PROJ6005 Sustainability In Project Portfolio And Program Management 3

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PROJ6005 Sustainability In Project Portfolio And Program Management 3

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PROJ6005 Sustainability In Project Portfolio And Program Management 3

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Course Code: PROJ6005
University: Laureate International Universities

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Country: United States

Question:

This assessment is designed to highlight the skills, methodologies, tools and techniques required in project selection and management of a portfolio in order for an organisation to meet its specific business objectives. As organisations become more multi-faceted, evaluating the performance of their project portfolios becomes more complex and new methods of evaluation must be developed to account for this complexity.
For face to face the facilitator will assign groups and topics which may include one of the following:

What is the difference between Project vs Portfolio Management Maturitylevels?
How can the implementation of PPM be executed as aproject?
How could a change manager be used for the implementation ofPPM?
What are some of the solutions to Benefits and Barriers outlined in the article “Investigating Association of Benefits and Barriers in Project Portfolio Management to ProjectSuccess”.
What are some of the different types and functions of aPMO?
How do principles of investment portfolio planning align with project portfolioplanning?
What are some of the Governance components in Project PortfolioManagement?
How does Project Portfolio Management contribute to OrganizationalAgility?

 
Answer:
Presentation on different types and function of a Portfolio Management Office
Project Management Office
PMO or Project Management Office is defined as a type of management structure which are useful in the standardization of the different processes of a project. The different aspects of PMO are facilitation of the sharing of resources, methodologies used in the project, tools and techniques used in the process. PMO is responsible for supporting of the project management supporting functions in a project (Wedekind & Philbin, 2018). The liaison of the portfolios between the organizations portfolio’s. measuring systems and the projects are done with the help of PMO. The working principal or the structure of the PMO depends upon the organizational goals and requirements.
 
The classification of the different types of PMO in an organization depends upon different aspects of the project which may include managing the projects, controlling of the project management methodologies, providing access to the lessens learned in the project, degree of control of the project, supplying templates for the projects, providing the best practice for the projects and providing training to all the concerned employees working or having an association with the project. The strategic objectives of the projects are considered by the PMO.
 
Types of PMO structures
There are three categories of Project Management followings:SupportiveDirectiveControlling
Supportive PMO
The primary objective of this category of the Project Management Organization  is to provide a consultative role to the project managers  so that they are able to tackle adverse situations  in the project.
The supply of the templates of the projects are done by the supportive PMO
The practices which will be the best for the conduction of the projects are stated by this unit of the PMO.
With the help of this unit of the PMO special training classes are conducted for the concerned employees so that they are ware of the difficulties faced in the projects and are ready to face them under any given circumstances.
The information and lessens learned in those sessions can be applied in all the similar type of projects. The degree of control provided by this unit of the PMO is LOW.
Directive PMO
Project Management is the key characteristic feature of this unit of the Project Management Office. The degree of control for this PMO is very HIGH.
Controlling PMO
Compliance in a project are given by this category of the Project Management. This unit of the PMO provides internal and external support to the projects. The different types of project management frameworks are considered in this segment of the PMO. The methodologies which are selected in the project are selected and analyzed in this phase of the Project Management Office with the help of specific templates and tools. Project governance plans are developed in this segment of the PMO. The degree of control provided by this category of the PMO is moderate.
Functions of a PMO
Management of the shared resources in all the modules of a project is the primary function of a PMO. Management of the compliance with the project management standards are the other function of a PMO.The identification of the effective project management methodology is the managed with the help of PMO.Over sighting, mentoring the project managers and providing project management training are the secondary objectives of a PMO.Development of the project management strategies and policies falls under the category of PMO.Selection of the project procedure is also included among the major tasks of a PMO.Management of the assets of a project falls under the category of the PMO.The PMO is also responsible for the effective communication process between the internal and the external stakeholders associated with the project
Benefits of Project Management
Increase on productivity of the project
Reduction in project failures
Efficient project scheduling (Kerzner & Kerzner, 2017)
Increase in cost savings of the project
Increase in efficiency of the project
 
Reference
Kerzner, H., & Kerzner, H. R. (2017). Project management: a     systems approach to planning, scheduling, and     controlling. John     Wiley & Sons.Wedekind, G. K., & Philbin, S. P. (2018). Research and Grant     Management: The Role of the Project Management     Office     (PMO) in a European Research Consortium     Context. Journal of     Research Administration, 49(1), 43-    62.

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