Project Portfolio Management: Techniques, Process, And Technologies Essay.

General Concepts regarding Project Portfolio Management (PPM)

The term project management refers to a technique undertaken by managers of the project firm to guide a better course of working while engaging in a business environment. The stated technique helps managers of the firm to undergo several operational tasks keeping in mind market uncertainties and complex environment due to existence of internal and external forces affecting operations of the project firm (Brodnik, Plouse, and Leip, 2009). The provided report document consist of two parts in which first part comprises of highlighting general concepts regarding Project Portfolio Management or PPM and the second part includes implementation of PPM. The second part of the report document will highlight methodology, skills, techniques and tools that are required in selection of the project and portfolio management.

Difference between project VS Portfolio Management Maturity Levels

The term project includes several stages on the basis of which project activities are governed in the project firm. On the other hand, Portfolio Maturity Levels relates to technique under which negative impacts of poorly executed projects can be reduced. The scope of project working is much wider as compared to PPM. This could due to considering various steps like initiation of project, implementation, execution etc. in project which on the other hand in PPM only consist on preparing for evaluation over execution stage of the project (Chmieliauskas, et.al., 2007).

Implementation of PPM as a project

The term Project Portfolio Management includes methods, process and technologies that are focused towards increasing benefits and value for the project firm. The implementation of PPM includes the following steps;

1. Setting the strategy
2. Winning executive support
3. Establishment of implementation team
4. Collection of data in the project
5. Evaluation of the project
6. Creation of the portfolio
7. Testing and refining
8. PPM roll-out.

Implementation of PPM through change manager

The changes are often considered to be frequent while operating several business activities in contemporary markets. There is a greater influence of a change manager in the process of Project Portfolio Management;

• Training
• Mentoring
• Breaking the tool implementation into phases
• Developing need for change for all the PPM stakeholders.

Solutions to barriers and benefits outlined in the article

Through the analysis of the article, which application of PPM in Australia was being analysed, Culture and politics, disagreements in organisational policy and a lack of management support were the key barriers. Adopting an effective management system and using innovative technology (Deloitte US, 2015). This could be solutions to these barriers. In addition to this, benefits outlined in articles include effective decision-making, alignment with business strategy, and maximising the usage of resources. 

Different types and functions of a PMO

Various types of PMO includes, “The activist PMO”, “The delivery PMO”, “The compliance PMO” and “The centralised PMO”. There are multiple functions performed by PMO i.e., Project Management Office out of which monitoring and control process for project execution is the most vital one (Deloitte US, 2015).

Principles of investment portfolio planning align with project portfolio planning

• Working with trusted financial advisor.
• Investment according to specified long-term financial goals.
• Balancing time and risks appropriately.
• Not letting emotional aspect dictate decisions related to investments.

Governance components in PPM

• Leadership execution
• Management team of portfolio
• Managers of project and program
• Management of resource

PPM contribution towards organisational agility

There is a greater influence of PPM i.e., Portfolio Project Management in maintaining agility of the organisation. The provided technique enables an organisation to identify, organise, prioritise and manage various projects as well as products. The given technique formulates effective pathways towards attainment of desired project goals through deriving appropriate project working standards (EPMC, 2009).

Implementation of PPM

Part B: Situation context

For the provided project context, with a wide range of benefits, implementing the data to manage project portfolio management will allow a review of the process. This can be considered through project selection, performance, and making success with wide strategic objectives (Morris and Pinto, 2010).

Is the organisation investing in the right projects?

Yes, the organisation is investing in the right project to achieve complete success in the market. It further helps in the purchase of software that is used by the Tesco Company. Tesco should better manage the PTP process and include requesting the order and not selling it in more classified ways. GEP SMART enables and manages optimum efficiency, agility, and visibility, as well as intelligence with a diverse set of practices. With the assistance of exceptional to manage the level of users and gain adoption and meaningful to manage teams and gain personal productivity (Ernst and Young, 2015).

Is the organisation optimising its capacity?

Yes, Tesco Company uses effective optimization and manages its capacity in more efficient ways. It further helps in managing the organization, as well as gaining resources for manpower in a more classified way. There is a need to manage survival to make enterprises more applicable and manageable. Tesco is optimising capacity with some effective but ineffective regulators to manage the system in more classified ways to levy and make fines. There are certain stages for IT applications to store the process overseas to manage the expansion programme (Guitarte, 2015).

How well is the organisation executing?

After the impact of managing organizations, executing with more effective resources, they are unable to provide high growth to manage customer experiences. Tesco tried to establish the challenges with healthy processing to manage the level of customer service and make every shopper successful (Hadjinicolaou and Dumrak, 2016). In the retail market, to promote a healthy image and to consider in a more classified way how to manage citizens with high costs and make conveniences in food. It is useful for managing resources and obtaining information needed to make decisions with more applicable resources. With the help of the advanced billing system to make procurement and supply chain management easier, and learn the concept of more effective resources,

Can the organisation absorb all the changes?

