assignment

9

PORTAFOLIO PROJECT

Portfolio spelling is incorrect.

Introduction

(Your introduction will need to be longer. You can add more in week 5. We can discuss.)

Projects are used in all fields; project manager’s success is based on the project’s success. This paper will be divided in three parts. The first part will explain the theoretical part of the PMBOK by identifying the most relevant steps. Second part will be a simulation analysis, summarizing the performance in project management. The third part will be a case study analysis.

Section 1. Principle Components Discussion

Project Management standards and processes

Your introduction is good here. You need a PMBOK citation. See below.

Project management standards are the norms and practices that govern how a project will be carried out. They may be prompted by management culture or by the project's specific requirements, and they may cover any area of the project, from the technologies to be used to how meetings will be handled and recorded (Hermano & Martín-Cruz,2019).Project management processes are defined as the series of processes that must be followed to bring the project to completion. Guide to the Project Management Body of Knowledge® breaks down these processes, which are sometimes called “group processes” into five (Project Management Institute, 2017). The most recent edition of PMBOK specifies 49 project management processes, which are divided into five PMBOK project phases (Hermano & Martín-Cruz,2019). Before delving into the phases of project management this paper will provide a distinction between Project, Program, and Portfolio Management distinction, and also explain the terms project selection and project charter.

Portfolio, Program, and Project Distinction (You need this heading.)

In project management, the term project refers to sequences of tasks that need to be accomplished to reach a specific outcome. A program is defined as a group of the project that is managed as a group to attain efficiencies of scale (Project Management Institute, 2017). On the other hand, the project is concerned with explicit deliverables; moreover, a program is focused on the benefits obtained from its execution (Bushuyev & Verenych, 2018). The purpose of the program is extensive than that of the project. PPP posits that the project pays attention to a single functional unit, while the focus of the program is on numerous functional units.

Portfolio management is the process of choosing, prioritizing, and managing a firm's programs and projects based on its strategic objectives and capacity to attain them (Project Management Institute, 2017). The goal is to achieve a balance between implementing change initiatives and continuing business as usual, all while optimizing profitability. Portfolio management is quite different from program management. It has a wider scope and aims than project management (Bushuyev & Verenych, 2018). While program management is focused on the management budget and risk identification, but only at the program level, portfolio management, on the other hand, focuses not only on risks and budget of various programs but also concentrates on future projects as well as the overall organizational goal.

Though portfolios and programs provide a high-level overview of an organization's activities, a project is a single endeavor: a set of tasks designed to create a specific product, service, or value within a set time frame. Project leaders manage specific projects, directing teams and ensuring that projects are finished on schedule, within budget, and according to the specifications (Bushuyev & Verenych, 2018). Among other things, they develop best practices, analyze procedures to optimize efficiency, and collaborate with stakeholders to ensure projected benefits are delivered.

Project Selection (This should be left justified.)

According to the PMBOK framework project selection refers to the process of evaluating every project idea and prioritizing them based on its feasibility (Project Management Institute, 2017). The section of projects is mainly based on the benefits, which refer to the measure of the desirable outcomes of the project. There are four types of project selection i.e. project initiation, project planning, execution, and closure.

These are not project selection types. These are the project lifecycle phases. They follow after project selection. I would strike this sentence. The rest of this is good.

The initial phase of project selection is project identification. This step entails well-defined and communicated approaches (Nonino, 2017). The four ways that project manager and their teams can use to identify projects is through; intuitive identification, expert oriented identification, evolutionary identification, and holistic identification.

The second step in project selection entails evaluation ad prioritization of projects. Some of the methods that can be used in the evaluation and prioritization of projects include the Net present value, internal rate of return, opportunity cost, Initial Risk Assessment among others. Step three of project selection entails the selection and initiating of the projects (Nonino, 2017). This phase requires a clear ranking of the chosen project, based on the evaluation conducted in the previous step. The final phase of project selection is the review of projects.

Project Charter (This heading needs to be left justified.)

A project charter refers to a brief and forthright manuscript that functions as the groundwork for the project (Project Management Institute, 2017). It serves as the project's internal marketing tool as well as a reference guide. The project charter must outline the project’s purposes, strategies, and stakeholders (Nonino, 2017). Project charter usually includes six elements. Some of the elements include

Business case:

This entails the explanation or justifications as to why the team is proposing the project and how it will aid propel the business, enhance growth or lessen pain points. The business case also describes the expected return on investment.

