PPMP20013: Portfolio Management Strategies for Large Assets Project

This portfolio provides an overview of project management for operators of large assets, focusing on key aspects such as project processes, risk assessment, and operational management. It highlights the use of various tools and techniques, including RACI diagrams and stakeholder maps, for effective project execution. The portfolio also emphasizes the importance of sound policies, research, and information in project tendering and justification. Furthermore, it delves into critical analysis management and operational activities, stressing the need for quality and safety to prevent overruns and rework. The assignment reflects on the understanding of project management terminology and the practical application of theories in different areas, demonstrating the impact of these tools and techniques in real-world projects. Desklib provides access to similar solved assignments and study resources for students.

Running head: PORTFOLIO MANAGEMENT
PORTFOLIO MANAGEMENT
Name of the Student
Name of the University
Author Note

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Table of Contents
1. Introduction and summary of outcomes...................................................................................3
2. Learning Outcome 1:................................................................................................................3
3. Learning Outcome 2:................................................................................................................4
4. Learning Outcome 4:................................................................................................................5
5. Discussion and conclusion.......................................................................................................7

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1. Introduction and summary of outcomes
There are several aspects to consider for operators of large assets. Project
managers needs to be focused on this aspects in order to complete any projects
properly. In basic stage, project managers develops practices throughout the
project management processes in specific industries. There are also several tools
and techniques available that may help to develop equipment, working facilities,
plant and processes. Sound policy, information and research may enable the
project selection and justification. Critical analysis of operational management is
essential in order to maintain the operational activities throughout the industries.
For achieving effective group management teamwork and communication is
mandatory to support collaborative peer group learning. This assignments help me
and my team members to understand the basic terminology with the task and
technologies associated with the project management. In basic stage, project
managers develops practices throughout the project management processes in
specific industries. There are also several tools and techniques available that may
help to develop equipment, working facilities, plant and processes. Sound policy,
information and research may enable the project selection and justification.
Critical analysis of operational management is essential in order to maintain the
operational activities throughout the industries.
2. Learning Outcome 1: Techniques and tools for describing and investigating project
process related to developing new facilities, working, equipment, plant for designing or
maintain coexisting facilities.

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Summary: Several tools and techniques are available to maintain and assist project. RACI
is one the technique that could be utilized to compare different task related to its
responsible and accountable rate. The RASI diagram can be useful to demonstrate
responsibility and roles of workers.
Stakeholders map is also a useful technique which can be utilized to map
stakeholders. Stakeholders are person’s associates with any project. Stakeholder’s
management has major impacts on project competition. Effective management of the
stakeholders can impact the project positively. Stakeholders can be managed through the
stakeholders map. The key objectives of the stakeholder map is to gather record, align
and capture stakeholder’s objectives. Stakeholder’s matrix can be utilized for prioritizing
the stakeholder’s activity.
Evidence: The utilization of various tools and techniques are essential to manage
stakeholders, activities and responsibility. I understands the importance of the various
tools and techniques through proper utilization of those in a major project during my
semester.
3. Learning Outcome 2:
Interpret and present major process that are associated with the sound policy, research and
information that enables project tenders, contractors and justification in a rich organization.
Summary: sound policy is generally used to optimize the capital investment. This policies
also can be utilized to lower operating costs, limit risk exposure and control technology
utilization. Sound policy is associates with different seven keys as follows:

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 Procedure and policy can be implemented and developed with buy-in and end user
input.
 Procedure and policy has to be flexible for adaption to responsible exceptions and
variations.
 Procedure and policy must be aligned and relevant with actual matched and required
to the intended purpose.
 Procedure and policy have to be actionable, fully useable and capable of
implementation.
 Procedure and policy must be fully justified, credible and enforceable in a consistent
manner.
 Procedure and policy must be purposeful to fill defined needs and serve an actual
purpose.
4. Learning Outcome 4:
The strategies for the Critical Analysis Management and the operational based activities
could be viewed from a broad perspective in order to ensure the quality and the safety in order to
prevent the overruns or the rework in order to manage the variations and claims. These are meant
in order to make decisions or to discontinue or close the projects.
Summary
The Operation management could involve the combination of the planning, process of
supervising, organizing and thus make the basic required changes for increasing the profitability
and thus maintain the level of safety. The operational management could be defined as the
process of maintaining the operations, which should be conducted in order to manage the

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variations. The operational management could act as a multifunctional area within a particular
industry. The operational manager should be familiar with the basic planning of the material,
common policies for the strategy and the production of the system. According to Randall
Schaeffer, there exists ten basic principles that are associated with the management of the
operation.
1. Organization – The processes within the manufacturing would be interconnected.
Each element could be predictable and consistent so as to achieve a similar outcome in terms of
profits.
2. Change – It is defined as the possibility of the appearance of the new solutions and
theories, which are always set at a high level. It is recommended to implement newer kind of
techniques in order to maintain stability.
3. Success – The managers of the company should consider the interests of the
stakeholders for maintaining the engagement.
4. Humility – The managers should know their limitations in order to receive help and
thus move on with the processes of the organization.
5. Managed Passion – The managers should implement various strategies for engaging
the employees within the organization.
6. Causality – The problems should be recognized in order to solve the problems.
7. Variance – The variance within the processes should be encouraged as because they
could be the sources of creativity.

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8. Accountability – The managers should abide by the rules and thus define the
responsibilities of the employees.
9. Fundamentals – The Pareto Rule should be made applicable to the operations within
the organization.
10. Reality – The management of the operations should focus on the problems.
Evidence
The knowledge of the management of the operations should be understood. The theories
should be applicable in order to provide the quality and safety in order to avoid the overruns.
5. Discussion and conclusion
This assignments help me and my team members to understand the basic terminology
with the task and technologies associated with the project management. In basic stage,
project managers develops practices throughout the project management processes in specific
industries. There are also several tools and techniques available that may help to develop
equipment, working facilities, plant and processes. Sound policy, information and research
may enable the project selection and justification. Critical analysis of operational
management is essential in order to maintain the operational activities throughout the
industries. The importance of this application are huge in the project portfolio area as well as
in actual projects. The impact of these tools and techniques are applicable in the most of the
cases during my semester. I am also able to apply this theories in many different areas.

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Techniques and tools for describing and investigating project process related to developing
new facilities, working, equipment, plant for designing or maintain coexisting facilities.
Interpret and present major process that are associated with the sound policy, research and
information that enables project tenders, contractors and justification in a rich organization.

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[Accessed 3 April 2018].
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