Learn About Project Portfolio Management And Its Effective Implementation In This Essay. (70 Characters)

Introduction to Project Portfolio Management

In this course you are required to complete a weekly portfolio. A portfolio provides evidence of 
previous experience and presents a dynamic record of your growth and professional learning over the 
duration of this course. Your task is to write a portfolio each week reflecting upon your learnings from 
the prior week of the course.
In your portfolio you will identify:
1.   The learning outcomes and module/topic of the course;
2.   A description of your experience, including reading samples or records;
3.   Your learnings based from your experiences;
4.   Any supporting documentation of prior or current learning.

The primary purpose of this assessment is to help you to develop skills for discussing the value of 
project management for mining, plant and large asset operators and owners. The secondary purpose 
of this assignment is to give you the opportunity to enhance your analysis, critical thinking and written 
communication skills; particularly in the areas of thinking about and reflecting on your personal and 
workplace practice.
Developing a portfolio, as a result, makes your learning more explicit as you translate your workplace 
and personal experiences into documented evidence. You can then learn to critically examine the 
nature of your learning on this course in relation to specific experiences in your project management 
practice.  As a result you will demonstrate that you have learned from those experiences and how you 
have achieved or maintained your professional competence as a result.

You will be provided on the Moodle web site with a portfolio template. You should use this template 
to write your portfolio and then upload a weekly portfolio to the Moodle web site. At the end of this 
course you will consolidate your portfolio into a single document and upload an overall consolidated 
portfolio submission.
Your portfolio should contain a coherent, but necessarily restricted, review of the academic literature 
related to the project management topics for each week. You should also include a weekly reference 
list formatted in the prescribed Harvard style. You are also encouraged to include a bibliography.
This assessment item involves researching the topics to enhance your understanding of each concept 
through an utilisation of academic literature and secondary sources.Whil t t th d d t tb k h ld l f t th th M dl Submission Upload to Moodle a single file.  If you have more than one file then create a single Zip file and upload that. The written assignment must be a Microsoft Word document.

Appendices may be included as PDF, Excel or other files.
Weighting 35%
Writing portfolios, 
portfolio size, and 
referencing criteria
Weekly Portfolio
Your weekly portfolio can be as long or as short as you want it to be. It is your portfolio and shows 
your development of understanding during the course. Naturally, this will make the portfolio different 
for everyone. Each student’s background, education, current and past work experiences is what makes 
it different. Each student’s personal researches will be different.  The weekly portfolios are not marked 
BUT are needed for the Consolidated Portfolios.  Also be aware that there is a due date for each 
Weekly Portfolio and late portfolios are not accepted.

Risk-Reward Analysis of Projects

What you need to do is to give yourself enough time to reflect and show how you have thought and 
come to grips with the ideas that address the learning outcomes of the course. The amount of time 
you should be allocating to the course is 12 to 16 hours per week (which includes writing the 
portfolio).  So there should be a fair bit of time for you to make the reflections and reach a depth of 
insight that will make the portfolio meaningful.

With each weeks portfolio you submit do not include the writing that you made for a prior week. 
Instead you use the same portfolio template using only the section for the week you are writing about. 
In other words each week’s portfolio is a reflection upon that week. You should however, revisit the 
whole course learning outcomes each week.  The portfolio for any previous week is a reflection of your 
insights and thoughts for that week.

Once you upload the portfolio then leave it for that week. Over the duration of the course you will find that there is a development and change of your ideas as you study the material. You then have opportunity at the end of the course to consolidate everything and show how you have gained the insights that the course is seeking to provide.  At the end of the course you should then review your weekly portfolios and consolidate them into a single submission. This is the assessment that gets marked.

It is to your benefit to have the personal discipline to make sure that you do not get behind. If you are 
allocating 12 or 16 hours per week for the course then there is plenty of time for the portfolio. If you 
find that one week you slip then ok, but the course is fundamentally planned so that you need to 
allocate 12 to 16 hours each week.  Two hours lost in one week means that you need to do 14 to 18 
hours the next! The course is straight forward, but there are lots of web sites to visit and material to 
download. The text book is only part of the story and you won’t be able to do the course with just the 
t t b k U f t t l th t t b k i A i d l t ti j t t they are included in the final portfolio. In most of the weeks of the course you look back at the previous week when you complete the portfolio.  

