Use of Project Management Application Systems for Effective PM Knowledge Management and Decision Making

This document discusses the use of project management application systems for effective PM knowledge management and decision making. It highlights the importance of project decision making and risk response strategies in project management.

(Insert Student Name) / (Insert Student Number) - PPMP20012 Unit Portfolio for Week 6
Week 6 Topic: 6. Describe how the use of project management (PM) application systems can lead to effective
PM knowledge management and decision making
Reading samples Learning
outcomes
of the unit
Learnings from your weekly study, experience, this and
prior unit readings and assignments
Supporting
documentation
including any
prior learning
Mandatory Readings
 SEBoK
 Part 3: Systems
Engineering and
Management: Knowledge
Area: Systems
Realization;
 Part 3: Systems
Engineering and
Management: Knowledge
Area: Systems
Deployment and Use;
 Part 3: Systems
Engineering and
Management: Knowledge
Area: Systems
Engineering
Management;
 Part 3: Systems
Engineering and
Management: Knowledge
Area: Product and Service
Life Management;
 Part 3: Systems
Engineering and
Management: Knowledge
Area: Systems
Engineering Standards;
6. Describe
how the use of
project
management
(PM)
application
systems can
lead to
effective PM
knowledge
management
and decision
making.
From this week learning it is learnt that project management has emerged as a
high level discipline on high level decision making or in order to take effective
organizational decision making the managers should use project management
prcatices. The process of decision-making is comprises of four different phases
in terms of facts, values, means and ends. The entire process of project
management includes reality checking.
The project associates or the project leaders may face massive internal and
external risks. With the help of effective risk response strategies theses issues or
challenges can be successfully resolved. Throughout the project development
life cycle period the project leader should focus on the project constraints and
all other given conditions. The chances of potential risks and threats will be
reduced if the project leaders take proper decision-making.
The aim of project decision making is to avoid the risks and challenges of scope
creep, overrunning budget, over allocation of resources and over running time.
The manager is responsible to estimate the resources, budget and time before
commencing the project. Therefore, if proper decision is taken from the
managerial end then it will result various challenges and risks. It is learnt that,
decisions are based on situations. In other words the leaders are required to
take project level decisions based on the organizational situations. A particular
action taken for a particular situation helps in determining the project values.
PM helps to identify the project level problems and gather relevant information
as well. It helps to look out the project limitations and constraints.
PPMP20012 week 6
lecture notes
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(Insert Student Name) / (Insert Student Number) - PPMP20012 Unit Portfolio for Week 6
Reading samples Learning
outcomes
of the unit
Learnings from your weekly study, experience, this and
prior unit readings and assignments
Supporting
documentation
including any
prior learning
 Kerzner (2013) Chapters
23;
 AS/NZS 15288:2015
Annex E
Optional Readings
 AS ISO 21504:2016
Web Sites
YouTube: What is Portfolio
Management vs. Project
Management?
References
Pacheco, D., & Soares, L. (2018). The Influence of the Leaders’ Selection Method on Team Performance. In Proceedings of 16th European Conference on
Computer-Supported Cooperative Work-Panels, Posters and Demos. European Society for Socially Embedded Technologies (EUSSET).
Pangsri, P. (2015). Application of the multi criteria decision making methods for project selection. Universal Journal of Management, 3(1), 15-20.
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