PPMP20013 - Project Management for Operators of Large Assets: Consolidated Portfolios

PPMP20013 - PROJECT MANAGEMENT
FOR OPERATORS OF LARGE ASSETS
Consolidated Portfolios
1

Table of Contents
1. Introduction..................................................................................................................................3
2. Course Learning Outcomes.........................................................................................................4
LO 1: Review using clear terminology the key areas and processes of project, program and
portfolio management practices as applies to asset rich organisations........................................4
LO 2: Discuss the relevance of tools and techniques for investigating and describing project
process related to developing new workings, facilities, equipment, plant and processes for
justifying, designing, developing, or maintaining existing facilities and equipment within the
context of their technological and asset lifecycle status..............................................................5
LO 3: Present and interpret major processes that are based on sound policy, information, and
research that enable project justification, tenders, contracts, and selection criteria to occur in
an asset-rich organisation............................................................................................................7
LO 4: Critically analyse management strategies and operational activities from a broad
perspective to ensure safety and quality, to avoid overruns or rework, to manage variations and
claims, and to make decisions to discontinue or close projects...................................................8
LO 5: Demonstrate an effective, professional level of teamwork and communication and
support collaborative peer group learning...................................................................................9
3. Discussion and Conclusion........................................................................................................11
4. References..................................................................................................................................13
5. Appendices................................................................................................................................14
2

1. Introduction
Project Management (PM) is processed to attain predetermined objectives by appropriate
methods, information, process, skills and experience. It has significance in the enhancement of
project process according to the determined targets. An asset rich organisation which contains
different resources and an asset to accomplish the project needs have a huge need for PM
application.PM mainly effects on the operations and activities which helps to the organisation to
attain determined objectives by their combined efforts. PM is also supported to engage
stakeholders, resources and machinery in the attainment of the project objectives. This
consolidated project is focused to provide summary and information of weekly portfolios and it
also contains the previous portfolios in the appendices attached in the last of the consolidated
portfolio. This consolidated portfolio will provide the summarised information of each learning
outcome based on the weekly portfolio. It will contain five learning outcomes and each one will
provide summary and evidence based on previously done weekly portfolios.
3

2. Course Learning Outcomes
LO 1: Review using clear terminology the key areas and processes of project,
program and portfolio management practices as applies to asset rich organisations.
It is essential for the project, program and portfolio manager to use effective and appropriate
terminologies to apply in the PM. This learning outcome is based on the clear terminology of the
key processes and areas which can be applied to the project, portfolio and program management
by an asset rich organisation. Asset rich organisation has enough resources, experience and skills
to develop and execute a project.Resource management is significant in all phase of the project
management process which helps to execute activities in a better manner and also to attain
objectives.
Summary
PM is based upon different process aligned to generate a proposed outcome according project
objectives. PM contains a specific process has five phases which is used in the betterment of the
project outcomes according to the project objectives. Initiation is the first phase of management
of project which is based on the development of the objectives and their documentation. It is
done by the project manager with the help of the program and portfolio managers to develop
different documents regarding to the project to get approval on the project by the board of
directors of the asset rich organisation (Kerzner and Kerzner, 2017). All of the process regarding
to the initial documentation are done under this phase to take approval and move forward to
further process.Planning is related to the development of PMP (Project management plan) which
provide guidelines for financial, human, machinery, cost, time, communication and risk
assessment and management. This project plan is also approved by the board of directors after
which it comes in work and progress. Execution is the third phase of the PM process in which
different activities based and designed according to the project objectives and planning executed
to develop project outcomes. It is most significant process of the PM which is based on the skills
and expertise. It contains higher involvement of project, program and portfolio managers to
implement different activities. Many loopholes and issues are becomes in this phase which are
4