organisation beyond managing individual projects | My Assignment Tutor

Main Post Assessment 1 Part B – Discussion Forum COLLAPSE Top of Form If you want to move your organisation beyond managing individual projects, what characteristics of portfolio management might be most compelling to you in the planning for implementation? How might a PMO be used and would this be a Project Management Office or Portfolio Management Office? Peer post 1 Usama Iqbal   Assessment 1 Part B – Discussion Forum  Top of Form Recent technological advancements, increasing business competition and globalisation of markets has forced many organization to adopt the idea of portfolio’s prospective in order to attain strategic objectives. Strategic managers can use different portfolio techniques to check either the products or projects in portfolios align with the strategic objective of the organization. For instance, consider an organization that we are looking to implement portfolio management is doing R&D projects. The characteristics that I will found compelling while planning will be the selection of variables and sound indicators. These variables or sound indicators are the one to be used to assess if the projects are viable. Like this research used project portfolio matrix as a tool to evaluate different projects on the basis of the benefits they offer. (Mikkola, 2001).  The image of project portfolio matrix in this case is as follow: There are many other tools that can be used to assess projects, visualize portfolio and in some cases a combination of tools is also used and researchers have found that companies that choose any approach and implement portfolio management techniques turn out to be better performers than others. (Cooper, Edgett, & Kleinschmidt, 2000). Coming over to PMO, the P in this acronym can be said to be one of three things i.e. project, program and portfolio depending upon the level. The image attached below depicts some basic models for an easy understanding (Al-Arabi & Al-Sadeq, 2008). In my opinion, PMO can be used as either of three levels depending on the situation and level of organization. References Al-Arabi, M., & Al-Sadeq, I. M. (2008). Establishing a project portfolio management office (PPMO). Paper presented at PMI® Global Congress 2008—EMEA, St. Julian’s, Malta. Newtown Square, PA: Project Management Institute. Cooper, R. G., Edgett, S. J., & Kleinschmidt, E. J. (2000). New problems, new solutions: making portfolio management more effective. Research-Technology Management, 43(2), 18-33. Mikkola, J. H. (2001). Portfolio management of R&D projects: implications for innovation management. Technovation, 21(7), 423-435. Peer post 2 The main characteristics of portfolio management that can be looked after by the enterprise so as to acquire the success that it is looking for in the industry where it is operating and providing the best possible outcome in the end. The characteristics are as follows: (i) Setting the vision along with the scope for the enterprise. (ii) Collecting as well as visualizing the current new initiative so as to gain the target. (iii) The enterprise needs to strive the objective as well as lightweight decision making and making choices (Liang et al., 2018). (iv) Setting up the portfolio and accompanying governance in the process. (v) Creating the rhythm for the parties who are involved in the business. (vi) Implementing the Agile portfolio metrics in the process. These characteristics will assist the enterprise to perform well in the marketplace where it is operating and help them to gain the popularity and implement the strategy that it is looking for to gain the popularity among the customers (Lee, Trzcinka and Venkatesan, 2019). This is the sole reason the enterprise requires to look after the matter and adapt the portfolio management characteristics which will provide them with the opportunity to perform well and let them accomplish the aims and goals. This characteristics needs to be looked after by the enterprise for planning as well as let them frame the strategy in an efficient way possible which will assist them to expand and implement it in an effective way possible in the process. PMO or Project Management Office provides the enterprise to look after the internal factor as well as the external factors within the organization. This assist the enterprise to set as well as maintains and ensures the standards of the project management by keeping in mind the characteristics of the portfolio in the end (Sergeeva & Ali, 2020). Therefore, this will automatically assist the enterprise to look after the matter and provide the best possible outcome in terms of the strategy as there are parameters that needs to be looked after by the enterprise. This is the sole reason PMO can be used in a positive way and in the right direction by the enterprise to gain the financial position as well as the internal and external factors that assist the enterprise to expand and gain the publicity among the employees and the customers in the end (Paton & Andrew, 2019). If the enterprise put emphasis on the portfolio characteristics more then it will turn into the portfolio management office and on the other hand if the enterprise provides priority to the project management more and portfolio management less then it will remain as a project management office in the end. So, this depends on the mindset of the plan maker in which he/she is providing emphasis on and looking forward to continue to accomplish the aims and goals in the end. Hence, an appropriate measures and viewpoint is being expected as the difference lies in the viewpoint of the plan maker in the enterprise. References: Lee, J.H., Trzcinka, C. and Venkatesan, S., 2019. Do portfolio manager contracts contract portfolio management?. The Journal of Finance, 74(5), pp.2543-2577. Liang, Z., Chen, H., Zhu, J., Jiang, K., & Li, Y. (2018). Adversarial deep reinforcement learning in portfolio management. arXiv preprint arXiv:1808.09940. Paton, S., & Andrew, B. (2019). The role of the Project Management Office (PMO) in product lifecycle management: A case study in the defence industry. International Journal of Production Economics, 208, 43-52. Sergeeva, N., & Ali, S. (2020). The role of the Project Management Office (PMO) in stimulating innovation in Projects initiated by Owner and Operator Organizations. Project Management Journal, 51(4), 440-451. Bottom of Form

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