However, for week 11 you do not need to submit 
week 11 as a separate portfolio since in effect you’ll be rolling week 11 and 12 into the final onsolidated portfolio in week 12.

Consolidated Portfolio
You should submit an essay for your consolidated portfolio due at the end of the course. Since you’ll 
have made your own journey studying during the course via the weekly portfolios, the material that 
you want to include in the portfolio will be unique for you. Your final portfolio will explain how you 
have developed your understanding of the learning outcomes and the topics with each week’s study.
There are a number of ways you can provide a consolidated portfolio.

 It is up to you to decide which 
way work the best for you. For example:?
1.   You could write a 1?3 page essay (there is no limit) to share your reflection of the term.
2.   You could merge all your reflections into one and provide a single file.
3.   You could alternatively zip all of the previous portfolios into one and use a single ‘master’ portfolio 
to refer back to each week BUT make sure you have a reflective summary of the term and the 
learnings at the end of this submission.
4.   You could use an index and numbering system to identify material from prior weeks.  Remember to include your reflection of the learnings from the subject and how this subject has affected you.
Whatever way that you do it; the final portfolio is the important one!

In summary, an analogy for the final portfolio is that you can imagine that you are going before an 
examination board at the end of the course and presenting to them a complete portfolio of your 
journey through the course. You will hand the board a package of your journey that they should then 
be able to read and from it appreciate everything that you have done and learned.
Referencing Ensuring you have accurate references is important and will allow the marker to easily identify where your tender maps to the course material.  Also you need to show how you have made critical reflection on the material and added your own unique insights.
Referencing should be made according to CQU’s Harvard referencing guide.

Introduction to Project Portfolio Management

The project portfolio management is the formal method for organizations to arrange, prioritize and take benefits from the projects. The approach has been examining risk-reward of every project along with funds available.

The following learning outcomes and evidence ate helpful to understand the best ways to invest the capital and human resources through project portfolio management.

2. Itemizing each learning outcome:

2.1. Learning outcome 1:

Summary: The projects are the new structures, systems, software and plan whether large and small. This has also been including refurbishing, replacements, removal and renewal of the current one. They have always been of various complexities and scales. For instance at, Brisbane Airport’s New Parallel Runway they are the investments of resources having the different rise in the level of the investments. This takes place as the project moves from the idea to implementation. Value Management addresses the value process during the concept, definition, implementation and operation phases of a project (Kaiser, El Arbi & Ahlemann, 2015). Here, every review must be structured for following that job plan.

Evidence: At Brisbane Airport’s New Parallel Runway Various problems regarding safety, operation, maintenance, buildability has needed to be determined while the evaluation options and VM reviews are done.

2.2. Learning outcome 2:

Summary: The study has helped in understanding the risks and uncertainties. At the appraisal stage, the estimation of running costs and capitals are determined. This has also included the realistic estimation of running costs and capitals. The method of project evaluation and the extent of uncertainties related to project development have needed the use of wide range of economic criteria regarding ranking and quantification of alternatives. Further, they have included various discounting tools (Srivannaboon & Munkongsujarit, 2016).

However care is needed to be taken while making interpretation of the results of the projects in the long run as seen from the example of big data analysis of Cyber Infrastructure Inc. Apart from this various factors except money is also needed to be considered. Here, none of the factors can be ignored since it has been complex and impossible to quantify the monetary values. The cost-benefit assessment is needed to be considered that has been influencing various benefits and the project budget. Moreover, an analysis must be done to projects of similar sizes and patterns of flow of cash.

Evidence: This can be examined through the big data analysis of Cyber Infrastructure Inc. from where it is also learnt that the scope of the secondary benefits is to be considered from the analysts’ point of view

Risk-Reward Analysis of Projects

2.3. Learning outcome 3:

Summary: The project finance has been used for describing the financing of a specific legal entity. The cash flow and revenues have been accepted here by the lenders. This has been the source of various funds from where the lean is repaired. The financing of the project has been very difficult like in the case of IT risk analysis of Sphinx Solutions. Here the biggest risk has been taking place while the construction phase goes on. The private finance packages have been depending on the project type, currencies of the loan, loan schedule and probable impacts of the related risks (Costantino, Di Gravi & Nonino, 2015). Next the determination of risks related to any project has been a significant step prior allocation and analysis.

Evidence: IT risk analysis of Sphinx Solutions has faced various risks. They are mainly commercial risks, revenue risks and financial risks.

