Project Management Summary
University of Phoenix, CPMGT/301
Integrating a well strategized project portfolio management and executing a strategic portfolio management is crucial in the evolution of an organization to stand out from competitors. The difference between portfolio management and project management are key elements. Brook and Pagnanelli (2013) state, “Project portfolio management is a rolling forecast process that consists of allocating corporate resources to new product development projects.” What this means is the ability for an organization to develop and integrate new processes and utilizing resources to become more efficient which creates a better ROI and in the end to be more competitive. Killen, Jugdev, Drouin, and Petit (2011) state that, “project portfolio management is generally viewed as a more strategic-level capability than project management and part of its strategic role is to enable the organization to respond and adapt to changing environmental conditions by monitoring and altering the project portfolio. Project management, in contrast, is seen as a strategic asset from a more static perspective — as a capability to perform projects effectively.” This means that project portfolio management is more about innovation and new methodologies on how to improve processes and make the organization more efficient. It is important to understand each and every process from the administration portion, software, hardware, manufacturing, or product specific skillsets. It is crucial to identify where potential weaknesses are and ways to create more substantial processes that are sustainable. Project management’s goal is to plan and structure how a project is identified, methods to keep a project on task, and finalize by utilizing milestones. Project portfolio management and project management are two different methods for different processes. One can support the other but need to be strategized differently....