Project portfolio management
CPMGT/301
University of Phoenix
Professor Jill Reynolds
07/14/2014
Project portfolio management
An aggressive benefit for companies now is choosing the correct projects and ensuring the chosen project can be completed with required resources. Project Portfolio Management is guidelines of business models and processes that permit businesses to control new projects as a strategic portfolio, while making certain the configuration of programs and projects with company’s goals. Management should frequently evaluate the full portfolios and program; decide which projects are needed and which are not. Also determine how much money was spent and where, set a priority for projects, and monitor all other projects.
Portfolio managers generally will have the task of scrutinizing each facet of the project such as, price, and assets. At this point, the portfolio manager could determine if the project will fail or succeed. The discipline of project management applies constantly evolving principles, concepts, tools and techniques to improve project performance and organizational effectiveness. When properly aligned with company goals and objectives, project management adds value by improving your ability to consistently deliver the right products - on time and within budget - while increasing client satisfaction and employee retention.
The goals of the Project Portfolio Manager are to help the company make the best out of its resources, suggest removal of projects to executives that do not add any value, help the project manager maintain a schedule to completion, and keep a well balance amongst various project, in terms of time between projects and cost.
Conclusion
The Portfolio Project management works to makes the project manager job a little easier. The Portfolio Project Manager will assist by managing the project workload, assign in line with the company strategy and aids in using the...