There are too many changes going on in the platform, making it hard for employees to get absorbed and manage its acceptance with a high processing system. Tesco leads to managing exercise and making negative implication to provide implication, lower morale, and get the work done in a more classified way. Different organisations absorb changes with high processing sources through all the major challenges in more classified ways (Hadjinicolaou and Dumrak, 2017). Tesco takes on some major challenges and provides systematic growth to opt for broad resources and absorb all changes that aid in working systematically and in a more classified manner.

Is the organisation realising the promised benefits?

Yes, Tesco is effectively working and managing all the perspectives to work effectively and deliver the promised benefits to the company. There are certain challenges that the company provides to their customers and which bring some promised benefits to the organisation through large challenges. Organizations provide all kinds of benefits to their customers by providing an advanced billing system to their billing system and compiling them in a more classified way (Hadjinicolaou, Dumrak and Mostafa, 2017). It further provides resources for managing applications and getting successful benefits to run the process, as well as more effective growth in the application and growth for the company in a more effective way.  

PPM Techniques, Process, and Technologies

What method is the organisation using to evaluate its overall project portfolio?

This is considered for managing organisations to use, evaluate, and make an overall project portfolio with a high success rate. It further helps the company to use Club Card Pay with Debit Card, which is useful for managing resources and using mobile banking applications. It further helps in managing electronic points of sale in the banking mobile system. This includes the challenges of providing an electronic point of sale to communicate and make in-house processing sources with high qualification challenges. This new portfolio project has the potential to be successful and reduce the time between sales and delivery for customers and sellers (Hadjinicolaou, Dumrak and Mostafa, 2020).

What is the justification for using the chosen method in comparison to some of the others that are available?

Cash in the advanced system is useful for the respective chosen method and makes an effective comparison with the other methods. There is the need to complete important strategic and operational decisions with a high degree of resources. Thus this entire thing includes removing resources, building infrastructure, and incurring costs with high ROI sources (Hadjinicolaou and Dumrak, 2017). There are advanced data, semantic technologies, IoT, and mobile devices that are designed for incorporating resources with ongoing development in order to manage technology's advanced role. There is a need to manage resources and applications and manage the costs of providing applications to manage BT services in more classified ways.

Are there any challenges that the organisation might face in using the current method if it were to operate in a global environment?

Some of the major challenges that the company faces while implementing and using the project to achieve success is discussed in a more classified way. It further helps in managing applications and promoting their new model to a range of customers. This new system will assist in considering the development, which will further reduce staff travel costs in more accessible factors (Jonas, 2010). Furthermore, providing training for employees and educating them to complete work is the major challenging for company which they faces everytime. Machine learning is the system that actually helps in analysing the system and being technology in the cloud-based system and moves to incorporate continual growth in the technology.

Is the benefits management lifecycle incorporated into the evaluation process?

There is a wide range of benefits the company uses through implementing the lifecycle of the project, which are related to managing the last projected benefits. This is needed to make an aim for managing sure to complete the desired and manageable benefits with more SMART objectives and make time-bound growth in the appropriate sources. Tesco uses the benefit to manage the process and create and manage the updated employee benefits with high programming resources (Kerzner, 2010)

How might benefits management be helpful in successfully meeting the deliverable goals of the organisation’s projects?

Tesco uses more applicable sources and it is further helpful in getting successful with more meetings to manage deliverable goals in the project application. It is useful for accomplishing clear, organized, and well-defined increases and managing efficiency in the more effective and applicable resources. There are numerous advantages to describing the advantages and their impact in more consistent ways, as well as obtaining the values to deliver the components and obtain benefits in more classified and essential ways (KPMG, 2011). There is a need for Tesco to be considered, to make deliverable goals and manage the organisation’s projects to be considered in more concise sources. There is the need to manage project management sources and make intend to manage delivery with high benefits and get an investment decision.

Benefits of PPM

How is project portfolio management ensuring that the organisation’s collective projects are aligned with its strategic objectives?

Aligning the project with complete goals and making PPM use of Tesco, to evaluate and ensure the success of the project with high company goals. These are effective and applicable for managing objectives, project management and understanding best practises and software development in the project accomplishments. There is a need to manage projects, programmes and individual success with alignment to achieve long-term business goals. It further helps in managing customer experiences and the retention rate of the process with an effective business strategy (Neverauskas and Railaite 2013). With the role of project management accomplishment, the goal of the company is to manage costs with the desired result and to achieve strategic objectives.

Has a Project Management Office been introduced into the organisation and, if so, has it played a role in terms of standardising practises and increasing project success rates? If not, why not? What alternative approaches are available?

