ppmp 20013 consolidated portfoilio

Reading samples

Learning outcomes of the unit

Supporting documentation including any prior learning

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.

It is very essential for all the business organization to ensure the availability of adequate number of resources for the successful completion of the projects. Providing the adequate resources enhances the organization to choose its desired project. Justification and the approval of the projects are the two critical components for affectively performing the different business functions of the organization. Some of the organizations are involved in performing detailed progressions in order to authorize different project activities while some other organizations are involved in performing the annual budget of the projects. However, these performances will not approve the budget for the projects.

Some of the considerations of the business organizations for effectively performing or justifying the project activities are budget of the project, objectives of the project, ROI (return of investment) of the project, time-line of the project and urgency of the project.

Budget- The budget defines the size and scope of the project. The significance of different project activities also depends up on the budget of the project.

Objectives – The process of clearly defining the objectives of the project helps the organization to successfully deliver the outputs of the project.

ROI– The ROI of the project will provide certain benefits to the business of the organization in terns of financial assets such as NPV (net present value).

Timeline– The timeline of the project helps in the completion of the project activities as per the schedule of the project. However, the timeline of the project will be changed whenever the project experiences any type of constraint.

Urgency – The organization considers the urgency of the project to determine the flexibility of the project in meeting the priorities of the organization.

The project management approach different methods in the selection criteria which are mainly categorized into two groups, benefit measurements group and constrained optimization group.

Müller, R. (2013)