Project Portfolio Management: Balancing Flexibility and Risk

This assignment explores the intricacies of managing project portfolios, balancing flexibility with structure through improvisation, and effectively identifying and managing project risks. It draws from key sources such as Jerbrant & Gustavsson (2013), Kendrick (2015), Morse et al. (2014), and Teller et al. (2014). Students will delve into project planning processes, understanding the importance of managing complexity in construction projects (Ochieng & Hughes, 2013) and designing research projects (Polonsky & Waller, 2014). The assignment also emphasizes the management of engineering and technology projects (Morse et al., 2014), IT outsourcing (Sparrow, 2012), and risk management in project portfolios (Teller et al., 2014).

Managing Projects

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
(1) Different types of projects and suitability of one for TSK bearing Ltd................................2
(2) Scope management and supporting tools to manage sub divisions of work.........................3
(3) Difference made if Gantt chart will be plotted and critical path will be identified...............3
(4) Deciding if the project had been successful..........................................................................4
(5) The way minor and major changes to control project will be managed................................4
(6) Methods to ensure the successful completion of project.......................................................4
TASK 2 .........................................................................................................................................4
Overview of project as a project manager...................................................................................5
Activities required to successfully manage this new initiative...................................................5
Skills and competencies required by the Project Manager.........................................................7
Project management process.......................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Project and tasks are the base of business and organisational structure. Projects are used
as a tool which helps and supports the functions and operations of business (Cavaleri, Firestone
and Reed, 2012). Projects and task contains growth and development opportunities which are
required to attain sustainability in the market. Projects and tasks are prepared subject to vision
and mission of organisation. It requires skills and knowledge to analyse and determine the
requirements to frame and design projects. TSK bearing Ltd. is a company which is engaged in
design and manufacturing of loose and tools, industrial bearings for automotive industries. This
assignment is framed to define the managing projects that how project management help in
assigning the plans subject to aims and objectives of organisation.
TASK 1
(1) Different types of projects and suitability of one for TSK bearing Ltd.
Construction projects – There are some professional skills required to frame
construction projects. These are the projects which are made in manufacturing, construction,
automotive and designing or architecture companies (Cleden, 2012). These projects are prepared
by experts, technicians, architectures and civil engineers. These projects contain high cost and
investments. Construction project management plans include the details regarding infrastructure,
expenditure on construction, starting time and end time of project. Various types of elements and
factors are required while preparing construction projects such as material, quality, availability of
resources, adequate work environment and opportunities, etc. TSK bearing Ltd deals in
manufacturing of automotive tools,bearings and constructions projects are the basis of framing,
designating and manufacturing the product.
Manufacturing projects – These projects give an idea to procurement of resources and
tools to support the manufacturing products. Identifying different types of tools, equipment,
machineries and plants are the elements which keep in mind while preparing manufacturing
projects. Technology and advancements play a vital role in manufacturing projects. Basically,
these projects remain centralised around production and manufacturing of services as well as
products and advanced technology remains on first priority in management of manufacturing
projects.
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Management projects – These projects are called as integrated projects which remain
focused in centralising making plans and projects according to structure of organisation
(DeFillippi, 2015). These projects indicate towards the strengths and weaknesses subjected to
aim and objective of organisation. It examines the structure of business where the entity is
capable enough to adapt changes and run operations by implementing new tactics and
technology in organisation.
(2) Scope management and supporting tools to manage sub divisions of work
Scope of management – Every project involves some goals or objectives which can be
related to expand the size of organisation, improve technology and advancements, delivering
quality products and services, etc. All these factors signify the scope and opportunities.
Managing these opportunities are considered as scope management.
Tools to show scope of task
Defining projects tools – Identifying the requirement, criteria and scope are explained in
defining tools.
Planning tools – Expert’s judgement, meetings and discussions are the supporting tools
which are used as planning tool in scope management (Fageha and Aibinu, 2013). Managers and
directors are persons who provide a plan to access the project.
Information collecting tools – Interviews, facilitating workshops, observations,
questionnaires and surveys are the sources to collect information. These sources help in getting
relevant information and data to frame the projects and tasks in an effective manner.
Work Break Down Structure (WBS) – This tool provides an overview to managers about
the structure of teams, units and departments of organisation ( Van Offenbeek and Vos, 2016.).
Validation tools – Inception is one of the important tools which is used to justify the
project’s requirement and scope.
Controlling tools – These are the tools in which variance analysis is used to control the
process subject to tasks. These tools help in building a compliance structure and policies which
needs to be adhered by employees for better operations.
