Essay on Project Management

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3. Portfolio management process.
Portfolio management process is the process aimed at identifying, categorizing, evaluating, selecting, prioritizing, balancing, and authorizing projects for the company’s portfolio of projects. The projects must have been identified, evaluated, selected, prioritized, monitored and controlled by periodically reviewing, reporting, and adjusting for any change in the overall organizational strategic plans. The process is aimed at the optimization of benefits linked directly to the strategic needs and goals of the company. The portfolio management process is a structured approach to managing the company’s, ensuring that the company’s investments are aligned with the company’s vision, mission, strategic goals, and objectives, and support the growth of business units, while minimizing risks and maximizing returns of investment to shareholders throughout the portfolio’s life cycle. The portfolio management process relies on systematic selection, control, and continual evaluation processes to ensure that the company’s strategic goals and resource investment’s objectives are met efficiently and effectively.

Source: J. Knutson (2001) and schematized by Morris and Jamieson (2004). (Morris 43)

3.1 Establish Portfolio Objective
The objective of the portfolio management process is to guarantee the sound management of investments, recommend the changes required to the portfolio, and ensure that the company’s Programs are managing the projects with the objective of maximizing return to the company while achieving business goals. The aim of the strategic decisions made by the process is to develop a feasible and realistic pairing between the company’s strategic capacity and the resources, opportunities and risks in the short and long term. (Morris 20)
3.2 Portfolio Setup and Categorization
The portfolio management process is the central process that integrates the overall company’s management process, therefore it is not a stand-alone process. The portfolio management process relation to the company’s budget formulation and resource allocation ensures that the budgets requests and approvals are aligned with the strategic goals of the company. The portfolio management process develops and maintains a company-wide plan that addresses the company’s mission, goals, and objectives, the relationship of the goals and objectives to annual investment plans, and the factors affecting achievement of strategic business goals or objectives. The SBU case for each project must identify its linkage to the company’s mission, goals, and objectives, and address how it will enable and facilitate the achievement of the strategic goals and objectives. Projects that do not support a company strategic goal, or cannot be directly tied to a strategic goal will be rejected or set aside for further evaluation.
The company’s portfolio management process is based on its Strategic Plans, which sets the following five tenets of strategic portfolio management:
The portfolio management process used to select, control, and evaluate projects must be an integral part of the company’s processes for budget, financial, and program decisions;
Projects must be grouped and managed as a portfolio;
The portfolio must balance investments so that all projects supporting the company’s programs are in harmony; and
Program Managers (strategic business sponsors) are responsible and accountable for management of respective projects.
3.2.1 Identify Needs and Opportunities
The PPM will focus on the strategic goals to promptly identify business needs and opportunities and that such needs and opportunities are communicated to the Program managers. The identification of needs and opportunities will then serve as basis to kick-off pre-screening of projects driven to satisfy the needs and or seize the opportunities based on the overarching strategic goals.
.3.2.2 Budget and Resources Available
Strategic decisions concerning portfolio management
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