...Portfolio Management and Strategic Management Paper xxxxxxxxxx CPMGT 301 xxxxxxxxxx Project Portfolio Management is more than just covering multiple projects. Each portfolio has value and benefit to the goals and mission of the business. The project portfolio should be defined to achieve the business objectives and financially benefit the business. Bob Buttrick (2010) stated; “Directing the individual project correctly will ensure it is done right. Directing 'all the projects' successfully will ensure we are doing the right projects.” The main purposes that drive Project Portfolio Management are to establish projects that complement the strategy of the company Project portfolio management ensures that projects have a set of objectives, which when followed brings about the expected results. Furthermore, PPM can be used to bring out changes to the organization which will create a flexible structure within the organization in terms of project execution. In this manner, the change will not be a threat for the organization, but a benefit while helping the organization fulfill its mission and goals. An owner / manager will identify and develop a project that supports the organizations core mission based the organizations PPM. It is not enough to have a good idea or goal. Good planning is needed to ensure the project's success. Brainstorming with the stakeholders and answering a few questions, for example. A few questions that need to be answered when developing...
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...Strategic Portfolio Management Konstantin Vysotskiy CPMGT/301 September 07, 2015 Michael Koma Strategic Portfolio Management There is some misconception between project managers and portfolio managers that they are one in the same. Project manager is charged in managing a project in its entirety and on specific projects. By utilizing the seven points of Portfolio Management Process (PPM), Portfolio management focuses on managing several projects, programs and budgets. Portfolio Management “Portfolio management of projects helps determine the right mix of projects and the right investment level to make in each of them” (Kerzner, 2013). Portfolio management prioritizes the current and upcoming project to make sure they are handled accordingly. In addition, portfolio management looks over the budgeting to make sure if it will be feasible to take on the projects. In order to weigh all options, Project Portfolio Management Process is utilized. The seven points of PPM include: 1. “Provide a structure for selecting the right projects and eliminating wrong ones 2. Allocate resources to the right projects, thus reducing wasteful spending 3. Align portfolio decisions to strategic business goal 4. Base portfolio decisions on logic, reasoning, and objectivity 5. Create ownership among staff by involvement at the right levels 6. Establish avenues for individuals to identify opportunities and obtain support 7. Help project teams understand the value...
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...How Strategic Portfolio Management relates to Project Management Derilene McCloud CPMGT/301 January 11, 2016 Michael Koma How Strategic Portfolio Management relates to Project Management Strategic portfolio management is the centralized management of one or more portfolios. A portfolio is a collection of programs, projects and operations managed as a group. These programs, projects, and services may not necessarily be related or interdependent, however, they are managed together as a group to achieve the strategic objectives of the organization. Strategic portfolio management includes selecting the right programs and projects, prioritizing the work, assigning resources, authorizing, managing, and controlling other related work to achieve the organization's strategic business objectives (Kerzner, 2013). Conversely, project management develops and implements plans to achieve a particular scope that is driven by the goals of the program and portfolio that aligned to the specific organizational strategy. While both strategic portfolio management and project management need to align with the organizational goals and objectives, it is important to understand the similarities and differences between the two disciplines, and how each one contributes significantly to the organization's strategic objectives. Project management is focused solely on achieving specific deliverables that support key organizational objectives. The deliverables could be to create a unique...
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...Portfolio Management and Strategic Management Rebecca Watson CPMGT/301 May 25, 2015 Daryl Hale Portfolio Management and Strategic Management Portfolio management is a method that practices fundamental management techniques to prioritize an organization’s projects against each other. This method is performed in the same way an investor would evaluate a stock portfolio for long-term value, risk, and balance. This process is ideal; enabling an organization to consider and bring about a portfolio of projects to appropriate resources and optimize investments against vital objectives (Robbins Gioia, 2013). Project Portfolio Management (PPM) is used to assist an organization to gain and evaluate details about all its current and upcoming projects. Each project can then be prioritized against others based on criteria such as resources, budget, strategic value and any other impactful elements concerning the organization (Greer, 2009). The advantages to practicing PPM is that is can give the organization a big picture perspective of where its resources are being allocated and how the project deliverables will impact the company goals. According to Robbins Gioia, the traditional approach of project management focuses on cost, prioritizes project time lines, manages and contains problems within the project scope, “and attempt to answer the question: Are we doing things right?” (Robbins Gioia, P. 1). Even with the best project manager (PM) yielding optimal results, that PM has...
