Sustainability in Project Portfolio Management

This report discusses the importance of project portfolio management in achieving sustainability goals. It provides an overview of Woolworths Group's current project management strategies, opportunities and threats, and key tools and techniques used. The report also covers the challenges faced by organizations in implementing project portfolio management and suggests ways to overcome them.

Running head - SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
Sustainability in project portfolio management
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Author’s note

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Introduction
Woolworths group have been on the most prominent organization in the Australian
market. It have retail shops and markets all over Australia and New Zealand. It have been
generating great amount of revenue and providing customers satisfaction. It provides retail
products to their customers in a valuable price (Kaiser, El Arbi & Ahlemann, 2015). In
addition to the Australian market, it have been the second largest company at Australia in
terms of revenue. In the recent days, there have been some of the factor which have affected
the operation of the organization. Thus, the organization have been taking in the
consideration of project portfolio (Costantino, Di Gravio & Nonino, 2015). The decision have
been made in order to make certain changes in the strategies and making clear advancement
in the success of the project. The management would be helping the organization in achieving
sustainability goals. The following repost would be discussing about the various factors like
introduction of portfolio management, how organization currently manages the project, scope
of improvement, opportunities and threats of project portfolio management, development of
plan and the key tools and techniques used in developing the project portfolio management.
Discussion
Project portfolio management (PPM) may be a strategic alignment method by that AN
organization’s comes are evaluated to spot the aim, fit, and edges as they relate to company
goals (Kopmann et al. 2017). Projects will then be sorted into programs supported
connectedness and similarities. All programs and their several comes ought to then represent
a portfolio strategy undertaken by the project management workplace (PMO) to fulfill overall
company objectives. As such, PPM isn't simply a method for orienting comes with strategy,
however additionally for orienting project policies and processes with structure objectives
(Jenner, 2016).

2SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
The main purpose of project portfolio management is to provide strategic alignment in
the process of making organizational projects more evaluating (Lock & Wagner, 2018). This
is done for the identification of the purpose of applying the program. All the projects taken up
by the organization could be stated into program, on the basis of relevance and the
similarities that immerge among the project. These programs would be in respect to portfolio
strategy, which will be undertaken by the office who is being appointed for the project
management control. It would be job of the project management control officer for seeing
that all the project objectives are meet overall by the company (Muller, 2017). The process of
project portfolio management is not just a simple process of aligning the projects with the
application of strategy, it also overview upon the fact that the aligning of the project is done
on the bases of similar policies and process with respect to the organizational objectives.
Currently, Woolworths group have been implementing strategic approaches in
completing and managing their projects. It would be helpful in maintaining all their projects
on the basis of their project discussion factors and analysis of the project scopes. There are
various factors on which managing of any project depends. Some of the basis scope of
managing a project are initiating the project process, planning the project process, execution
of the planned process, managing the project and finally closure of project (Lo et al. 2019).
Before any initiation of any project that is being conducted by Woolworths group, it is first
estimated that the scope of the project is well defined, how the project would be helping in
near future and how accomplishment would be established. Without proper definition of the
scope of the project, it would be harmful for the finding the cause of the project and how it
would be benefiting the organization. It is crucial to understand the future traits of the project
and how it would be helping the organization on overall basis (Stettina & Hörz, 2015).
Woolworths also determines the available resources that they have at their possession for
completion of the project. With the help of proper equipment and funds, it would be quite

3SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
easy for the organization to set up a project. However, without proper knowledge of the
resources in hand would be catastrophic because the employees would not be having proper
instruction of spending what resources on which factor, thus making the project faulty. It is
also important that the timeline of the project is well defined to all the employees that are in
the project initiation (Schwalbe, 2015). With the development of the project plan,
Woolworths group sketches out the timeline of the project and forwards it to their employees.
It helps them in understanding when the project is to and when the closure of the project is to
be done. The timeline of the project will be helping the employees of Woolworth in tracking
down all the feasible steps of the project, right from project initiation to project closure.
Therefore, it would be beneficial for comparing with the actual and the determined
hypothetical timeline created by the organization in finishing the project (Vukomanović,
Young & Huynink, 2016).
After the analysis of the project timeline, the next part of the project managing
conducted by Woolworths Group would be assembling the correct team for the completing
the proposed project. After that, detail work is done of the project initiation and project
planning, which helps in developing preliminary plan for the project execution. In essence to
that, project baseline is created and adjustment to the project is being requested to the apex
level management of Woolworths Group (Kock, A., Heising & Gemünden, 2015). Thus, after
the completion of all the initial stages, documentation and final monitoring is being carried
out by the project managers at Woolworths Group.
With the certain project managing at the organization, it could be said that the
organization could use some improvements at their methods. With the help of project
portfolio management, Woolworths would be developing strategies which will initially
helping them in making certain changes at their project managing plans.

