Portfolio Management Planning Report: A Case Study of Richard Crookes Constructions

Running head: PORTFOLIO MANAGEMENT PLANNING REPORT
PORTFOLIO MANAGEMENT PLANNING REPORT: A CASE STUDY OF RICHARD
CROOKES CONSTRUCTIONS
Name of the Student:
Name of the University:
Author’s Note:

PORTFOLIO MANAGEMENT PLANNING REPORT1
Table of Contents
Introduction......................................................................................................................................2
Overview of Richard Crookes Constructions..................................................................................2
Situational Context and Evaluation.................................................................................................3
Opportunities and Threats................................................................................................................6
Development of the Plan.................................................................................................................8
Tools and Techniques....................................................................................................................10
Conclusion.....................................................................................................................................10
References......................................................................................................................................12

PORTFOLIO MANAGEMENT PLANNING REPORT2
Introduction
As opined by Archibald and Archibald (2016), the construct of project portfolio
management had become an important one from the perspective of the different modern-day
business enterprises especially the ones related to the construction industry because of the large
number of business projects that they need to complete. Purnus and Bodea (2015) are of the
viewpoint that project portfolio management can be defined as a senior leadership approach or
discipline which focuses on the aspect of strategic and thereby tries to maximize the benefits
obtained by the enterprises through the different projects that they complete. More importantly,
as discussed by Siew (2016), the process of project portfolio management also requires the
business enterprises to select the right kind of projects, optimize them and also get the enterprises
to make the required investments so as to synchronize the business objectives or goals of the
enterprises with the projects that they are undertaking. This becomes important since the overall
profitability or the revenue earned by the enterprises greatly depend on the kind or the nature of
the projects that they are completing (Demirkesen & Ozorhon, 2017). The purpose of this report
is to implement portfolio management functions into the enterprise Richard Crookes
Constructions of Australia.
Overview of Richard Crookes Constructions
Richard Crookes Constructions is a family-owned private construction enterprise in the
nation of Australia which was established in the year 1976 (Richardcrookes.com.au, 2019). An
important aspect of the enterprise under discussion here is the fact that the concerned enterprise
along with handling the different private projects also completes the diverse governmental
projects as well related to construction (Richardcrookes.com.au, 2019). More importantly, it had

PORTFOLIO MANAGEMENT PLANNING REPORT3
been seen that the goal of the enterprise is to attain long-term growth in the construction industry
of Australia through the establishment of effective as well as ethical relationship with its
different clients, business partners and other entities directly associated with the business
operations of the enterprise. As a matter of fact, the official website of the enterprise itself states
that the mission of the concerned enterprise is “to build buildings we are proud of, buildings that
our clients will be proud of. If the client and delivery team can do this whilst enjoying the
journey, that’s a successful project” (Richardcrookes.com.au, 2019). However, there are certain
issues and challenges faced by the organization that needs to be overcome and thus, require a
project portfolio management becomes an important one from the perspective of the enterprise.
Situational Context and Evaluation
At present it has been found that the organization is following a Matrix Structure where
there are different departments meant for the different types of work that they are involved in.
For instance, the number of employees in the construction delivery is more and it is nearly 550
staffs but when it comes to the other profiles, the numbers are lesser because there would not be
much requirement of staffs in the design management as it is mostly indoor activity and requires
theoretical concepts of the construction (Richardcrookes.com.au, 2019). Thus, no so many brains
or man power are required in this case. Similarly, the cost planning is also department also do
not requires a lot of people because this is a negotiation team that focuses on the cost and budget
of the project and thus, people are required for the negotiation and not as a large force as needed
in the construction delivery department (Sánchez, 2015). It is seen that the different projects of
the concerned enterprise are presently being managed by the Executive Manager and the
enterprise does not have any official designation for a Project Manager or Project Portfolio
Manager for handling its different projects. This in turn had given rise to different problems for