Management
THE ROLE OF PROJECT PORTFOLIO MANAGEMENT IN INCREASING THE EFFECTIVENESS OF A PROJECT PORTFOLIO
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THE ROLE OF PROJECT PORTFOLIO MANAGEMENT IN INCREASING THE EFFECTIVENESS OF A PROJECT PORTFOLIO
Introduction
The issue of whether project managers should adopt project portfolio management in the management of multiple projects or not has raised a lot of debates in organizations. It is evident that project managers find it difficult to manage multiple projects on their own without the help of project portfolio management which provides the capacity needed to effectively handle multiple projects. Some company executives insist that portfolio managers are not necessary and yet this not the case. Companies initiate multiple projects each and every day with high performance standards. Project managers do not have the capacity to coordinate and control multiple projects in a project portfolio without the help of project portfolio management (Mahajan 2009, p. 78). Project portfolio management is a new concept in project management that is yet to fully explored and utilized by many organizations. The effectiveness of a project portfolio can not be achieved without the expertise of a portfolio manager. The effectiveness of a project portfolio is very vital when an organization wants to meet its organizational and financial goals (Mahajan 2009, p. 134). Some project managers feel that their job is threatened with the introduction of project portfolio management. This is not the case because project portfolio management is only meant to complement the work of a project manager. This position paper will discuss why it is necessary for an organization to adopt project portfolio management when handling multiple projects. Project portfolio management plays a critical role in increasing the efficiency of a project portfolio.
Background Information It is important to first of all have some background information about project portfolio management
Name
Institution
Date
THE ROLE OF PROJECT PORTFOLIO MANAGEMENT IN INCREASING THE EFFECTIVENESS OF A PROJECT PORTFOLIO
Introduction
The issue of whether project managers should adopt project portfolio management in the management of multiple projects or not has raised a lot of debates in organizations. It is evident that project managers find it difficult to manage multiple projects on their own without the help of project portfolio management which provides the capacity needed to effectively handle multiple projects. Some company executives insist that portfolio managers are not necessary and yet this not the case. Companies initiate multiple projects each and every day with high performance standards. Project managers do not have the capacity to coordinate and control multiple projects in a project portfolio without the help of project portfolio management (Mahajan 2009, p. 78). Project portfolio management is a new concept in project management that is yet to fully explored and utilized by many organizations. The effectiveness of a project portfolio can not be achieved without the expertise of a portfolio manager. The effectiveness of a project portfolio is very vital when an organization wants to meet its organizational and financial goals (Mahajan 2009, p. 134). Some project managers feel that their job is threatened with the introduction of project portfolio management. This is not the case because project portfolio management is only meant to complement the work of a project manager. This position paper will discuss why it is necessary for an organization to adopt project portfolio management when handling multiple projects. Project portfolio management plays a critical role in increasing the efficiency of a project portfolio.
Background Information It is important to first of all have some background information about project portfolio management
References: Brentani, C 2006, Portfolio management in practice, Butterworth-Heinemann, London. Brunel, J 2006, Integrated wealth management: The new direction for portfolio managers, Euromoney Books, London. Grobys, K 2009, Portfolio management, Books on Demand, New York. Ibrahim, N 2011, Project portfolio management in philanthropic organizations, GRIN Verlag, New York Kevin, S 2006, Portfolio management, PHI Learning Pvt. Ltd., New York. Levin, G 2010, Interpersonal skills for portfolio, program, and project managers, Management Concepts Incorporated, London. Mahajan, A 2009, Portfolio Management: Theoretical and empirical studies, Global Indian Publications, New Delhi. Moore, S 2009, Strategic project portfolio management: Enabling a productive organization, John Wiley and Sons, New York. Morris, P 2010, The Wiley guide to project, program, and portfolio management, John Wiley and Sons, New York. Rad, P 2006, Project portfolio management: Tools and techniques, www.iil.com/Publishing, New York.