Sustainability in Project Portfolio and Program Management

Contents

Introduction.

Situational context

Portfolio Assessment

Portfolio Management

Maturity Level

Company Traditions.

Conclusion and Recommendation.

References.

Introduction to Portfolio Management Implementation Report

This paper was published in the context of the acceptance of the plan for project portfolio management and improvements to the existing PPM of the National Project & Maintenance (NPM). As such, the study has the following objectives: to evaluate the company's status, to execute a critical evaluation of the NPM Portfolio, to examine the company's maturity level, and to assess the company's NPM community. Based on the research of the report important recommendations are also cited below in the report.

Situational Context

NPM is a business that has focused hard on sales. It can be seen from this practice that the organisation has invested in sales-related programs. However, this operation may be brought into question as a result of a variety of concerns from separate consumers. E.g. NPM has received an offer to build new workplaces in Bupa, Queen Street, Brisbane. The task was finished on schedule,but, a major part of the workers protested that their officeholders were limited and had no outside viewing windows. The fact that you are providing projects to unhappy customers suggests an inadequate understanding of project preparation (Hunt, 2008).

In terms of improving NPM capability, it can be seen that the organisation has increased its capacity as NPM has grown, handled, and delivered large projects over the last five years. This shows the power of the organisation, and it also shows that NPM uses its capital well. Growing the money for jobs is a special talent of the portfolio manager (Kodukula, 2014).

Turning to NPM and the implementation of the project, it is clear that the organisation is facing difficulties in reaching the milestones of the programs. Campbell defines the execution of the project as the performance of all projects and events planned in the project schedule. Issues in the execution of the NPM project are related to a number of causes (Campbell, 2010).

Having said that, it is very interesting that the company is willing to supports all the improvements suggested in the new PPM. As there has been a heavy presence of employees since the launch of the new PPM, it can be assumed that the corporation will take a long time to embrace the move. It is very important to prepare and execute plans to reassure staff of the advantages that the new PPM will offer to the business if they support the move. (The Hubbard, 2007) Mention that when workers hear a change of name in their office, they frequently challenge it as a natural defensive response.

While some employees object to the move, the NPM COE Board acknowledges the advantages of the new PPM. This indicates that the organisation understands the advantages of the changes; it is time to give workers a new PPM. Employee participation by transition can be much more complicated than coping with corporate risk (Lock, 2013).

Portfolio Assessment

The flow chart below represents the new model of the NPM PPM model. It is evident from this map that the organisation measures the portfolio of the whole project by evaluating the success of the project during the implementation process. In addition, the NPM tests the effectiveness of strategies to decide if the PPM requires adjustment, and finally, the NPM gears improvements to its PPM when necessary. Creation of PPM model is easy and simple job but the most challenging part of which is to choose and use a model that permits accurate measurement of PPM output (Perry, 2011).

In the case of Mark Thompson, the NPM portfolio manager is required to use the new PPM test method for the following reasons: First, Thompson points out that, through the testing process, the organisation will soon assess the efficiency of the project in order to enforce remedial steps. The second explanation is linked to the advantages. Thompson says that NPM testing will see if the current PPM provides the anticipated benefits of the projects undertaken. Third, Thompsons, to find that out

This test method helps the NPM to make improvements to the PPM in order to further enhance the results of potential projects. If you know what to do with the result then all the methods are available to test PPM (Parente, 2013).

If the present test method were to run in a universal context, NPM will face difficulties. For example, there can be no reliable PPM test result with the current test method. However, the management of the global environmental portfolio requires the engagement of all stakeholders. In most situations, workers do not work on the same plan. In other words, because of factors such as shifts in times and locations, workers are not able to provide information on the execution of programs at the same time, it can also be difficult to achieve a direct result of a universalvaluation.

The benefits of using portfolio assessment

  1. Portfolio assessment shows the learning of a student over the course of time rather than what the student have learned on that particular day.
  2. Portfolio assessment helps the student to know about their learning which helps them in self-assessment.
  3. It helps in having deeper understanding of the concept which is more than simple surface explanation.
  4. It requires high level of personal interaction between teacher and student.