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...Project Activities and Sequencing Scenario 4: Smartphones for upper management Courtney Dennard CPMGT/301 Dr. Jeff Atkinson 8/10/2015 In the context of project scenario four, the firm currently issues its executives with smartphones with abilities to access the internet. As one of its major undertaking, the firm seeks to expand its smartphone program to include all employees that own a mobile phone and a laptop. The company has ten senior members of the executive who are prioritized by the scheme, as well as another one-hundred employees that own a cell phone and a laptop. Notably, fifteen employees that have been signed up for the training will require the program’s expanded internet service. In case funding gets approved, this project is intended to save considerable finances in the long run. The Scope of the Smartphone Project The scope of the Smartphone project is to establish the deadline for project, in terms of the time duration it will take to finally realize the programmed expansion across the firm (Kerzner, 2013). In the context of this project, finalization of the firm’s member upgrade should be achieved within a period of one month. The project scope also includes the information necessary for successful completion of the project. Importantly, acknowledging the cost of the intended expansion under scenario four must be considered prior to any subsequent project decision making (Heagney, 2012). Such cost analysis must include any potential system upgrades...
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...Discussion CPMGT 301 Organizations Discussion What is the difference between project-based and non-project-based organizations? How does communication differ for a project manager in a project-based organization versus a non-project-based organization? Describe two challenges a project manager might face in a non-project-based organization. As a project manager in a non-project-based organization, how would you overcome the challenges you identified? The difference between project-based and non-project-based organizations is that fact that project based organizations are organized around each particular project, and most of them have project managers that run the teams made up of employees. The non-project-based organizations are a category like an umbrella which includes all organizational structures that are not designed around projects. The most common type of non-project based organizational structure is the functional model, and this is where an owner or manager oversees many different department heads, each of whom runs one specific department in which a certain function is performed. Communication differs from a project-based organization versus a non- project-based organization because project-based organizations inter-organizational communication requirements are higher than a non-project-based organization, and it involves much more analytical details within the communication process. Two challenges a project manager might face in a non-project-based organization...
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...Project Management Plan Employee Incentive Program CPMGT/301 October 13, 2014 Project Management Plan Attracting skilled employees is often important and often difficult. Employers face major challenges when they consider the increasing difficulty of finding skilled people every company should have an employee incentive program if it is sales and especially for university enrollment advisors because they are the ones that bring business into the university. The project scope of Title IV of the Higher Education Act of 1965 strict accreditation regulations and laws prevent the university from offering bonuses to employees who enroll students. The work breakdown structure for the employee incentive program consists of activities/attributes, milestones stakeholders, stakeholder’s needs, tools and techniques. • Activities/attributes – Create a list of creative ideas o Have employees take a survey once a year o Boost employee morale and set a goal for employees o Provide a positive working environment o Retain employees o Diversity of activities o Develop skills and potential o Employees need to be more involved and engaged o Communication to employees • Milestones – o Approval of incentive program o Incentives must follow rules/regulations ...
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...Project Management Plan Horace Bethea, Nicole Brown, Eric Cornick, Robin Evans, and Kristi Longstreet CPMGT/301 November 19, 2012 Steven Chardon-Strunk Project Management Plan Because of strict accreditation regulations and laws related to Title IV of the Higher Education Act of 1965 for institutions offering federal financial aid, an organization cannot offer traditional sales bonuses for employees who enroll students. Recently there has been a decline in employee morale. Senior management thinks that a new employee incentive program may boost employee morale (University of Phoenix, 2012, para. 3). This paper will include the work breakdown structure, activities, the sequenced activity diagram, a human resources plan, and a communication plan. The communication methods identified in the communication plan will be evaluated by identifying the communication tools and techniques most effective for the audience, and an explanation of why the methods of communication identified are most effective. The objective to this project management planning process is to successfully implement an employee incentive program within the university to boost employee morale that has declined because of the changes in compensation structure. Although the university cannot control what laws and regulations are changed governing federal financial aid, the university must abide by the changes to keep their accreditation. The university...
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