Reference no: EM13219816
Effective management of single projects does not suffice in today's organisations. Instead, the managerial focus in firms has shifted toward effective linking of this set of projects to the ultimate business purpose. This approach is contained in concepts of project-based management, programmes, and portfolios. Portfolios of different project types are typically positioned under the governance of organisational units or responsibility areas. Management processes above projects must link projects to business goals and assist in reaching the expectations set by company strategy.
Project management is critical to ensuring that companies are spending their limited resources in the best possible way. Many companies have implemented project management as a simple extension of their annual budgetary process. But there is no single best approach to portfolio management. The process has varying degrees to which it can be implemented. For example, one can choose to put a process in place with or without a sophisticated project portfolio management tool. Even the process by which prioritisation is conducted may vary. Depending on the capability of the organisation, the approach may be an inventory of current or proposed projects with a forced ranking. For most sophisticated enterprises, a full-blown process may engage senior and executive management into a negotiation to decide where to invest scarce corporate resources based on business unit, strategic objectives, and project returns.
For this week, discuss the following questions:
1. In many organisations, project portfolio management is at best an ad hoc process. Describe the way your current organization or a previous organisation deals with project portfolio management. Is that process ad hoc?
2. Discuss the problems your organisation (current or past) faces with project portfolio management. What problems does it typically encounter?
3. Discuss the linkage between project portfolio management and business strategy with your organisation (current or past). Explain the problems the organisation encounters.
4. Explain the key differences between strategic portfolio management and the management of multiple projects. How does that apply to your organisation (current or past)?
5. Explain what some of the typical problems are in an organisation when there is poor or no portfolio management-such as the 'Ten Uglies of Projects' which Kerzner refers to. Evaluate and explain the problems with poor or no portfolio management-as an extension of these poor project management practices.
6. Discuss how these problems impact the selection of new projects or the elimination of projects which have not produced the desired results or are continually off-track.
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