(3) Difference made if Gantt chart will be plotted and critical path will be identified
TSK bearing wants to purchase a plant and building for manufacturing site. Gantt chart
provides a path to set the timeline and schedule in respect of project plan. It helps in bifurcating
tasks in specific duration with some periodic aim and objectives which remain aligned with the
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project. The critical path in above project plan is transferring the plan and machinery from Asia
to North east coast of England and open to all weather conditions.
(4) Deciding if the project had been successful
TSK Bearing Ltd. has a project budget worth £12 million pounds to purchase a land and
implementing new plant and machinery in manufacturing process. They need skilled and
experienced employees to circulate the plan in an effective manner. There are two types of
project plans required where one is assigning the team of employees among staff members and
second is preparing project plan to transfer the plant and machinery from Asia to north east coast
of England.
(5) The way minor and major changes to control project will be managed
Once the project plan is prepared, managers analyse the project plan. They find out the
key factors and elements which are required to be changed. These changes are made as per the
project requirement and according to availability of resources (Jerbrant and Karrbom
Gustavsson, 2013). Major changes affect the project plans and lag the process whereas minor
changes are sorted out at initial stage of project.
(6) Methods to ensure the successful completion of project
Effective planning strategies, methods, investigation and tools are the sources which
ensure success of a project. There are various tools used which are opted to make the structure of
task flexible.
Evaluation - This is the first step which is used to analyse the project before implementing plan
among team members (Kendrick, 2015). All the required elements are procured before starting a
project.
Monitoring – Project managers and leaders keep regular checks to complete the tasks. They
monitor the progress of tasks.
Controlling – This is the process which helps in maintaining discipline and ethical environment
while working on project plans.
TASK 2
Project plans and task are subject to organising the divisions and departments of
organisation (Kendrick, 2015). This plans help in ascertain the goals and objectives of
organisation. Management strategies help in sort out the plans and project as per the structure
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and format of organisation. Role of managers and leaders become more important while
preparing plans and project ( Thamhain, 2013). Project plans can be of various types as
construction plans, manufacturing and designing projects, implementing new technology and
advancements, purchase of new plant and machinery etc. project plans remain specified subject
to organisational goals and objectives. This provides a path around which manpower put their
efforts to accomplish the targets of organisation.
TSK bearing Ltd is a company which design and manufacture industrial bearings for
automotive and mechanical industries. There major services are provided to car manufacturing
plants. It is successful operating its business operation since 1980 in UK. Competition has
become vast at global level, by keeping this in mind company is looking out an expansion plan to
get competitive advantage in UK automotive industry. It is seeking out a location to set up the
plant and machinery for manufacturing bearings in UK. Plant and machinery is to be transferred
from Asia to North- East coast of England. This project contains the cost worth £12 million
pounds which includes purchase of building for manufacturing site and implementing new plant
and machinery with latest technology for manufacturing the products.
Overview of project as a project manager
As project manager the role become essential to frame a structural plan. Project plans
needs extra ordinary skills which must be utilised subject to effective and smooth functioning.
Managers have to analyse the requirements and needs subject to project plans (Larson and Gray,
2013). As per above mentioned plan it is analysed that experienced and skilled workers are
required to operate the machinery. There are different types of team required to recruit from
existing staff members and employees. Training and induction programs to provide information
and guidance to understand the technology. Effective project management and operation skills
are required to showcase by manager to execute the project in organisation successfully.
Activities required to successfully manage this new initiative
Project initiatives and plans are addressed to boost the level of competence of
organisation. Managers are the main parties who remain responsible to execute and communicate
the requirement of project. They use different project initiation and planing methods to
implement the plans in a systematic manner. There are few activities are performed by managers
to implement the project ;
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Project phasing – this is an approach which is used to conduct an improvement initiative
in organisation (Teller, Kock and Gemünden, 2014). It is considered an effective technique
which help managers to focus upon management and project team attention. It remain focused
around delivering best results by putting well planned team structure and efforts. There are few
factors exhibited in this approach as initiation, planning and execution of an improvement
initiative.
Common cause analysis – it is a process which analyse the root cause and frame it in a
series. This approach is use to examine the factors and identify organisational or process
weakness (Morse, Babcock and Murthy, 2014). This approach remain centralised around
resolving the issues regarding performance. This approach helps in analysing team Subject
Matter Experts (SMEs) with advanced levels of experience. This is an analysation which works
around several weeks to analyse performance related issues and conflicts. There are some certain
areas around which this approach works as operations performance over past 6 to 8 months,
health of management process, levels of management attention, control crises and extent of
condition reviews, casual analysis issues and organisational procedure.