Yes, Tesco appoints the project management officer with the highest organisation in a more classified and effective way. It further provides the role played by the system and manages understanding relating to practises and gets high success rates. The main function of Tesco’s project management office is to ensure the success of project execution performance (Müller, Glückler and Aubry, 2013). It further helps in managing success and developing methodologies for using effective PPM tools. It also helps in analysing portfolio management, improving strategic project management, and optimising the resources with a high success rate. With the help of getting guidance for managing standardised practise and increasing the project success rate in more efficient and applicable challenges,

What quantitative and qualitative tools and techniques is the organisation currently using to manage its project portfolio and are they effective?

Tesco project management officers use quantitative and qualitative perspectives with high technique to manage organisations. It further helps to manage the project and get effective resources through major challenges and apply them with more applicable resources. Tesco uses more classified sources to manage project portfolio management tools and makes a contrast with the best and most effective solutions. Through major challenges, they use to manage collaborative activities and get some applicable resources through Planisware and Planview (Project Management Institute, 2017). There is a need for a complete suite of capabilities to minimise the risks and manage resources efficiently to make decision making overall sources more efficient. All the tools are related to Tesco's payment system, as these will help the company reduce risk and resources efficiently and strengthen the decision-making process. It will assist the company in managing acceptance for growth and achieving success within the organisation through more sustainable and effective approaches.

At what maturity level do you believe the organisation is at in terms of its approach to project portfolio management?

Organizational maturity is one of the measures to get effective growth, provide applicability, gain capabilities for management, and gets expressed through the role of people, data, and technologies. This is consistent growth with high sources of expressed technique. There is a need to manage the performance management perspective and make organisational with evolutionary growth in a more classified way. The major maturity stages are in tools, process, governance, and integration. In the context of Tesco, organisational growth is defined in terms of a wide range of approaches to provide project portfolio management in more efficient development. When people are well aware of the advanced billing system and use that method in their daily routine of shopping, then the stage of maturity was attained by the company as per the need of the project portfolio management system (Project Management Institute, 2017b).

Types of PMO

What are the key best practises which can be adopted to improve the maturity level and which model (e.g., PRINCE2, OPM3) do you think would be appropriate?

There are different practises for managing applications and they should be considered with the high improvement of a maturity level that is considered as managing resources and gaining updated models for success with OPM 3 and PMI range of models (Project Management Institute, 2017C). At the maturity level, there are some effective applications that make a range with OPM3, as this model is useful for Tesco to make continuous improvement and is related to the high progression system. It further helps in managing resources and getting developed applications through a standardised range of products and services, providing support in order to use the best practise approach.

How might you go about implementing this change and what assistance from the organisation would you require?

It is necessary for the company and its employees to manage success and achieve considerable growth in the market with the help of hiring new people, choosing their leaders, communicating openly, determining the barriers and identifying those barriers with appropriate follow-up processing. All are related to managing success and making significant growth in the market to change the development and provide growth to make assistance and get organisational requirements (Project Management Institute, 2017a). With the assistance of the project portfolio officer, the employees get success and manage applications to achieve success and manage changes in the organisation with a high success rate.

Assess the corporate culture of the organisation and whether it is likely to be different in terms of key internal stakeholder influence and input (e.g. HR Director, Technology Manager, Facilities Manager, Accountant).

At Tesco, the corporative culture for managing the organisation is likely to produce different terms that are associated with internal and external stakeholders. There is a need for different stakeholders to accomplish the challenge and influence the resources through different kinds of inputs and manage the HR director, technology, facilities, and accountant resources. All are taken into account for managing applications, providing input from internal stakeholders, and working effectively in the workplace (Silvius, et.al., 2012).

Will any change management initiative in terms of project portfolio management process improvement and benefits realisation need to take into account the different perspectives of these stakeholders and what concerns might each stakeholder express?

Change management will be helpful for the Tesco Company to gain the success of the project and make improvements to get appropriate benefits. There is a need to achieve perspective and manage stakeholders to get involved and manage each stakeholder’s possibility. There is a need for more effective and concise formats for managing this type of process and improving the benefit for customers' demand. Is the change that Tesco needed to implement in their perspective of the above list of their stakeholders to express their demand for the kind of challenge and opportunity that the company is looking for.

What aspects of the corporate culture do you think would support project portfolio management and its sustainability criteria?

PPM for Maintaining Agility

There is a need to manage perspective and make corporate culture and support the project to make essential organisation and address the kinds of aspects. These aspects are related to purpose, possession, the public, an effective message and good management approach. All of these are the kinds of resources that help the company and support the project portfolio to gain sustainability and manage the criteria in more concise and effective growth projects (Stewart, Piros, and Heisler, 2019). This corporative culture of Tesco would be grateful for analysis of the perspective and sharing the values in more effective and applicable resources.

