Project Portfolio Management
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How can you help your students understand project portfolio management?
With the right resources in the right place not only will business strategies and/or objectives be reached, they will be accepted and understood by all stakeholders.
According to the Project Management Institute the definition of Project Portfolio Management is “the concept of focusing on the selection and management of a set of projects to meet specific business objectives.” The definition suggests there is an easy and common way to Project Portfolio Management. However, a success in this management approach is only achieved through a disciplined application of processes and tools. Within an effective Project Portfolio Management system one will have a portfolio knowledge that will include: identifying, prioritizing, authorizing, managing and devising a workable schedule, developing systems for reporting progress and managing requests for changes.
At times, less complex projects can be managed through common sense. However, projects that are multi-dimensional and across several business lines or operations, require a more seasoned & tested approach. This allows project managers to deliver on-time and within budget.
In addition to the management of the project itself, there are key impacts to an organization that can be efficiently and effectively managed through the portfolio management and a planned change management system. With the right resources in the right place not only will business strategies and/or objectives be reached, they will be accepted and understood by all stakeholders.
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Before beginning assignments are students encouraged to define the work and how it will be accomplished? When creating a due date for large assignments are students allowed multiple places to check in on their progress with opportunity to make revisions without penality? How could projects be designed to promote research outside the classroom and practice the knowledge inside the classroom? How could students determine if they are meeting assignment objectives and where the gaps for their success exist?