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The organization is said to be incorporating sustainability at their business.
Woolworths try to maintain sustainable market with their application of managing their
business among the potential competitors. With respect to social equity, Woolworths Group
have been trying to incorporate sustainable aspects with their business, both in Australia and
New Zealand. The social culture and way down of something could have been acting as a
source of impacting the culture of an organization in an environment ((Kock, A., Heising &
Gemünden, 2015). With the help of shared beliefs and attitude of the population, it have been
playing a great role for the marketers at Woolworths. They would be understanding the fact
that customers of the given market and design marketing will be associating further cause to
the social stigma affecting the sustainability of the organization. Demographic and skill level
population have been showing some of the major change aspect for Woolworths Group. It
would be implementing the fact that employees with skill sets will be helping in producing
sustainable market for the organization (Schwalbe, 2015). Other social factors like class
structure hierarchy and power structure in the society will be creating sustainable factor for
the organization. Leisure interest will be also helping in making sustainability of the market.
The macro environment factors like inflation rate, savings rate and interest rate
describes the economy of the organization. It would be creating norms for impacting to the
competitive factors of the organization, which is based on the economical factors (Muller,
2017). Other economic factor which would be currently describing the sustainability of the
Woolworths are – types of economic system in the country where the organization have been
operating, the government intervention for free market related to other organizations, the rate
of exchange and the stability of the host country, infrastructure of the quality of product in
the retail industry and education of economy.
With respect to the environmental aspects, there have been various norms which
could be impacting the profit of an organization. In a country, sometimes, states can happen

5SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
to have different environmental laws and liability. Thus, it could be effecting the
organizational aspect of profitability, based on the various concepts of environmental factor
(Kaiser, El Arbi & Ahlemann, 2015). Some of the other environmental factor effecting
Woolworths operation would be weather, climate change, laws and regulation of
environmental pollution and recycling.
There could have been some scope in changing these factors in favor of the
organization (Costantino, Di Gravio & Nonino, 2015). It could only be achieved with the
application of project portfolio management. It would be helping Woolworths in setting up
the factors so that maximum sustainability could be achieved in the market.
With the application of project portfolio management, some of the key successful
components which would be helping the organization achieve maximum success. Selection of
the project would be one of the most prominent change the organization would be facing after
the application of the project portfolio management (Kaiser, El Arbi & Ahlemann, 2015). It
would be helping Woolworths in choosing the correct mode and correct aspect of any project.
It will be beneficial for the organization by selecting specific kinds of project selection
methods which would be initially helping Woolworths with the process. Project inventory
could be applied in the organization after the application of the project portfolio management.
It would be helping the organization with increasing sales, increasing efficiency and also
reducing expense steps for feasible and regulatory management, therefore, making the
process more creative and approachable.
Some of the key challenges that is need to be faced by any organization by implanting
the application of project portfolio management (Amaral & Araújo, 2017). Factors like
politics and culture, appropriate sponsorship, maturity of the project, commitment of the
management, pace of adoption and financial investments are some of the crucial factors that

6SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
could have been effecting the organization. These challenges are to be faced by the
organization in order to make Woolworths might be facing after the adoption of project
portfolio management process. Therefore, it should be kept in mod that these challenges are
likely to be faced and henceforth, should be overcome by Woolworths.
Some of the key elements of project portfolio are choosing the right question and
choosing the right tool of project portfolio management. These two factors are needed to be
asses carefully while applying project portfolio management on Woolworths(Costantino, Di
Gravio & Nonino, 2015). It is necessary to find the right tool for the implementation of the
tool over the organization. It would be the part of organization to sustain the support and the
strength of the people and the processes involved in it.
Unified portfolio management model could be applied on Woolworths. It could be
used as the model as four significant part, namely portfolio governance, portfolio
management, directing components and components management (Amaral & Araújo, 2017).
These four tools would be helping in analyzing the market status and could also channel the
market stability for forming various traits for Woolworths. The particular mode would be
helpful as it could be helping in making proper use of the project portfolio and its application
over the organization in collecting specific data related to market stability.
Some of the basic tools that could be used by any organization for implementing
project portfolio management over the organization are Wrike, Monday.Com, Project
Manager and Asana. For Woolworths the specific and the most suitable project portfolio
management toll would be the Project Manager (Meredith, Mantel Jr & Shafer, 2017). It
would be helping the organization in implementing the program more swiftly and analyzing
the factors of market more considerably.
Conclusion

7SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
Thus, the repost could be concluded by providing a deep analysis and overview of
project portfolio management and its application over the organizations. The repost provides
a brief concept of the chosen organization, modes of operation and the practice of business
operations. The report thus moves forward in describing the meaning of project portfolio and
its application. Afterwards, the report provides further details of the project and how the
program should be applied.

8SUSTAINABILITY IN PROJECT PORTFOLIO MANAGEMENT
References
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