Week 1 Individual Project Management Summary 2
Project Management Summary
CPMGT/301
First, it is important to understand what portfolio management is and that is it helps to determine the right combination of projects and investment level to make in each of them. This would be classified as a decision-making process in which the question of what is in the best interest of the company as a whole is decided. Project management covers that processes, methods, knowledge, skills and experience needed to achieve the project objectives.
So project portfolio management or PPM creates solutions by enabling the company make decisions on logic, reasoning and objectivity while create a structure for selecting the right projects for the company and discarding the wrong ones. It creates a solution for wasteful spending by ensuring that the correct resources are being delivered to the right projects. Project portfolio management ensures that the portfolio decisions coincide with the strategic business goals so that the company achieves maximized success in regards to the project. That being said, strategic portfolio management is the bridge between the strategic goals of the company and the project itself.
Within the company the strategic portfolio management strategical prioritizes which projects will be completed first and enables the project manager understand the sequence in which the project must follow in order achieve the business goals. It gives the project manager or project management team see things through visualization from concept to completion. An example would be if you had a broken heirloom that you would like to fix, first understanding what you would need to fix the heirloom, the cost of the heirloom would be part of the project management side of the house. You goal is to ultimately fix the heirloom back to normal or as close as possible. The decision is made to utilize heavy duty super glue, you then read the instructions to see what you need to do first and the order of the steps needed to achieve
CPMGT/301
First, it is important to understand what portfolio management is and that is it helps to determine the right combination of projects and investment level to make in each of them. This would be classified as a decision-making process in which the question of what is in the best interest of the company as a whole is decided. Project management covers that processes, methods, knowledge, skills and experience needed to achieve the project objectives.
So project portfolio management or PPM creates solutions by enabling the company make decisions on logic, reasoning and objectivity while create a structure for selecting the right projects for the company and discarding the wrong ones. It creates a solution for wasteful spending by ensuring that the correct resources are being delivered to the right projects. Project portfolio management ensures that the portfolio decisions coincide with the strategic business goals so that the company achieves maximized success in regards to the project. That being said, strategic portfolio management is the bridge between the strategic goals of the company and the project itself.
Within the company the strategic portfolio management strategical prioritizes which projects will be completed first and enables the project manager understand the sequence in which the project must follow in order achieve the business goals. It gives the project manager or project management team see things through visualization from concept to completion. An example would be if you had a broken heirloom that you would like to fix, first understanding what you would need to fix the heirloom, the cost of the heirloom would be part of the project management side of the house. You goal is to ultimately fix the heirloom back to normal or as close as possible. The decision is made to utilize heavy duty super glue, you then read the instructions to see what you need to do first and the order of the steps needed to achieve
References: - www.pmi.org/.../~/.../PfMP_FAQs_v3.ashx - Project Managemet A Systems Approach to Planning, Scheduling and Controlling, Harold Kerzner Ph.D, Eleventh Edition.