Project Portfolio Management Overview
Added on 2020-02-24
13 Pages4197 Words62 Views
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RUNNING HEAD: Portfolio Project 1Portfolio Project
Portfolio Project 2ContentsIntroduction.......................................................................................................................3Company overview...........................................................................................................3Objectives of portfolio......................................................................................................3Portfolio identification......................................................................................................4Portfolio categorization....................................................................................................6Portfolio Evaluation..........................................................................................................8Portfolio Prioritization......................................................................................................9Portfolio Balancing.........................................................................................................10Recommendation and conclusion...................................................................................11References.......................................................................................................................12
Portfolio Project 3Introduction:This report has been emphasized upon project portfolio. Project portfolio is the management through centralization by considering many processes, methods, tools, technologies and regulations. These methodologies are used by the project manager officers to investigate and collectively manage the proposed and current projects. These investments are based on the various key characteristics. Project portfolio management offers the managera capability to manage various portfolios at the same time. It is a procedure which helps the company to handle a project smoothly. This process mainly helps an organization into managing the time, skills, resources, budgets and other resources to manager all the interrelated assignments. This project portfoliomanagement offers a framework to the organization to resolve the issues and mitigate the risk. At the same time, it also help an organization to centralize the visibility of the project to assist the scheduling of the teams and planning a proper team to analyze the cheapest, fastest or most appropriate approach to manage and deliver the programs and projects. In this paper, various steps of project management has been studied and it has been found that what are the main features of a project which could be controlled and managed through the steps of project management. For conducting this report, ADCO construction has been taken into consideration.Company overview:ADCO Constructions Pty Ltd offers construction and building services. The company’s performance include various functions such as design and construction, early contractor involvement, cost planning services and design management as well as administrating contractor services. It delivers and undertakes projects in different categories, which include aviation, aged care, community, commercial, health, industrial, education, green, interiors, aquatic and leisure, retail, student accommodation, short term accommodation and specialist projects service. This company offers local, state and federal administration agencies, at the same time private and institutional Australian corporate. ADCO Constructions Pty Ltd has been founded in 1972 and this company is situated in Sydney, Australia.Objectives of portfolio:
Portfolio Project 4The main objective of portfolio project management is determining the optimal mix ofresources for managing and delivering the schedule activities of the project. The main objectives of the project portfolio management are as follows:Manage the time and skillsMaximum utilization of available resourcesManage all the portfolios of the company(Gareis, 2006)Determine the optimal mix of the skillsAnalyze the most appropriate wayComplete the task in given timeCentralize the visibility of the taskInvestigate and collectively manage the proposed and current projects (Rad & Levin, 2006).Further, the process of project portfolio has been identified. Portfolio identification:Portfolio identification is the first step of the project portfolio management. Project portfolio management helps the organization to find out the best project from many available portfolios. In this process the project portfolio manager analyzes the various projects which are available in the market for the company to invest and manage the company’s functions. Inthis process, various techniques are applied to analyze the best project in the available projects. Further, it has been observed that the most important part for selecting the best project is analyzing the pros and cons of every project, the risk associated with every project, benefits which could be derived from the available projects etc (Killen, Hunt & Kleinschmidt, 2008). It has been found that if the every risk and profit associated with a project is identified in an effective manner than it becomes easy for the managers and the company to manage the best project. Additionally, it has been found that while choosing the best portfolio through many techniques, company and managers are required to analyze other related aspects and factors which could help the organization to manage the portfolio in a better manner.
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