The Value and Challenges of a Portfolio Approach to Manage an IT Project

2316 Words9 Pages
Value and challenges of a portfolio approach to manage IT project Abstract In a contemporary business environment, Information Technology (IT) has become a strategic weapon that organizations employ to achieve competitive advantages. Despite the benefits that organizations derive from the IT project, increasing number of organization are facing challenges in the effective management of IT projects. Billion of dollars are often wasted with inefficient management of IT projects. IT portfolio management has been identified as the critical tool to manage the IT project. Increasing number of organizations believe that IT portfolio management enhances project efficiency and assists executives to meet project goals and objectives. Despite the benefits that could be derived from the IT portfolio management, many organizations stiff face challenges in using IT portfolios to manage the IT projects. Lack of resources and lack of IT knowledge have been identified as challenges facing organizations attempting to implement IT portfolios. Despite these challenges, IT portfolio management remains essential tool to manage IT projects. Introduction In a contemporary business environment, Information Technology (IT) has become a strategic weapon organizations use in enhancing competitive advantages. With benefits that organizations derive IT projects, organizations are continuing embarking on the IT projects to enhance competitive market advantages. Typically, expenditures on
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