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Portfolio Management and Strategic Management Paper

In: Business and Management

Submitted By Moe71
Words 336
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Portfolio Management and Strategic Management Paper xxxxxxxxxx CPMGT 301 xxxxxxxxxx Project Portfolio Management is more than just covering multiple projects. Each portfolio has value and benefit to the goals and mission of the business. The project portfolio should be defined to achieve the business objectives and financially benefit the business. Bob Buttrick (2010) stated; “Directing the individual project correctly will ensure it is done right. Directing 'all the projects' successfully will ensure we are doing the right projects.” The main purposes that drive Project Portfolio Management are to establish projects that complement the strategy of the company

Project portfolio management ensures that projects have a set of objectives, which when followed brings about the expected results. Furthermore, PPM can be used to bring out changes to the organization which will create a flexible structure within the organization in terms of project execution. In this manner, the change will not be a threat for the organization, but a benefit while helping the organization fulfill its mission and goals. An owner / manager will identify and develop a project that supports the organizations core mission based the organizations PPM. It is not enough to have a good idea or goal. Good planning is needed to ensure the project's success.

Brainstorming with the stakeholders and answering a few questions, for example.
A few questions that need to be answered when developing your project goals
•What do you want to do, how much will it cost, and how much time will it take?
•What difference will the project make to the organization?
•What has already been done in the area of your project?
•How does the project fit within the mission of your organization? ("Advise And Information On Grant Writing And Proposals", 2015)

Good planning is need to develop

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