Project Portfolio Management Planning 2022

PROJECT PORTFOLIO MANAGEMENT PLANNING
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Project management
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Abstract
Project management is a common practice that has been adopted to control the activities
in a project. On the other hand, project portfolio management is a practice that has been adopted
by organizations to monitor different projects that a company is undertaking. Since Flowserve is
a multinational company that undertakes multiple projects, it would benefit from adopting
project portfolio management. It would have a better allocation of resources and ensuring
efficiency in the completion of the projects. However, regardless of the benefits of adopting a
project portfolio, the company would face some challenges such as; setting priorities on which
projects to first undertake. For the implementation of a project portfolio to be effective, the
company has to ensure it has adequate resources and the right personnel. Additionally, some
different tools and techniques are used to manage the project portfolio. The most common are
analytical tools used to measure the performance of a project.

Project management
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Introduction
Project management has become a common practice in most organizations today. It is a
practice that plans, executes, and controls the activities of a team in achieving specific goals to
an organization within a specified time(Morris & Pinto, 2010) . Most organizations have adopted
project management practices to help in effectively managing their projects as it helps identify
and resolve problems quickly. Additionally, it helps the organization gain a different perspective
of the project and how it fits in the strategy of the organization. In return, the organization can
prioritize its resources and ensure efficiency in achieving their goals. Another benefit of project
management to the organization is that it can schedule and budget for costs and resources
accurately from the start of the project. However, most organizations fail to meet their project
goals due to the constraints given.
Organizations have different projects that are running simultaneously in the organization under
different project managers. These create a problem of how to assign resources to different
projects. For this reason, organizations have adopted Project Portfolio Management (PPM),
which is a centralized form of management for all the organization's projects. Although most
projects are not related to one another, they are managed under one portfolio. As shown in a
study by Inc (2011), project portfolio management provides oversight to all the projects of an
organization and manages the resources of the different projects. PPM ensures that the
organization's projects are started and done at the right time to maximize the investments made
by the organization.
Portfolio management identifies potential projects to an organization and approves them
depending on the resources and time available to undertake the projects. They then assign project
managers to the approved projects. In approving these projects, PPM ensures that they are in line

Project management
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with the overall strategies and goals of the organization. Hence, PPM controls and monitors the
different projects in their cycle to ensure they are in line with the organization's goals and
strategies. Additionally, PPM may allocate more resources to a project during its cycle if the
budgeted resources prove to be insufficient. Most of the projects initiated by an organization are
aimed at bringing change to the organization. Therefore, change management is vital to the
organization in ensuring the change brought about by the different projects is well accepted
(Spivak, 2019). This is done by the project management office which handles all activities
related to project portfolio management.
Evaluation of project portfolio management in Flowserve company.
Flowserve is a multinational company that deals in the supply of industrial and
environmental machinery. It is a company that has several branches all over the world. It
undertakes a lot of projects internally which are aimed at ensuring their product growth.
Additionally, the company is also subcontracted to carry out other projects by different countries
and companies. Due to the large number of projects undertaken by the company, introducing
project portfolio management in the company will be an effective strategy to help the company
monitor its projects. Additionally, the projects undertaken by the company vary as they are both
internally and contracts from other companies. Therefore, PPM will be effective in ensuring the
company meets the different needs of the projects. In a study by Martinsuo & Killen (2014), it
showed that a company that undertakes a lot of different projects will benefit from project
portfolio management in that it will access the value of the different projects. Additionally, it
will help create a competitive advantage for the company.
Currently, Flowserve has not adopted project portfolio management in managing its projects. It
manages its operations by hiring project managers to undertake the different projects it