RESPONSE

RESPONSE: 120 WORDS INDIVIDUAL RESPONE

1.  Time, cost, and specifications can vary depending on the project and what is important to the customer.  For example, businesses must consider the cost for projects if they are for profit or non-profit. Businesses who are concerned about profit and how it will affect its stockholders. Non-profit organizations receive private, public and government funding must consider cost to prevent overspending and depleting funds (Project Selection, 2012).  For our team project we chose to create a community garden. Keeping cost low and creating a garden that is beneficial to the community are the most important factors in the project.

2.  Project portfolio management focuses on a collection of projects, programs, subsidiary portfolios and project managers focus on a temporary endeavor (PMI, 2017). Portfolio managers monitor changes affecting the project, may oversee staff at various levels; management, program or project staff while the project manager will manage the project team. Both have a desire for a successful outcome, portfolio managers focus on investment performance and the benefits of the project; project managers focus on customer satisfaction and factors that will affect the project such as quality and timeliness (PMI, 2017). My recommendation to senior management would be to prioritize the project and monitor cost to prevent overspending. 

References

Project Selection (2012). Saylor Academy. https://saylordotorg.github.io/text_project-management-from-simple-to-complex-v1.1/s00-license.html

Project Management Institute. (2017). Standard for Program Management. Project Management Institute.