Project Portfolio Management

A project creates a capability to perform a service. A Project is always developed in steps and continuing by increments – Progressive Elaboration.” (Project Management Guide, 2011) There are 7 main characteristics of a project:

* 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.

With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.

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.

Executive Summary Project management is the science of planning, organizing, executing, and managing the resources needed to achieve a specific goal. Effective project managers (PM) strategically facilitate the entire project management process to ensure the project’s success. To do this the PM must adequately meet the specific requirements (i.e., time, scope, quality, and cost) set forth by the project and its stakeholders. It is theorized that PM must possess a set of core competencies in order to successfully manage a project. Those competencies are development of project management knowledge areas, application of appropriate project management tools and techniques, understanding of the project

The Case Study for PROJ587 will place the student in the role of a senior manager in charge of one of your company’s Strategic Business Units (SBU). Your first task in this new position is to develop a project portfolio management process and then use this process to select projects for your SBUs portfolio. The Case Study will involve the application of the tools and techniques of multi-project/program management and will deal with the analysis and establishment of project management systems based

In the past, project management primarily focused on providing schedule and resource data to top management in the military and construction industries.

In this paper the word ‘project” is defined, discussed and elaborated on. The phases of a project lifecycle and its purpose are to be discussed, and how it is important for organizations to use project management to accomplish tasks will in conclusion be discussed thoroughly. The indisputable word ‘Project” may be defined in numerous unusual ways, some can all have the same meaning and others can mislead a reader. The definition that accurately explains what a project is, comes from the Houghton Mifflin Company (2009) website stating; “something that is contemplated, devised, or planned; plan; scheme.” A definition that can mislead a reader is this definition from the same website just two paragraphs

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.

Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.

Prior to the onset of modern project management, the success criteria of a project lay solely on the technical success, or scope of the resulting product or service. Today, adherence to budget and schedule form a triangle of success factors alongside scope, with client satisfaction also developing as a key determinant of project success (Kerzner, 2004). However, the delivery of project scope will always take precedence over all other project factors, because if a project fails to deliver on its original intention, need or functionality, the project will always be considered as a failure. This essay will analyse the adequacy of the Guide to the Project Management Body of Knowledge’s (PMBOK) definition of Project Scope Management in relation