The cons of using portfolio assessment

  1. Its time consuming process as development and assessment is lengthy process.
  2. It’s a demanding endeavor in which you can quickly fall behind.
  3. Portfolio assessment is very subjective in nature.
  4. Different student working on the same assessment can have different approach that is why leanings may not be considered same.

Portfolio Management

A portfolio consists of a series of initiatives and/or services used to develop and maintain funds at an organisational or institutional level to optimize strategic or operational benefits. They may be handled on a corporate or institutional basis.

Where initiatives and services rely on production utilization, as well as on performance and advantages, roles serve as liaison mechanisms that facilitate implementation by maintaining resource goals that are consistent with corporate objectives and generate maximum value.

The procedurewhich NPM undertakes to confirm that corporate assignments are consistent with its planned objective is to: review presentprojects and prospective assignments, establish a strategic method to job classification, and line up projects with the strategic goals of the NPM strategy. The portfolio of projects will flop or thrive; depending on its information and proficiency in projects relevant to business objectives; (Englund, 2006).

NPM uses Monday.com as its Project Management Office in common practice and growing project performance rates. This tool has been excellent as it helps you to monitor and assess the progress of projects and main accomplishments. In addition, whatever its positive impact, NPM's issues with project execution today are related to personnel shortages, something that software cannot calculate in time. Today, the latest trend of using the Project Management Office can be seen as a great acquaintance of the Portfolio Manager (Miranda, 2003).

With regard to quality tools and quantities, NPM uses the following tools to monitor its portfolio of operations and performance:

  • The NPM estimate the number of projects supplied every six months
  • The NPM compares the final output of the projects delivered to the quality criteria.

Both of these approaches have been useful in assessing the success of the business. In other words, they are used as KPIs. The number of projects delivered over time is a simple way for project managers to assess the success of portfolio management (Brink, 2012).

Maturity Level

Looking at the portfolio of the NPM portfolio, I would claim that the business is at a mature stage referredto asvalue management. I believe that this in accordance with what (Jordan, 2013) says about businesses refining their Received Value Management systems. This is the case with NPM, an agency that aims to boost its existing output of the PPM.

At the current level of NPM maturity, I think PRINCE2 is the best way to help grow a company, considering that this model might lead NPM to concentrate more on business optimization. Yeah, this model allows project managers to know about the current state of the project and what the project is going to do.In other words, this approach forecasts future project results and thus increases the PPM. In addition, PRINCE2 can be used at any point of the project to assess its efficacy and to determine if the project needs to be modified. As far as funding for this change is concerned, it is important to take permission and approval of alteration by the CEO of NPM. With their authorization, I will be able to clarify this strategy to the general staff in order to find their willingness to alteration.

Company Traditions

The thing that distinguishes one business from another is the people and activities that you do together. When you're having fun, rewarding stuff as a company, it's awesome. And when things are different from your business, I think they have a lot of control. As a different outfit, the difference underlines that you are part of a squad. No one wears a Yankee pinstripe on a diamond because you are a Yankee. And when you are part of a collective, you feel like you're at a crossroads. This enhances more honesty than oily payment and drives you ahead as you face difficulties. That's why it's so important to integrate a team concept.

NPM pays special consideration in developing the culture and beliefs and makes it essential for front-runners and employees. The available template helps the company to achieve continuous success. The NPM believes in making the life of the customer easy and happy and the environment under which the employee works is beautiful. It is not necessary to include the new employee in order to improve the existing culture of the company.The tradition of company plays important role in any organisation or corporation in holding the employees and giving them better work environment. This is important to understand that any change in the management plans for the project portfolio management process will make the stakeholders react in different ways. There is a risk, for example, that the technical manager would not be satisfied with the use of the new Project Management Office. On the contrary, the use of a new PMO can be of great benefit to accountants.