Developing a mission statements – Mission and vision statements analysis is a part of
common cause analysis which used for developing and creating vision and mission in respect of
project. It defines the improvement initiative scope of work and also find out the conditions and
stakeholders, project team members. Defining strategies, clarify aims and objective of the
improvement initiatives, building the project team to define roles and responsibilities for member
and stakeholders. Constitution of authorised team to execute plans and projects.
Planning the improvement initiative as a project – this is the planning phase in which
strategies and techniques are framed in defined structure. Project management plan is a formal
authenticated document which contains details and information regarding project aims and
objectives (Ochieng and Hughes, 2013). There are two primary elements which are considered in
this approach. First is the development of the project management plan which is corporatised by
senior management. Second is determination, allegiance and legal instrument subject to project.
Risk planning – this is the main activity which signifies the risk factors. It is a process of
identifying the internal and external factors which affect the management process. It helps in
managing the process in effective manner (Sparrow, 2012). Improving the performance subject
to management plans and projects are main objectives of this process. There is risk register
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maintained by managers to track the risk factors, project life cycle and performance. This process
remain categorised in three sub steps identify risks in which risk brainstorming session with
stakeholders is organised. Second step is perform qualitative risk analysis in which risks are
categorised and ranked as per their consequences and affect. Third step is planning of risk in
which strategies are made to tackle risks.
Skills and competencies required by the Project Manager
A project managers is a person who remain responsible to design and frame the picture of
project subject to organisational goals and objectives. Skills and competencies are required to
make effective project manager. Below are some core competence areas and skills defined to be
a successful and effective project manger;
Communication skills
An effective manager must contains professional and effective communication skills to
execute aims and objectives, plans and projects, instructions and orders (Patanakul, 2015). It is
important for employees to understand the culture, procedure, structure, procedures and policies,
vision and mission of organisation. A project manager is not only liable to access the details and
informations regarding the tasks but also responsible to execute the aims and objectives to
project team members. Communication skills must be impressive subject to attract the attention
of people of organisation subject to project plans. These skills are used to explain and justify the
advantages and disadvantages project to directors, senior authorities and stakeholders of
organisation.
Leadership
These are the skills implemented to guide and support team members, staff members,
project teams and sub ordinates. A project manager plays a role of a good leader who remain
active during completing the task. A sound judgement enhance the leadership quality which is
required to make decisions regarding management projects. Project manager provides a vision to
set the guidelines and path to execute the project (Petit, 2012). Direction, coaching and
mentoring are the abilities in respect of core competence. By providing required suggestions and
solutions project managers plays conflicts remover roles. A project management take important
decisions while making strategies and plans subject to project plans.
Team management
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Assigning the team of skilled and knowledgeable employees is one of the important task
of project manager. Team management and effective team assignment is the key area of project
planning. An effective team building process depends upon better co ordination and
management. Project manager analyse the task and project and bifurcate the task among team
members equally. There are some roles and responsibilities assigned to team members according
to skills and abilities of employees. It is also a best method of positioning the task. By providing
required sources and tools project manager build a base of strong team management and
operation.
Negotiation skills
this is the type of skills to convince and persuade the instruction to other party. These
skills indicates towards win agreements and negotiating the work and task (Phillips, 2013). There
are different type of scenarios pictured by project managers in front of team members and try to
analyse the mind set and interest of employees subject to project. It is evaluated that would they
become eligible to complete the task or not. It is an agreement which is done in between manager
and employees regarding the project. This skills provides surety of accomplishing the aims and
objective by making a same connect on project plans.
Planning skills
this skills refers the skills and abilities to make schemes, strategies, plans, procedures and
compliance structure in respect of proposed project plans. These are the skills which are used to
analyse the planning requirements and key sources to make effective plans and procedures.
Planning skills contains the creative vision and thoughts to prepare a flexible and suitable
business plan. There are some key elements and sources are find out which remain important and
essential to design plans and procedures.
Subject matter expertise
it is expected that project manager must have proper knowledge and informations
regarding business and project plans. These are the skills which found in managers by clearing
some specified examinations and getting certification from authorised institutions (Polonsky and
Waller, 2014). There are some course which provides vast image and vision subject to specified
task and projects. Risk analysis, advance accounting methodology, investment management,
finance risk analyst are the coerces which covers the criteria for specified projects and plans.
