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For an organisation of which you are part, or one which with you are familiar, or one sourced from the Internet, you are asked to examine the introduction of a project portfolio management function in order to improve the organisation’s strategic advantage, project success and achieve its sustainability goals. Prior to developing the plan for the introduction of the project portfolio management function, you are asked by Executive Management to consider the way the organisation currently manages its project portfolio and then address the following requirements:
Situational Context and Evaluation
How the organisation is likely to view the introduction of portfolio management given its size and project needs?
How the organisation currently manages its projects and is there scope for improvement?
How the organisation incorporates sustainability criteria into its business decision- making process and its operations, including social equity, economic efficiency and environmental performance? Is there scope for improvement and how might this be achieved?
Opportunities and Threats
The likely successes that the organisation might experience by introducing a project portfolio management process.
The likely challenges the organisation might face with the adoption of the project portfolio management process and how would these challenges be overcome?
Development of the Plan
What would be the key elements of a plan to introduce project portfolio management into the organisation and how would it impact the strategic goals?
What type of project portfolio management model would you propose for the organisation and why?
How would you plan to implement project portfolio management into the organisation?
Tools and Techniques
What tools/techniques are available for managing different types of project portfolios and which ones would you propose for the organisation and why?
In considering these requirements, be mindful of the benefits of project portfolio management but draw comparisons and highlight specific cases where any shift by the organisation towards project portfolio management may have both positive and/or negative impacts.