Are there any challenges involved in getting project portfolio management and its sustainability criteria embraced by the organisation?

There are a wide range of challenges that PMOs face while implementing the respective growth and making it successful to manage the portfolio and make poor visibility reports considered effective management and applicable policies. Tesco faces challenges that are related to poor visibility, miscommunication, formatting of the structure, reporting the system, and making proper implementation while completing the range of projects in their real-life example.

Conclusion

From the above report, it has been analysed how working in an organisation is related to managing applications and using systems that are related to project management policies associated with OPM3, OI, and SPM methods. With the help of completing an evaluation of the PPM manager, its success rate, additional benefits, and principles, the organisation may come to know the value of portfolio management practise in the organisational context. It further helps in analysing the resources and managing accounts to gain complexity with the help of considering the positive and negative impacts of portfolio management and making an impact on the positive and negative management practices.

References

Books and Journals

Brodnik, M., Plouse, R., & Leip, T. (2009). Why do I need all that process? I’m only a small project. Journal of the Quality Assurance Institute, 23(1), 6– 8.

Chmieliauskas, A., B?da, V., Stasiukynait?, R., & Vili?nas, V. (2007). Maturity of project oriented organizations: Lithuanian case. Management Horizons: Visions and Challenges, 51–69.

Crawford, J. K. (2006). The project management maturity model. Information Systems Management, 23(4), 50–58

Deloitte US. (2015). The Value of PPM.

Deloitte US. (2015). What is PPM?.

EPMC (2009) Project Portfolio Management: A View from the Management Trenches, 1st edition, Wiley, NJ.

Morris, P and Pinto, J (2010) The Wiley Guide to Project, Program and Portfolio Management,1st edition, Wiley, NJ

Ernst and Young. (2015). Unlocking the Value of Your Program Investments.

Guitarte, A. (2015). A case study on taming the wicked problem of portfolio management. Paper presented at PMI® Global Congress 2015— North America, Orlando, FL. Newtown Square, PA: Project Management Institute

Hadjinicolaou, N. & Dumrak, J. (2016).The status quo of project portfolio management practices in Australian sectors. Proceedings of Australian Institute of Project Management, for AIPM Inaugural Regional Conference 2016, 16-19 October 2016, Sydney Australia

Hadjinicolaou, N. & Dumrak, J. (2017). Investigating association of PPMO office functions and project success. Proceedings of Australian Institute of Project Management, for AIPM Inaugural Conference 2017, 22-24 October 2017, Melbourne Australia.

Hadjinicolaou, N., Dumrak, J., & Mostafa, S. (2017).The study of association between organisational portfolios and project portfolio management practices. In Project Management Institute Australia Conference (pp. 1-11).

Hadjinicolaou, N., Dumrak, J., & Mostafa, S. (2020).Investigating the association between project portfolio management office functions and project success: An Australian Case Study. In The 10th International Conference on Engineering, Project, and Production Management (pp. 287-298). Springer, Singapore

Hadjinicolaou,N., & Dumrak, J. (2017). Investigating association of benefits and barriers in project portfolio management to project success. Procedia Engineering, 182, 274-281.

Jonas, D. (2010). Empowering project portfolio managers: How management involvement impacts project portfolio management performance. International Journal of Project Management, 28(8), 818–831.

Kerzner, H (2010) Project Management Best Practices: Achieving Global Excellence, 2nd edition, Wiley, NJ.

KPMG. (2011). Portfolio, Program and Project Management (PPM) Capabilities in Government

Neverauskas, B., & Railaite R. (2013). Formation approach for project management maturity measurement. Economics and Management, 18 (2), 360–365.

Müller, R., Glückler, J., & Aubry, M. (2013). A relational typology of project management offices. Project Management Journal 44(1), 59–76

Project Management Institute. (2011). The bottom line on sustainability [White paper]. Newtown Square, PA: Project Management Institute.

Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK Guide®) (6th ed.). Newtown Square, Pennsylvania: Project Management Institute.

Project Management Institute. (2017b).The standard for portfolio management (Fourth Edition). Newtown Square, PA: Project Management Institute.Retrieved from https://www.pmi.org/

Project Management Institute. (2017C). The standard for Program Management(Fourth Edition). Newtown Square, PA: Project Management Institute..Retrieved from https://www.pmi.org/

Project Management Institute.(2017a)PMBOK® Guide – Sixth Edition– Newtown Square, PA: Project Management Institute. Retrieved from https://www.pmi.org/

Silvius, G., Schipper, R., Planko, J., van den Brink, J., & Köhler, A. (2012). Sustainability in project management. Surrey, England: Gower Publishing Limited. PMI PMO Quick Tip Guide

Stewart, S. D., Piros, C. D., & Heisler, J. C. (2019). Portfolio management: Theory and practice. John Wiley & Sons, Incorporated.