2.4. Learning outcome 4:

Summary:  Successful realization of a project has depended on continuous planning and care.  For example at VironIT’s cloud computing implementation the reason behind planning has been assured delivery of resources and end the tasks instead of developing any delay. The benefits of precedence diagram have included the flexibility as logic has been defined in two stages.

Further, the gummy tasks are eradicated, revision and introduction of the new tasks have been simple. Further, the delaying and overlapping tasks are also defined. Moreover, the pre-printed node sheets are needed to be used possibly. Next regarding resource scheduling, the precedence network is to be constructed. Moreover the project float must be used to the level of resource load (Brook & Pagnanelli, 2014). As per the role of the project manager is considered, the system must be established through allocating various responsibilities. They must ensure that the budget is allocated properly.

Evidence: VironIT’s cloud computing implementation is an epitome for the above study where they have assured that the payments are authorized as sufficient. This is controlled by obtaining verbal reports that are regular. This must also include the progress reports and internal measurement processes and external audits.

2.5. Learning outcome 5:

Summary: The task of project planning is organizing and designing the system. This has been fulfilling particular requirements within particular restrictions at low costs. Axios’s IT risk assessment has included selecting and dimensioning of tools, elements and resources. This has also included connection of the elements for performance chains and designing logistic networks (Tonchia, 2018). Here, the job of project realization has been scheduling of implementations, constructions and manufacturing of system elements.

Project Evaluation and Uncertainties

Evidence: Axios’s IT risk assessment can be considered where building-up of the entire system and ultimately the tests and start-ups is seen. Here, both planning and realization have required qualified project management.

2.6. Learning outcome 6:

Summary: Here, the contracts are used for procuring plant equipment, services, materials and people. These are fundamental for project management. All the projects have their individual outcomes. Thus they have been all about achieving results. Further, the results at implementation of cloud computing at Axios have been not available every time internally. Commonly they are from various other organizations. The contracts have been provided with the process to retrieve the resource through defining approach, relationship and expectations to payments.

Here various industries have been using distinct kinds of contracts for achieving those results. In the case of project organization, the number of contracts in a project has been varying from project to project (Daniel, Ward & Franken, 2014). To create the project, various subcontractors have been hired for service, finishing and structural tasks.

Evidence: The implementation of cloud computing at Axios can be referred to as the case study here. At last as per as risk allocation is considered, the main function of the contract has been allocated between various parties. Here, both of them are liable and responsible for that risk. Here, the risk is defined as the possible adverse outcome of various uncertainties.

2.7. Learning outcome 7:

Summary: Various tools are available in project management of big data analysis at Solentive, Australia. This helps to drive the project forward. The software of project management has been offering various tools that have been helping teams to discuss the problems in real time. Here the benefit has been that all the team members have been able to be updated and quickly deal with problems that have been arising (Archibald & Archibald, 2016).

Moreover, it has included document sharing. For various projects that need the use of notable documentation, tolls to share documents has allowed people to edit, upgrade the report status. This has also been creating systems allowing communication and transparency. As the project management software has been providing great solutions, at many times the solutions have been requiring being custom designed or then solved by purchasing various software programs. This has been an expensive option and very hard to implement.

Evidence: Here, big data analysis at Solentive, Australia can be taken as evidence. The advantages have been including the collaboration with various team members in real-time. This has included the collaboration of team members at a real time. However, one of the disadvantages in the area is that some of the programs have been costly with small ROI.

Project Financing: Sources and Risks

2.8. Learning outcome 8:

Summary: The usage of PM application systems has been helpful in many ways for monitoring performances. The system helps project managers of Android app development for Consagous Technologies to control the performance according to time allocation and tasks. This raises the productivity of the system where performances of the employees are constantly reviewed.

The last couple of stages of the project management include closures and implementation of the project.  This has indicated that with this use, the aims and objectives of the project are aligned according to the necessities of the business here the employee performance helps to attain the goals (Hansen & Svejvig, 2018). At various cases where this lack of performance is denied, it is seen that the changes are made to implement and plan the project as it is conducted through the systems of project management.

Evidence: The Android app development for Consagous Technologies, Australia is reviewed. Here, the use of project application systems has been helpful for the managers to evaluate and identify the needed changes.

