Comprehensive Analysis of Project Portfolio Management Strategies

This project provides a comprehensive overview of project portfolio management (PPM), encompassing various techniques used to organize, analyze, and prioritize projects based on factors like finance, benefit, and growth. It delves into resource management, including human, financial, and equipment resources, and explores the roles of different stakeholders such as product managers and executives. Key terms like cross-functional and functional resource allocation, organizational management, and resource utilization are defined. The project outlines the PPM process, including identifying strategic objectives, analysis, alignment, and management steps. It also covers different organizational structures, product and service distinctions, strategic marketing objectives, and strategic human resource management. Furthermore, the project discusses coordination risk and the requirements for effective cross-organizational resource coordination. The project references books and journals to support the analysis.

Self-study note

Project portfolio management tend to comprises of the techniques which are used by an
organisation to have better viewing, organising as well as analysing of a current project. Beside
this, it has been also seen the project portfolio is also important and vital to effectively prioritise
the various project based on typical classification like finance, benefit and growth which provide
board perspective and deeper understanding to board of directors (Saiz and et. al., 2022). Further,
resources tend to includes and comprises of the factors which are required by a company to
effective carry out its business activities in order to accomplish and achieve the desired goals and
targets. It has been seen that the Human resource, financial resource, equipment and tools, land,
etc. are the key resources of every business organisation.
It has been seen and implicated that the portfolio resources tend to includes and
comprises of the human resources which are responsible for effective accomplishment and
undertaking of the programs and project within a firm. Along with it has been seen that various
parties and stakeholders tend to have a different role and use of portfolio as the product manager
is tend to track the product along with ensures the engineer coverage for each launch. While, on
the other hand the executives and leaders tend to have the role and responsibility of the
monitoring the project in order to ensure effective progress of the team and organisation. Apart
from this, it has been seen that there are various crucial terms that are used within the resource
management comprises of the Cross-functional resource allocation which represents a process of
assigning resources to the multiple functional teams within an organisation where each the
function is tend to working towards the same end goal (Mahmoudi, Abbasi and Deng, 2022).
Further, the meaning of the functional resource allocation comprises of the process of the
assigning of the resources within a single functional team. Beside this, the concept of the
Organisational management is tending to be related and associated with the practise of
controlling and allocating resources within the firm. Beside this, the concept of resource
utilisation is tending to be related and associated with the utilisation rate that is often used in
relation to an employee's time and also reflect that what period of time they spend on a particular
work in comparison to the entire amount of time allotted to accomplish a project.
Further, an implication and analysis about the project portfolio management process has
been also made the first step of which is consists of the identifying the strategic objectives of the
firm along with categorising the project and map the strategic goals. Apart this, the next step is
based on and comprises of the analysis step that includes the establishment of the metrics along
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with making summary of the project schedule, budget and other resource data. Further, the next
step of the project portfolio management process is tending to base on the alignment that
comprises of the align and includes the elimination of all set of redundancies. Along with this,
align step also includes of the setting of the priority along with balance resources and mitigate
risk based on identifying the model alternative (Song, 2022). Finally, the last step of the project
portfolio management process is tending to consists of the manage which includes the delays,
cancel as well as rescheduling of the project. Along with this, the making revision of the project
budget as well as the schedules and initiates a new project and launch the portfolio process has
been also lead out under this step.
The type of the organisational structure tends to includes and comprises of the hierarchal
structure, functional structure, divisional structure, matrix structure and flat organisational
structure. Further, Product is tending to consists of the tangible item that is being offered by an
organisation to satisfy the needs and wants of the customer while the services are tend to be
intangible set of activates that are undertaken by a form to meet the needs and wants of the
customers. Along with this, the strategic marketing objectives tend to comprises and includes of
the measurable set of goals which outline and reflects the end result of the marketing strategy
and planning of a firm the main purpose of which is to guide and direct the marketing efforts
towards the set milestones (Dalcher, 2022). The two marketing objective example tend to
includes of the having increase in the customer lifetime value along with focusing on increase in
the profitability level. Further, improving the awareness about the product along with having
positive product reviews are also vital strategic marketing objectives.
Further, it has been seen that the concept of the strategic human resource management is
tend to be associated with the developing of the improved staff abilities by the way of the
implementing and leading a specific human resource strategy. Thus, SHRM is required and
essential for both large as well as the small business as it supports better management and
revamping of human resource practices and polices within a firm. Along with this, it has been
also seen that various factors such as planning and staffing of workforce along with requirement
strategy, employee support services, executive leadership, remuneration and benefits,
professional development and training etc. are need to be considered and reviewed while leading
a portfolio strategy. Along with this, it has been also seen and implicating that coordination risk
comprises of the possibility that people fail to coordinate within each other are vital risk
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constructs that hampers the meeting of common goals and also deteriorating the situation at
workplace (Grillo, Alemany and Caldwell, 2022). Further, the key requirement at the time of
coordinating the cross organisational resource comprises of the Sound planning, Simplified
organisational structure, Communication, Effective leadership and supervision, Command
Structure, General staff and Coordination on a voluntary basis. Along with this, it has been also
analsysed that the Effective workforce planning is vital for every firm that tend to comprises of
the talent acquisition, recruitment as well as continuous development.
REFERENCES
Books and journal
Dalcher, D., 2022. Organising for Success in Project Portfolios, Initiatives and Strategies.
In Rethinking Project Management for A Dynamic and Digital World (pp. 144-161).
Routledge.
Grillo, H., Alemany, M.M.E. and Caldwell, E., 2022. Human resource allocation problem in the
Industry 4.0: A reference framework. Computers & Industrial Engineering, 169,
p.108110.
Mahmoudi, A., Abbasi, M. and Deng, X., 2022. A novel project portfolio selection framework
towards organizational resilience: robust ordinal priority approach. Expert Systems with
Applications, 188, p.116067.
Saiz, M. and et. al., 2022. A clustering‐based review on project portfolio optimization
methods. International Transactions in Operational Research, 29(1), pp.172-199.
Song, S., 2022. Cultural diversification, human resource-based coordination, and downside risks
of multinationality. Journal of Business Research, 142, pp.562-571.
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