PM REPORT FINAL (4).docx - Abstract Project portfolio...

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Abstract Project portfolio management indicates in doing right project at the right time. In this regard, effective managers have critical role that requires technical skills to control time, cost, performance and work effectively with people to get the best outcome. This paper argues that project portfolio management help project managers to select the suitable projects through process of selecting and managing project portfolio’s investment for doing right project at the time. Meanwhile, project managers use available resources effectively and efficiently through maximizing resources, budget, time and performance. Introduction Project portfolio management is primarily different than project and program management. Whereas, project and program management indicated its focus on execution and delivery of doing projects in right manners while project and portfolio management focuses on doing right projects at the right time through selecting and managing project portfolio’s investments. Project portfolio management does require different perspectives of tools and techniques for project execution and delivery. Good portfolio management increased business value and wealth through strategic direction of project portfolio within an organization. Organization make the best use of limited resources, synergies of project, time, cost, performance, budget and risk. Having all these factors project managers analyses all these factors to select projects that’s align with organization’s strategy. In some cases organization often do poor portfolio management which leads to project failure to deliver strategic results and poor project selection. Project portfolio management is basically the practice of interconnected different project strategies at a time in order to use organization’s resources to achieve organization strategic and financial objectives. Project managers need to look at a bigger framework for suitable and better selection of projects which will be more effective for organization resources to use. The selected project is then hand over to project management office where project managers are responsible for
planning and execution of projects. Meeting client expectations through organization resources, time, budget, performance and quality for selected projects are the primary responsibility of project managers. Project portfolio management is the basic solution to organization for selecting best projects to take on. Mostly organization run multi projects at a time which is difficult to keep all project tracks smoothly. Project portfolio management in these situations help organization to stay on track and chose best mix of suitable projects by weighting them one another in order to meet organization short and long term strategic and financial objectives and goals. Project portfolio management helps the organization between planning and execution process of projects. Whereas, project managers ensure that

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