Running Head: PROJECT PORTFOLIO
PROJECT PORTFOLIO 5
Introduction
A portfolio simply means a group of projects undertaken by an organization by ensuring that they are properly managed. The choice of a portfolio should be strategically analyzed to ensure that the selected projects meet the targets and the goals of the portfolio. Project portfolio enhances proper planning for the projects and equality in the allocation of resources for the projects (Kopmann.et.al. 2017). Project metrics are factors that measure the success of a project portfolio and include; cost and time, schedule, planned, and earned value. These metrics are used for budgeting, productivity, cost estimation and allocation of project resources. An example of an actual utilizing project metrics is American Airlines that started using the portfolio and management of resources in planning their activities to enhance performance.
Week 1 Activity: Determining the need for project management metrics
First, you have to identify the essence and need of setting the project portfolio. The needs that should be outlined include; helping to reduce the project costs, enhancing the quality of project work, and foreseeing the project budgets. Another need may be to assess the quality of work, forecasting the risks and to determine team productivity (Patanakul 2020).
Weak 2 Activity: Establishing the importance of metrics in the effective management of time, cost and scope
Metrics help in reducing the costs of projects. Effective management of the cost of portfolio measures the success of a project. The human resource endures the time management factor of the portfolio to ensure that the project is completed within the set timeline. The scope of a portfolio project includes all the activities outlined from setting the foundation of the project to the allocation of resources and project completion. The importance of metrics includes; providing an overview and direction for the organization, helping the organization in decision making, changing the direction of the organization, and laying strategies to drive the performance of the organization in the project (Scheiblich.et.al.2016).
Week 3 Activity: Applying knowledge of project metrics
The knowledge on the benefits of project metrics should be applied in ensuring the success of the project portfolio. The knowledge on performance metrics should be simple and accurate for it to be understood by the organization in need. It should also be strategic to sustain effectiveness in the performance of the metrics. The defined knowledge should also be actionable and individually owned or owned by the organization. This knowledge will ensure the project portfolio is successful (Kylili, Fokaides & Jimenez 2016).
Week 4 Activity: Identify the key performance indicators
The key performance indicators that will monitor the success of this project include; the return on investment which is the profit or revenue gained at the end of the project. A higher return on investment suggests that the project is on the right track. Customer satisfaction also indicates that the project is performing well. Another key performance indicator is productivity. A highly productive project indicates the high performance of the project. Cost performance ensures that the project operates at lower costs. Low costs in a project minimize expenditure and result in a surplus budget (Altini.et.al.2019).
Week 5 Activity: Applying value-based project management metrics
Value-based project metrics that should be applied include controlling and monitoring the effectiveness of the project and should be applied to measure the success of the project. Preparing forecasts and a progress report is also important in project appraisal and measures the performance of the project portfolio. Other values-based project management metrics that should be applied in the project portfolio include; creating baselines or points of reference where the measurements of performance are required (Patanakul 2020).
Week 6: Exploring project performance dashboards
Performance dashboards in a portfolio are data sheets that outline or display information on the key performance indicators that measure the progress of the project. Project performance dashboards that should be explored in this project to enhance project appraisal include; the project design, the effects of the project, problems encountered in the project, the project reviews, and the general score of the project. These performance dashboards should be explored to ensure the project is its performance constraints (Kylili, Fokaides & Jimenez 2016).
Week 7: Exploring the applications of visual project management tools
Evaluating the process of applying visual project management tools such as product breakdown structures and work breakdown procedures is important in checking the performance of portfolio projects. This will ensure that the project work is visible and on track. Exploring such tools also helps the organization in selecting the best tunnel to take in improving the project performance through possible activity conduct (Kopmann.et.al.2017).
Week 8: Creating proper performance indicators for application
Proper performance indicators should be created to help in measuring the management of the project. The proper performance indicators that should be formulated to determine the level of performance of a project portfolio include; creating the profit margins to analyze and compare the profits from the previous results, analyzing customer satisfaction, and calculating the return on investment (Lock & Wagner 2018).
References
Altini, M., Balzi, W., Maltoni, R., Falcini, F., Foca, F., Ioli, G. M., … & Gemmi, F. (2019). Key performance indicators for monitoring the integrated care pathway in breast cancer: the E. Pic. A. project. about open, 6(1), 31-38.
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.
Kylili, A., Fokaides, P. A., & Jimenez, P. A. L. (2016). Key Performance Indicators (KPIs) approach in buildings renovation for the sustainability of the built environment: A review. Renewable and Sustainable Energy Reviews, 56, 906-915.
Lock, D., & Wagner, R. (Eds.). (2018). The Handbook of Project Portfolio Management. Routledge.
Patanakul, P. (2020). How to Achieve Effectiveness in Project Portfolio Management. IEEE Transactions on Engineering Management.
Scheiblich, M., Just, V., Rauch, M., & Studeny, M. (2016). Key performance indicators for process of project prioritisation management. Zeitschrift für interdisziplinäre ökonomische Forschung, (2), 103-108.
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