Portfolio Management Standard Explained

This assignment explores the significance of portfolio information systems and programs within project management. It delves into the standard for portfolio management, citing sources like PMI 2013 and AXELOS 2011, to highlight the impact of effective portfolio management on project performance, stakeholder satisfaction, and organizational success. The paper emphasizes key aspects such as resource allocation, risk management, change management, and stakeholder engagement within the context of portfolio management.

Surname Weekly Portfolio
Weekly Portfolio
Student’s name
Course
University
Date
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Surname Weekly Portfolio
Weekly Portfolio Learning Table
Description of
topics including
reading samples
Learning outcomes of the course Learning from your experience, this
and prior unit reading, assignments
Supporting documentation including
your prior learning
Topic: Explaining
the standard for
portfolio
management
PMI 2013, Chapter
8
The paper explains the importance
of portfolio information systems and
programs in project management
The objective of this project is to
determine the significance of portfolio
information systems and programs,
especially when managing projects.
The project management applications
have proved critical for many project
managers in monitoring performance
thus respond to the emerging challenges
in the project (PMI 2013). The project
PMI 2013
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Surname Weekly Portfolio
Description of
topics including
reading samples
Learning outcomes of the course Learning from your experience, this
and prior unit reading, assignments
Supporting documentation including
your prior learning
PMI 2013, Chapter
7
manager should understand the
standards for managing projects.
Importantly, the manager is expected to
use various project management
programs including quality
management, financial management,
communications management,
procurement management, and resource
management (AXELOS 2011).
Similarly, the PM offers the project
managers opportunity to use scope
management, risk management, and
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AXELOS 2011
schedule management programs to
improve project management.
The project manager must consider the
needs of portfolio stakeholders
including internal and external
stakeholders. The influence of external
stakeholders including customers,
government, competitors, partners, and
shareholders can never be
underestimated. The internal
stakeholders including managers and
AXELOS 2011
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employees who engage in the operations
of the organization are also critical for
the success of the projects (AXELOS
2011). Proper management of projects
creates to maximize benefits.
Nonetheless, portfolio sponsors must
offer sufficient resources to facilitate the
project management. The project
manager must understand the
governance aspects of the project by
setting priorities and managing the
delivery of targets. The PMO should use
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the best management practices.
The PMI acknowledges critical
competency in conducting business
analysis. The organizational strategy and
project management related to the
business analysis. Importantly, the
project manager must consider
measuring project performance (PMI
2013). Performance monitoring
enhances change management because
the way a project manager manages
PMI 2013 a
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would depend on the circumstance. The
success of change is evident where the
project manager meets the target and
complies with the needs and
expectations of stakeholders. Without a
doubt, the stakeholders are concerned
with changes to projects because such
changes affect the project targets,
planning, and resources. It completes
affecting the variables instead of the
portfolio. Therefore, it is necessary to
monitor performance in time to avoid
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disrupting project implementation.
Bibliography
AXELOS 2011, Management of portfolios 2011 Edition. The Stationery Office, Norwich.
PMI 2013, The standard for program management -Third Edition. Project Management Institute, Newtown Square, PA.
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