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Project management process
Process defines as a manner and system to explain the plan and procedure for particular
task. TSK Bearing Ltd wants to set up a plant and machinery in UK to manufacture automotive
tools and equipments. Managing project team and procurement of sources are the major task to
make effective plans. Below is the process defined in respect of defined situation;
(Source : Project planning process, 2017)
Project conception and initiation – this is the first which helps in determining the scope
and requirement of task and project in respect of vision and mission of project. In above scenario
of TSK Bearing Ltd the project manager need to analyse the scope and durability of task.
Assigning the team size and collecting information are the main task which are required to
perform.
Project definition and planning – A project charter plan outline the design of project
around which team efforts are centralise or integrated (Saunders and Lewis, 2012). This provides
a path to optimise the skills and abilities around some set of limitations and criteria. Cost is the
major factor which keep in mind while framing the project plans.
Project launch or execution – as all the required sources and informations are collected
then after the launching program become ready to set. Project plans are bifurcated among the
team members as per their stability and flexibility. All the requirement sources and informations
are allocated to team
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Project performance and control – This step is used as a tool to control and analyse the
performance of organisation. Project managers need to set the schedule and need to do some
necessary work subject to evaluating the performance level of team.
Project close – it is a phase which describe the last step in which the project task remains
at its completing stage. There is an evaluation done in the end of completing the task. All the
deliverables are analysed in respect of project aims and objectives.
CONCLUSION
Managing projects is a concept which indicates towards project management, key criteria
of planning the project. This assignment defines the key elements which are required to frame
the task and project designs subject to aims and objectives of organisation. There are various
type of projects are defined in respect of making plans and project to accomplish sustainability.
Scope management is explained with supporting tools which remain required to show the sub
divisions of the scope of work. Meaning of Gantt chart and critical path are described subject to
given scenario. Core competence and skills in respect of successful project managers are also
explained in this context. Project management process is explained in respect of given scenario.
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REFERENCES
Books and Journals
Cavaleri, S., Firestone, J. and Reed, F., 2012. Managing project problem-solving patterns.
International Journal of Managing Projects in Business. 5(1). pp.125-145.
Cleden, M. D., 2012. Managing project uncertainty. Gower Publishing, Ltd..
DeFillippi, R., 2015. Managing project-based organization in creative industries. The Oxford
handbook of creative industries. pp.268-283.
Fageha, M. K. and Aibinu, A. A., 2013. Managing project scope definition to improve
stakeholders’ participation and enhance project outcome. Procedia-Social and
Behavioral Sciences. 74. pp.154-164.
Jerbrant, A. and Karrbom Gustavsson, T., 2013. Managing project portfolios: balancing
flexibility and structure by improvising. International Journal of Managing Projects in
Business. 6(1). pp.152-172.
Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-proofing
your project. AMACOM Div American Mgmt Assn.
Kendrick, T., 2015. Identifying and managing project risk. Amacom.
Larson, E. W. and Gray, C., 2013. Project Management: The Managerial Process with MS
Project. McGraw-Hill.
Morse, L. C., Babcock, D. L. and Murthy, M., 2014. Managing engineering and technology.
Pearson.
Ochieng, E. and Hughes, L., 2013. Managing project complexity in construction projects: The
way forward. Journal of Architectural Engineering Technology. 2. p.e111.
Patanakul, P., 2015. Key attributes of effectiveness in managing project portfolio. International
Journal of Project Management. 33(5). pp.1084-1097.
Petit, Y., 2012. Project portfolios in dynamic environments: Organizing for uncertainty.
International Journal of Project Management. 30(5). pp.539-553.
Phillips, J., 2013. PMP, Project Management Professional (Certification Study Guides).
McGraw-Hill Osborne Media.
Polonsky, M. J. and Waller, D. S., 2014. Designing and managing a research project: A
business student's guide. Sage publications.
Saunders, M. N. and Lewis, P., 2012. Doing research in business & management: An essential
guide to planning your project. Pearson.
Sparrow, E., 2012. Successful IT outsourcing: from choosing a provider to managing the
project. Springer Science & Business Media.
Teller, J., Kock, A. and Gemünden, H. G., 2014. Risk management in project portfolios is more
than managing project risks: A contingency perspective on risk management. Project
Management Journal. 45(4). pp.67-80.
Thamhain, H., 2013. Managing risks in complex projects. Project Management Journal. 44(2).
pp.20-35.
Van Offenbeek, M. A. and Vos, J. F., 2016. An integrative framework for managing project
issues across stakeholder groups. International Journal of Project Management. 34(1).
pp.44-57.
Online
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