Advantages of Project Portfolio Management

Table of Contents
Background:.............................................................................................................................1
Introduction..............................................................................................................................2
Future plans of ABC............................................................................................................2
Targets to be achieved.....................................................................................................2
Project Portfolio Management................................................................................................3
Advantages of Project Portfolio Management..................................................................3
PPM Implementation Plan:.....................................................................................................4
SWOT Analysis:.......................................................................................................................5
Project Priority:.......................................................................................................................6
Change management models...................................................................................................8
Kubler Ross Change Curve:...............................................................................................8
The ADKAR Model:........................................................................................................8
Conclusion:...............................................................................................................................9
References...............................................................................................................................10

Background:
AusBioCon Company (ABC) is a Canberra-based Australian biotechnology ASX listed
organization established in 2010 by three Australian atomic science PhD holders. The
organization has had some expertise in Bio-Technology, and their emphasis is on DNA
Studies of Human genomes and attempting to discover different measures for relieving
medical issues through Genetical examinations. The organization's vision is to be the main
Australian biotechnology addressing and upholding the worldwide everyday routine sciences
economy and change experiences for great, and the mission is to save lives and work on life
quality satisfaction through human genomics (chart 2). In 2020, ABC was expected to
generate operating revenues of approximately $15 million and also the company is looking to
issue an initial public offering (IPO) in the next few years. The Main Principles of the
company are product innovation, technical excellence and customer focus.
Clients can browse an assortment of items and services, including actual testing packs and
software programs. ABC’s has AusBio Reagents (chart 1), which provides several reagents
needed to prepare the samples before loading them using the arrays and BioInfoTech (chart
1), an IT Development division responsible for software application development,
implementation, and customer support associated with the arrays. The primary programming
item, called AusBioTracker, permits clients to store, recover, download, transfer, report, and
track a lot of information identified with AusBioChip. The core values of the organization are
item development, specialized greatness, and client centre. The organization offers different
items and administrations to its clients, from actual testing packs to programming programs.
They sell reagents units created by its division AusBio Reagents and programming
applications, advancement, and client assistance to help its items, AusBioTracker and
AusBioChip.Those products have been working well for the company and a plan to develop
such products have been put in place to be studied (Portfolio Management Case Study, 2021).

Introduction
Future plans of ABC
In the gathering led by the leader group of ABC, the primary spotlight is on its centre
capability including item developments in microarray innovation, key associations with flow
and new outsider sequencer creators, and consistent combination of its items with sequencers.
As the company is issuing IPOs, some prospective acquirers had contacted ABC's owners,
who are still interested in an IPO. To achieve its vision and mission (chart 2), the team
identifies SWOT analysis (figure 1), a part of strategic planning.
Targets to be achieved
1. Expand revenue streams through new product development and entry into emerging
markets.
2. Increase customer satisfaction.
3. Improve current business processes.
4. Enhance the skills of project and product managers.
Before describing the PPM approach, we must understand the meaning of Project,
Programme and Portfolio.
A project is a short-term task that a company or organisation undertakes (such as creating a
new product, service, or result). A project is a small component of a more extensive
programme or portfolio managed to achieve a common goal. It is called a closed dynamic
system since it has a lifecycle with a defined start and end. It is constrained by time,
resources, and expected results.
A program is a collection of similar or related projects and is frequently handled and
coordinated as a group rather than individually (The Standard for Program Management,
2013). Programs are subprograms, projects, or other activities managed in a coordinated
manner in support of the portfolio and are organised inside a portfolio. Because programmes
are so large, they must be divided into smaller pieces (projects or subprograms) to disperse
responsibilities and make work easier (The Relationship Between Portfolios, Programs, and
Projects -Explained!, n.d.).
A portfolio, according to the (A Guide to the Project Management Body of Knowledge
(Pmbok® Guide), 2017), is a collection of projects, programmes, sub-portfolios, and
operations that are managed as a group to meet strategic goals. A portfolio manager is in
charge of both projects and programmes in a portfolio. The portfolio is derived directly from
the organisation's strategic business plan. The portfolio level makes significant decisions such
as investing.

The classification of ABC’s portfolio, program and project is highlighted in the below chart
3:
Chart 3 portfolio, program and projects
Project Portfolio Management
PPM is a valuable way to implement various organisational strategies and effectively manage
projects in large and interconnected projects. Project portfolio management (PPM) is an
approach for evaluating possible projects based on their likelihood of success and hazards
and then allocating employees, resources, and timeframes to maximise organisational
performance. A project portfolio management plan lays the groundwork for profitable and
strategically linked initiatives and effective resource management (The Standard for Portfolio
Management, 2013). It provides numerous advantages to managers and businesses by
increasing overall efficiency(Deshmukh & Mohan, 2021).
Advantages of Project Portfolio Management
Align project objectives with the company's overall strategy.
The process for selecting projects has been improved.
Decision-making that is based on facts and informed.
Optimal resource utilisation across the organisation
Complete projects on time and within budget.
Enhance team collaboration to increase productivity.
Decreased organisational risk and maximise the value of project investments.
Increase Return on Investment.