Present organizational cultural factors that can contribute to the management of the assignment portfolio and its sustainability process are the present goals, visions, and values of NPM. The main motive of the company is to get in touch with more and more customers, the introduction of the new PPM would be in line with this objective, provided that lots of projects will be supplied. The idea or the vision of the business is also in line with the improvements in the existing PPM. Since it is the most important construction company in Australia, it is important to have more effective PPM.Lastly, I think that there are tasks in making portfolio management and sustainability appropriate to the business. The question is: have an argument with the workers to consider a move to the existing PPM. Fix possible project delays as NPM personnel and teams adapt to the new framework.

Conclusion and Recommendation on Portfolio Management Implementation Report

It is obvious, after reviewing the present PPM of NPM, that even though the business is doing well, it is significant to make developments to the PPM. I conclude this on the basis of customer grievances, risk management, and the need for timely project projects. In view of my conclusion, it is vital to focus my commendations with a view to improving the current NPM PPM. There are the following:

  1. Senior Management Training-By enhancing the reading and intellectual capacity of portfolio managers by a very uncommon level, NPM could be on target. This gives senior management the power to ensure that the practices are checked and enforced. In the end, NPM will concentrate on disseminating knowledge to the association by leveraging all of the portfolio benefits of managers; everyone involved should have a fair understanding of the mechanism, how it works and why it is relevant. Research has also shown, it is real, that 89% of highly effective companies, pioneers, and employees are educated in processes and procedures that are aligned with the portfolio of the board. Again, the percentage is just 25% if there should be an appearance of disrespectful connections.
  2. Establish a culture of portfolio management planning-In in order to place emphasis on portfolio managers, the process itself must be deeply ingrained and consistent across the company. This will include officials demonstrating their portfolio assistance to the Board in the form of speculation and correspondence.
  3. Set aside portfolio asset management-The enhancement of your portfolio managers would also require the provision of oppressive arrangements for approved properties. NPM should leave it to the experts, but make sure that the company places money at the right level.
  4. Using relevant techniques and equipment -Organization; it can be much easier to manage a rough line with the use of the right apparatus and portfolio activities. Using the portfolio board and application system without the special tools of an active management process. In addition, NPM will also need to build more activities to achieve its main objectives. Putting a portfolio in management positions is a basic basis for enhancing the efficiency of the association.
  5. Develop a sophisticated approach-Ensuring the happiness and fulfillment of your portfolio managers, planning to create a fair and reasonable framework as your mandated portfolio and goal-setting objectives. It's exciting; the whole team works well with portfolio managers, so they have a high understanding of the priorities and weaknesses of the job.

References for Portfolio Management Implementation Report

Brink,J. V.(2012).SustainabilityinProjectManagement.NewYork:Routledge.

Campbell,C.(2010).Theone-pageprojectmanagerforexecution:drivestrategy&solveproblemswithasingle sheetof paper.Hoboken,N.J:Wiley.

Englund, R. L. (2006). Project sponsorship: achieving management commitment for projectsuccess.SanFrancisco:Jossey-Bass.

Hubbard, D. (2007). The power of enterprise-wide project management. New York:AmericanManagementAssociationInternational.

Hunt, R. (2008). Best practice project portfolio management. Emerald Publishing Limited:New York.

Jordan, A. (2013). Risk management for project driven organization: a strategic guide toportfolio,program andPMOsuccess.J.RossPublishing:London.

Kodukula, P.(2014). Organizationalprojectportfoliomanagement:apractitioner'sguide. London:J.RossPublishing.

Lock,D.(2013).Projectmanagement.Burlington:VT:Gower.

Miranda, E. (2003). Running the successful hi-tech project office. Boston: Artech House, Inc.Parente,D.H.(2013). Project StrategyandStrategicPortfolioManagement:aPrimer.New York:BusinessExpertPress.

Perry, M. P. (2011). Business driven project portfolio management: conquering the top 10risksthatthreatensuccess.NewYork:J.Ross Publishing.

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