfolio management method for your selected project. Provide a rationale for your recommendation. Note: Be sure to align your project with the strategic efforst of the organization.

Effective communication can be also seen as a solution for some issues during management. Some typical issues would be lacking the understanding and awareness of other project’s problems and targets during a programme, and team members in a programme are fighting for same space and resources

Communication within the project team must be seamless if the project is to be successful. It plays a vital role in organizing people and resources for implementation of the project. According to Roberts (2007) effective communication must address the specifics of information to be communicated in a project, the format of the required communication and the frequency of transmission.

Performance standards are a very integral part in the underlying business operations of any firm. Competition, particularly from foreign entities is becoming more intense. As such, standards must be created in order for companies to maintain their competitive advantage over their peers in a particular industry. One only needs to look at the auto industry to see how a lack of standards and oversight can be a detriment to business. Many foreign firms, due to competition have entered into the auto market that was once dominated solely

The key segment of all projects is the Human Resource on the undertaking. Human Resource Management serves the backbone of any project. It is all about allocating the right persons in the right place at the right time and also managing the resources all through the project. The Human Resource Plan is an instrument which helps in the administration of all activities. At any rate it characterizes things, for example, parts and obligations, authoritative outlines, how assets will be gained, time when every asset will be required and any specific preparing prerequisites.

international standards- Meant to be conducted in a diverse legal and cultural environment within the organization- to adhere to basic principles, promote value adding and improve orgnizational processes and operations,