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Cpmgt 1 Week 1

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Project Management Summary Strategic Portfolio Management allows “executives to look holistically across the group of projects to get the pulse of the portfolio’s return on investment (ROI) and strategic alignment….By looking across the entire portfolio, organizations can oversee and balance risk among projects and programs that may have different objectives but as a group contribute to the company’s overall strategic plan.” (Project Management Institute, 2013) Organizations use portfolio management to help in decision making to select the best projects, at the most appropriate time to aid the company in achieving organizational goals. It is not just about selecting a project to work on but to assess the “value of the project as it moves forward” (Project Management Institute, 2013) As changes arise to the project, it is not just important to focus on the end state of the project and how those changes affect that, but rather if the new direction of the project still aligns with the company goals and vision. “A project can be considered to be any series of activities and tasks that: 1. Have a specific objective to be completed within certain specifications, 2. Have defined start and end dates, 3. Have funding limits (if applicable), 4. Consume human and nonhuman resources (i.e., money, people, equipment), and 5. Are multifunctional (i.e., cut across several functional lines).” (Kerzner, 2013) Project management focuses on five process groups to successfully complete a project: Initiation, planning, execution, monitoring and control and closure. Project management allows project managers to manage projects that have been determined to be beneficial to the business. Through project management, project managers mitigate risks to meet cost, schedule and budgets and ensure that the project continues to work towards completion.
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