Project Management Practices Portfolio Management

Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need

Executive Summary Project management is the science of planning, organizing, executing, and managing the resources needed to achieve a specific goal. Effective project managers (PM) strategically facilitate the entire project management process to ensure the project’s success. To do this the PM must adequately meet the specific requirements (i.e., time, scope, quality, and cost) set forth by the project and its stakeholders. It is theorized that PM must possess a set of core competencies in order to successfully manage a project. Those competencies are development of project management knowledge areas, application of appropriate project management tools and techniques, understanding of the project

The process of Project Management is very detailed – there are multiple phases to properly manage the project (e.g., project plan, schedule, communication plan, risk management plan, and

Project management is the performance based process focus on one o more deliverable. It is the process of identifying a problem or need coming up with possible solution, deciding on the best one and completing the project in a manner that is acceptable to

Project management is defined by BusinessDictionary.com as, “Approach to management of work within the constraints of time, cost, and performance requirements.” Project management requires careful planning and studying all of the factors involved with in the project. Project Managers must first establish the needs of the stakeholders and provide a project plan which includes the cost and time frame the project will be completed. In addition, projects requirements should be clear and concise to ensure the Project Manager stays within

Project management is managing the work to develop and innovate or even change within an existing operation. There are five steps in this management: Initiating the project, Planning and controlling all activities to keep the project on schedule, executing every phase of the projects process, monitoring/ controlling reviewing and regulating the progress and performance of all phases of the project, Closing process this is where all processes are finalized and completed to officially close the project out.

This paper seeks to explain the Project Portfolio Management (PPM), the reasoning behind it as a set of processes and methodologies and how these build a group of singular projects into a stack or tier that can be holistically graded, how these processes can drive IT to become closely modelled on and aligned with business strategy. It seeks to point out successful methodologies for PPM implementation and some of the issues that can arise.

A competitive advantage for organizations now is doing the right projects and making sure that there are resources to complete those projects. Project Portfolio Management (PPM) is a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives. Executives need to regularly review entire portfolios and programs, determine why projects are or are not necessary, see where money is spent, prioritize projects, stage the start of new projects, spread resources appropriately and keep tabs on progress.

Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.

Project management has grown beyond the confines of simplistic canned applications into a discipline that is in large part process, combined with common sense and inspiration. The process of Project and Portfolio Management (PPM) derives from the practices common to project management, as expressed in applications and tools developed to help project managers collaborate with project team’s cross-enterprise.

Project Portfolio Management (PPM) is the management of one or more portfolios through evaluation, prioritization, selection, review, execution and monitoring of projects in the portfolio. The goal is to keep the portfolio(s) aligned with the vision, mission and strategic objectives of the organization while effectively and efficiently allocating internal resources to maximize the overall value to the organization.

Business owners, executives, and other working professionals, have at least once played the role of project manager in the capacity of planning a process or

Project management is the inspiration of all the aspects involved in it to reach the goals on time and to the stated cost, quality and performance. Project management has five processes which are used by almost all the Project Management Methodologies (Kerzner 2013).

1. Project management is a process that involves planning, organization, applying knowledge, tools and techniques, and controlling the resources to project activities to meet the project requirements (Project Management Institute, 2013). A project is a temporary endeavor undertaken to create a unique product, service, or result (Project Management Institute, 2013). The endeavor has a start and end date which is determined by the achievement of whatever the goal was for the project. A project may have a tangible or intangible result, may be an improvement needed or new process, may involve few people or many, can be a singular endeavor or parts of others, may be a product or service, and can be the result of other projects.

The main objective of a PMS system is to distribute the right information to right people at the right time so that compulsory and corrective actions can be taken at right time. A PMS can facilely facilitate the project management, resource management and near authentic-time communication resulting in smooth transmission of essential information at different calibers. The discipline of Project Management system enables the organization to align its people and projects with its strategic objectives for magnification and efficiency. A web predicated project management solution will give much-needed overtness, insight, and control and efficacious management of all projects. What is project Management? Project management is the process of planning, scheduling, resource management, requirement analysis, designing, testing to achieve a project goal and objectives. Without project management the projects are not complete in given time and thus time and cost of the project is increased. Therefore, project management is required for remove such barriers in project development and to achieve the specific goal.