Create a Project Management Plan in which you include the following: The WBS created (from Week 2) The activities defined (from Week 2) The sequenced activity chart or diagram (from Week 2) A human resource plan (from Week 3) A Communication Management P

Portfolio Project Management

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Strategic portfolio management in relation to Project management

Portfolio management can be described as the process used in the management of a collection of projects or management of centralized projects for the sake of conducting effective or strategic management. This helps with the realization of strategic objectives set for the organization. Project management is the management of a temporary undertaking with the view of meeting a deadline for its completion to help produce a certain benefit. Strategic portfolio management and project management are related to each other, given that strategic portfolio management is the project management in a simplified way only that this time it deals with several projects at a go (Fraser, 2017). Having to manage the various projects means that there has to objectives put in place to enable effective management and so that various goals can be reached in the process. Strategic portfolio management allows for the linkage between the strategy and implementation of projects. It also ensures that project execution is conducted in the right manner and, therefore, allows for project management to be done right. Portfolio management focuses on conducting project management in such a way that the organization gets to acquire the optimal business value with consideration of the risks as well as the resources available to make this realization true.

Portfolio management with respect to organizational mission and goals

Portfolio management allows for the efficient matching up of the risks and returns of an organization with the view of meeting the financial objectives of an organization. Taking this into consideration, in helping meet the goals and missions of an organization, portfolio management can conduct an examination of the risk and returns from a project based on the financial objectives set. For this to be made possible, portfolio management ensures that the organization picks out the most profitable projects, which the organization can effectively execute and therefore, be able to fund without much stress and worry. This type of management also allows the organization to see a project to its end in a manageable and timely manner. Portfolio management puts into great use project management office (PMO) which helps with the effective management of centralized projects given the expertise and experience involved in this management. The project that has been picked out goes on to be defined by the organization and the stakeholders. This definition is based on the mission and goals of the organization which has to be met. This then ensures that the project is completed in a timely and budget-friendly manner. The strategic objectives have to be met (Perry, 2011).

Project-based vs. Non-project-based organizations

This helps give an idea of the type of organizational model that an organization decides to choose. On that note, the hierarchical nature of an organization is defined and so is the type of interaction existing between the organizational departments. Project-based organizations entail a company being organized or arranged based on an undertaking of a project. This then means that the workforce, as well as the organization's departments, is arranged according to the needs of the project at hand. This then calls for project management where a project manager is placed in charge of workforce teams, so that project execution is done efficiently. The project manager can coordinate the various groups or teams of employees from different departments to help realize the mission and goals of the organization. Non-project-based organizations are those whose organization is not based on projects being undertaken (In Chiocchio, In Kelloway & In Hobbs, 2015). The based way to explain this is the functional model which entails a manager acting as a "supervisor" over the various department heads. The department heads each have a differently functioning department. The manager or the owner ensures that the end goal is met by the various department heads working to ensure their departments meeting their specific goals. The focus is on functions and not projects.

Project manager's communication in a project-based vs. non-project-based organization

The communication in a project-based organization will be different from that in a non-project-based organization. This is to say that the project manager will not have information relayed in the same manner in both cases. In the case of a project-based organization, the project manager can interact with the different teams so that work can be done while the teams themselves have little or no interaction with each other. Supervision and conversing are conducted by the project manager, so that project execution and completion is done accordingly. In non-project-based organizations, the best ways to have information reach the manager or the owner is through the various heads of department. The manager in charge receives information from these department heads and the manager then gets to make decisions based on information received. Once this happens, the manager then relays information through the department to the various members of the various teams (Kerzner & Saladis, 2009).

Challenges faced by a project manager in a non-project-based organization

A project manager works best in a situation where he has unlimited control on the project teams that they are working with. The project manager has to be able to follow up on various levels of progress from the people in charge or the various people operating in various department teams. The functional or non-project-based organization is a structure that presents various challenges to the project manager. One of the challenges is the fact that the project manager does not have direct access to the financial and human resources. The functional manager does instead have access to both of these. This makes it difficult for the project manager to ensure that the various functions run smoothly. The other challenge is that this organizational structure lacks project-oriented systems thus presenting a lot of difficulties. This means that activities related to the ongoing project cannot be smooth-sailing as they ought to (Meredith, Shafer & Mantel, 2017).

Overcoming identified challenges

As much as challenges are present in non-project-based organizations, it is also important to note that these challenges can be reversed so that effective management is conducted and, therefore, project management is made easily possible. In the case of inaccessibility to the financial and human resources by the project manager, it is important that the project manager, at the beginning or start of an ongoing project, lays down the expectations they have of the teams they are working. It is especially important to make it clear that the functional managers should ensure that there is a way for the project manager to be able to make decisions regarding the human and financial resources for the sake of delivering projects to clients that meet the strategic objectives. Communication, therefore, greatly improves (Kendrick & Dawsonera, 2009). In the case of lack of project-oriented systems, the project manager can have the project-oriented systems designed in such a way that they work in sync with the non-project-based organization and, therefore, bringing out the efficiency of the project to meet set mission and goals.

References

Fraser, I. (2017). The business of portfolio management.

In Chiocchio, F., In Kelloway, E. K., & In Hobbs, B. (2015). The psychology and management of project teams.

Kendrick, T., & Dawsonera. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project. New York: AMACOM.

Kerzner, H., & Saladis, F. P. (2009). Project management workbook and PMP/CAPM exam study guide. Hoboken, N.J: J. Wiley & Sons.

Meredith, J. R., Shafer, S. M., & Mantel, S. J. (2017). Project management in practice.

Perry, M. P. (2011). Business driven project portfolio management: Conquering the top 10 risks that threaten success. Ft. Lauderdale, Fla: J. Ross Pub.