In working out your responses to the Discussion Question, you
should choose examples from your own experience or find appropriate cases on
the Web which you can discuss. You will receive credit for references you make
to relevant examples from real companies.Please make sure that you cite and reference
all your outside sources properly, as per the Harvard Referencing System.
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.
Please submit your initial response through the Turnitin
submission link below in addition to posting it to the Discussion Board thread.
