1.Review using clear terminology the key areas and processes of project, program and portfolio management practices as applies to asset rich organisations. Project management is a process of managing and controlling a collection of actions in order achieve a particular goal especially in a large scale. Program management is the control and management of a number of projects at a time in order to achieve one or more business goals or outcomes. Portfolio is a documentation of different aspects that significantly affect the overall outcome of the project. For asset rich organizations, generally large scale program management procedures are followed rather than managing a single project. For keeping track of all the project within the program management, a portfolio is created for each of the projects within the program.
2.Discuss the relevance of tools and techniques for investigating and describing project process related to developing new workings, facilities, equipment, plant and processes for justifying, designing, developing, or maintaining existing facilities and equipment within the context of their technological and asset lifecycle status. Tools and techniques are essential requirements for investigating and describing project processes for new facilities, equipments and others. Most of these projects involve management, control or implementation of technological assets that require programmed handling in order to achieve the suitable outcome. Maintaining and implementing facilities or equipments require large scale work and cannot be done successfully with regular approach.
3.Present and interpret major processes that are based on sound policy, information, and research that enable project justification, tenders, contracts, and selection criteria to occur in an asset rich organisation.Some major processes that based on sound policy, information, and research that enable project justification, tenders, contracts, and selection criteria include review of the requirements, review of entire budget and financial outcome, reaching an agreement with the stakeholders, receiving approval from higher management and others.
4.Critically analyse management strategies and operational activities from a broad perspective to ensure safety and quality, to avoid overruns or rework, to manage variations and claims, and to make decisions to discontinue or close projects. Management strategies and operational activities must be aligned towards ensuring safety and quality of the project. Operations using large scale assets require safety policies and moreover, quality of the project must be ensured using suitable quality control policies.
5.Demonstrate an effective, professional level of teamwork and communication and support collaborative peer group learning.Effective professional level teamwork and communication are both essential for peer group learning. Often there are complex problems presented that might be too much for individual effort and hence, team effort is required.
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