2.9. Learning outcome 9:

Summary: The construction industry is one of the popular industries that have been applicable to Nettechnocrats IT Services Pvt. Ltd’s cloud implementation project. Here, it is seen that ProContractor is one of the popular project management application systems has been related to the industry. Further, it is strongly suggested that it has been helpful to manage projects from the bidding process until completion of an audit.

This has been one of the most efficient application systems that are used. At retail sector, there have been various project application systems used according to the necessities of functioning and process in the company (Stettina & Hörz, 2015). IQ metric, for instance has been highly used in retail where agility and innovation are required to be calculated. There are various other examples like RQ that is used in streamlining and monitoring. Because of high effectiveness as per the warehouse control and inventory management, Recipharm is a smart system application toll used extensively.

Evidence: Nettechnocrats IT Services Pvt. Ltd’ cloud implementation project is a good example of the above discussion. Here, Enterprise Resource system can be sued as a more generic form for the automobile industry. These types of systems help in aligning allocating resources like overall costing of business being decreased.

2.10. Learning outcome 10:

Summary: It is understood that one of the most crucial developments in using PM application systems is developing and adopting agile development systems. This has been seen as the system of communication as per the efficiency of a system gets developed. Moreover, another outstanding contemporary popularity has been identification and application of development of those processes like that of IT risk analysis at Synotive.

Successful Project Planning and Execution

Here with the rise of knowledge of cross-cultural management, this is also seen that the ability to include the cultural dimensions has been the rising efficiency of those application systems. Moreover, it is seen that Artificial Intelligence and Internet of Things has been assimilated to assure that the effectiveness of the systems has been totally automated with manual interventions that are totally reduced (Kopmann et al., 2017).

Evidence: The IT risk analysis at Synotive can be reviewed as a case study here. It is seen that one of the trends affecting the development of application systems has been the way through which automation system and applications are developed reducing the manual interventions at the same time. Moreover, the primary developments are the rise in the use of intelligence and technologies in those systems.

Conclusion:

The above study helps in understanding how the project has been contributing to the overall achievement of that portfolio. Then the efficiency of the performance of the project is evaluated. Next the adverse effects of future projects are also determined by the above study.

References:

Archibald, R. D., & Archibald, S. (2016). Leading and Managing Innovation: What Every Executive Team Must Know about Project, Program, and Portfolio Management. Auerbach Publications.

Brook, J. W., & Pagnanelli, F. (2014). Integrating sustainability into innovation project portfolio management–A strategic perspective. Journal of Engineering and Technology Management, 34, 46-62.

Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), 1744-1754.

Daniel, E. M., Ward, J. M., & Franken, A. (2014). A dynamic capabilities perspective of IS project portfolio management. The Journal of Strategic Information Systems, 23(2), 95-111.

Daniel, E., & Ward, J. (2015). Improving the Business/IT relationship with IT Project Portfolio Management. Cutter IT Journal, 20-24.

Gutiérrez, E., & Magnusson, M. (2014). Dealing with legitimacy: A key challenge for Project Portfolio Management decision makers. International Journal of Project Management, 32(1), 30-39.

Hansen, L. K., & Svejvig, P. (2018). Agile project portfolio management, new solutions and new challenges: preliminary findings from a case study of an agile organization. In IRIS/SCIS Conference 2018.

Jiang, Z., & Xue, Y. (2017, September). Using patents cluster method to facilitate open innovation from the perspective of project portfolio management. In Computer Sciences and Information Technologies (CSIT), 2017 12th International Scientific and Technical Conference on (Vol. 2, pp. 75-82). IEEE.

Kaiser, M. G., El Arbi, F., & Ahlemann, F. (2015). Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment. International Journal of Project Management, 33(1), 126-139.

Kopmann, J., Kock, A., Killen, C. P., & Gemünden, H. G. (2017). The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), 557-570.

Kopmann, J., Kock, A., Killen, C. P., & Gemünden, H. G. (2017). The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), 557-570.

Srivannaboon, S., & Munkongsujarit, S. (2016, September). Project management and project portfolio management in open innovation: Literature review. In Management of Engineering and Technology (PICMET), 2016 Portland International Conference on (pp. 2002-2007). IEEE.

Stettina, C. J., & Hörz, J. (2015). Agile portfolio management: An empirical perspective on the practice in use. International Journal of Project Management, 33(1), 140-152.

Tonchia, S. (2018). Portfolio Management. In Industrial Project Management (pp. 173-178). Springer, Berlin, Heidelberg.