Scope and deliverables:

The project charter must outline the exact deliverables that the team intends to deliver. Defining and communicating clear expectations can help keep members of the team from deviating from the project scope.

Project Organization

TBD

(You missed this section, Project Organization. You did not need to add any content for this section this week but did need to include the header and TBD. To create your content for week 5, go to the PMBOK and look at Section 2.4. Especially look at the Table 2-1 on page 47. It gives you all the information you need to complete this section.)

Phases of project management

You don’t need this heading . I would strike it.

Project Planning

Project organization refers to the structures that expedite the synchronization and execution of project activities. The main reason for project organization is to establish an environment that promotes smooth interactions of team members with the least amount of disturbances, overlaps, and conflict (Gadlage & Manos, 2020). There are three types of project organization; projectized, matrix, and functional all of which are characterized by the level of project manager authority, resource availability, and financial responsibility

Project scheduling

Project scheduling is the listing of project tasks, deliverables as well as mileposts within a project that are executed. The most familiar and imperative method of the project schedule is the Gantt chart Process (Gadlage & Manos, 2020). Project managers are required to approximate time and the amount of resources needed for a project when scheduling project

Project Estimating

Guide to the Project Management Body of Knowledge® defines project estimation as the method of computing and forecasting the costs that are essential for the successful accomplishment or realization of the project. Simply put, project estimating is the process of analyzing available data to forecast the time, cost, and resources essential to finalize a project. Project estimating is regarded as one of the imperative facets of project management as well as cost management (Gadlage & Manos, 2020). The cost estimate is the end goal of project estimation and it specifies to the stakeholder the required budget needed for the completion of a project. Bushuyev and Verenych (2018) posits that cost estimation achieves project goals within the financial constraint provided by project stakeholders and executives. Project cost estimation is one of the defining attributes of successful project progress. As such, it must take front while setting project parameters.

Project Monitoring and Control

Once the project has kicked off and progressing, project managers are required to track the project progress and mitigate or address any challenge that may arise to complete the project within timelines and cost allocations. This phase of project management coils around metrics. Metrics are used to quantify costs, defects, project schedules, and the estimation of various project resources. Critical evaluation of project execution measured against project planning and project outcomes are the guiding principle (Gadlage & Manos, 2020). During this phase, the budget is revised, costs reassessed, and the project manager ensures that dependent processes are on schedule. Key performance indicators are used to measure project processes, thus providing project executives with crucial decision-making information.

The project monitoring and control process is carried out from the project's inception until its completion, with the goal of tracking and reviewing it. Different activities carried out during this procedure determine whether the project is being carried out in accordance with the operational standard (Gadlage & Manos, 2020). The PMBOK framework serves as the foundation for this approach. This signifies that it is a tried-and-true method that is frequently used in project management.

Project Closure

Project closing is the final phase of the project lifecycle. In this stage, all the deliverables are finalized and officially transferred, and all the project paperwork is signed off, ratified, and archived. Project managers are required to take into account whether the project was completed within the set budget and timelines (Gadlage & Manos, 2020). A fruitful project closing entails the performance of due diligence on the part of the project manager to ensure that all the project processes have ceased and aren’t eating further into the organization’s resources.

(You need a complete outline for week 2.)

Section 2: Simulation Scenario Analysis 

TBD

Section 3: Case Study Analysis

TBD

Conclusion

TBD

References

Bushuyev, S., & Verenych, O. (2018). Organizational maturity and project: Program and portfolio success. In Developing Organizational Maturity for Effective Project Management (pp. 104-127). IGI Global.

Gadlage, K., & Manos, J. L. (2020). Implementation, Phases, and Project Management. In Comprehensive Healthcare Simulation: Program & Center Development (pp. 25-30). Springer, Cham.

Hermano, V., & Martín-Cruz, N. (2019). Expanding the knowledge on project management standards: a look into the Pmbok® with dynamic lenses. In Project Management and Engineering Research (pp. 19-34). Springer, Cham.

Nonino, F. (2017). Project selection frameworks and methodologies for reducing risks in project portfolio management. In Project Portfolio Management Strategies for Effective Organizational Operations (pp. 245-263). IGI Global.

Kerzner. (2009). Project Management: A Systems Approach To Planning, Scheduling, And Controlling 10E With Case Studies 3E Set. John Wiley & Sons.

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (6th ed.). PMI Publications.