Topic: Strategic Approaches to Project Portfolio Management Read the following article before posting to this Discussion. You can locate this article from the Library: Note: Reflection for this article – Do you have experience dealing with an international project team? Often dealing with individuals that are using English as a common means of communication, although it may not be their native language, puts us in a position to do the best we can extracting technical nuggets, even when the material or written communication may not be what many native English speakers deem to be easy to read or understand. This article was selected on purpose by the course developers to give everyone an opportunity to experience an international scenario. At any one time, firms manage a diversity of projects all at different stages of evolution. Some firms manage their project portfolios through the management systems and processes applied to operational activities while others are increasingly relying on one or multiple project management systems. This reading assignment is intended to discuss theoretical approaches to project portfolio management maturity. Institutions use projects to solve strategic problems, to perform integrated processes, and to generate innovative strategies. To manage strategically within business environment, it is essential to discuss the maturity process of projects, programs, and project portfolios, their potential development, as well as strategy management within the organization. The expansion of project-based organizations only enhances the significance of project portfolio management. The results of a correspondence analysis show that project size, impact, and complexity were the most significant variables in the formation of project portfolios. Question: What were the authors’ conclusions, and do you agree or disagree? Be sure to substantiate your analysis of your position (premise), and synthesize the results of your analysis into a stated conclusion or conclusions. Topic 2: Strategic Project Implementation You are a new project manager who has been asked to deploy a new operating system to 17,000 employees with the help of one other employee. This software, the first enterprise-wide project, will run industry-specific applications. You have general procedures and guidelines, but where do you begin? Choose from the following options your course of action. Please consider current events that global companies are using. Ask each employee to watch a webinar and install the software on his/her own computer. Find a support structure of internal and external mentors to help you organize and implement this rollout. See if your organization will hire an outside consulting firm to do this project while you watch and learn. Place the other employee as head of the project, so that when it fails no one will blame you.
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Strategic Approaches to Project Portfolio Management
Topic 1: Portfolio Management Maturity
Although the article was written in a way that was hard to decipher, the main argument made by the authors is that it is imperative that an understanding of the project portfolio maturity be understood. The authors reiterated the need to ascertain the project maturity and discussed several models that can be employed. In this regard, the authors offered several conclusions based on the analysis of the different types of project maturity models. In line with the purpose of the paper, the first conclusion the authors made is that the article presented a project maturity model. The second conclusion is that the project portfolio maturity models analysis done revealed that there exist various approaches of projects, programme, and portfolio management maturity, which were found to be based on stakeholder interests and new strategic expectations.
The other conclusions made in the article are that measured project, programme, and portfolio management maturity was defined in form of how well the company understood its projects. Owing to their analysis of project portfolio maturity models, the authors concluded that the model proposed by Chan Kim and Mauborgne Renée was an effective tool that proper value creation in project, programme, and portfolio management maturity. Finally, the authors concluded by reiterating the need for re-adjustment of project models. Following this conclusion, they determined research topics as the need for coordination in resembling and the need to outsource services to safeguard projects.
Based on the conclusions from the article, some of the conclusions are plausible, while others need further research and clarifications. The main purpose of the paper was to develop an analysis of the existing project portfolio management maturity models and to complement them. The paper met this objective, which is consistent with the first three conclusions drawn. The authors provided background on project-based organizations and the need to determine project portfolio maturity. The authors further provided a discussion of several project portfolio maturity models (Neverauskas & Čiutienė, 2011, pp. 847). The models discussed in the article includes the maturity model developed by the United Kingdom Office of Governance Commerce, the Gartner’s PPM model, Maturity by Project Category Model (MPCM), and Robertson’s Project Management Maturity Model.
The Blue Ocean Strategy framework suggested by Chan Kim and Mauborgne Renée outlined in the fourth conclusion is also plausible. The framework provides a way in which project portfolio maturity can be managed. According to Rad and Levin (2006) maturity assessment process allows for identification of strengths and weaknesses. This is consistent with the framework developed by Chan Kim and Mauborgne Renée, which essentially allows for refinement of the project maturity under different levels.
However, though project management approaches need to be adjusted as outlined in the fifth conclusion, the research topics indicated need more clarifications. The main purpose of the article was to examine existing project portfolio maturity models and augment them. It was expected that the last conclusion should dwell more on topics that are relevant to the research purpose. The research topics need to be refined and try to address any gaps identified in the paper that needs further research. For instance, the auth……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
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