Reflect on the assigned readings for Week 3 and then type a two page paper regarding what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding. Define and describe what you thought was worthy of your understanding in half a page, and then explain why you felt it was important, how you will use it, and/or how important it is in project management. After submitting your two page paper as an initial post in the “Reflection and Discussion Forum,” then type at least two peer replies in response to your classmates posts (200 word minimum each).
Response for sai sindhuja
Project selection and portfolio management:
Delivering the wrong project on schedule and on budget with 100% of its scope finished to the characterized quality norms is a finished misuse of money! Before worth can be created1 by the customary project management forms characterized in the PMBOK Guide, the project chief must be given the correct project to oversee. Be that as it may, this is anything but a basic procedure. Choosing the best of the ‘right projects’ to attempt inside the imperatives of the restricted assets and financing accessible to any association is a long way from clear. This is the domain of Portfolio Management, yet the basic leadership forms are a long way from basic or clear. Portfolio basic leadership process is both multi-dimensional and reliant. Portfolio management is the craftsmanship and study of making choices about speculation blend and policy, coordinating ventures to goals, resource distribution for people and foundations, and adjusting risk against execution. Portfolio management is tied in with deciding qualities, shortcomings, openings and dangers in the decision of obligation versus value, residential versus worldwide, development versus wellbeing, and numerous other exchange offs experienced in the endeavour to augment return at a given hunger for risk (Gall et al, 2020).
A few projects may score low in a ‘scoring format’ like the one above, whenever considered in disconnection, yet on the off chance that the project isn’t attempted other high value and deliberately significant projects might be difficult to embrace successfully. A model is updating a working system the present system might be splendidly alright for the present applications utilized by the association, yet unequipped for supporting better approaches for working. The value of the project is its capacity to ’empower’ other high value projects later on (Snee et al, 2002).
These have little of no value in themselves (and you trust they are rarely tried) yet they ‘safeguard’ the organization against dangers. Security overhauls are a regular model.
Associated and supporting projects:
These are the projects in ‘other pieces’ of the organization that must be executed to permit the full value of the advantages to be caught from the ‘principle project’, especially on the off chance that it is extremely effective. One of the benefits of Program Management is it enables these supporting projects to be overseen related to the ‘primary project’ (Snee et al, 2002).
To utilize the expressions “portfolio management” and “budgetary arranging” as equivalent words, these staples of the money related administrations industry are not the equivalent. Portfolio management is the demonstration of making and keeping up a speculation account, while budgetary arranging is the way toward creating money related objectives and making a game plan to accomplish them. Proficient authorized portfolio chiefs are answerable for portfolio management for the benefit of others, while people may decide to self-direct their very own ventures and manufacture their very own portfolio. Portfolio management’s definitive objective is to expand the speculations’ normal return given a fitting degree of risk introduction. Portfolio management, when all is said in done, can by either detached or dynamic in nature. Uninvolved management is a set-it-and-overlook it long haul system that regularly includes just following an expansive market record (or gathering of files), usually alluded to as ordering or list contributing. Dynamic management rather includes a solitary supervisor, co-administrators or a group of directors who endeavour to beat the market return by effectively dealing with a store’s portfolio through speculation choices dependent on research and choices on singular property. Shut end reserves are commonly effectively overseen.
The way to viable portfolio management is the long haul blend of advantages. Resource allotment depends on the understanding that various kinds of advantages don’t move in show, and some are more unpredictable than others. Resource distribution looks to upgrade the risk/return profile of a financial specialist by putting resources into a blend of advantages that have low relationship to one another. Speculators with an increasingly forceful profile can weight their portfolio toward progressively unstable ventures. Financial specialists with a progressively moderate profile can weight their portfolio toward increasingly stable ventures. Ordered portfolios may utilize present day portfolio hypothesis (MPT) to help in building an upgraded portfolio, while dynamic administrators may utilize any number of quantitative as well as subjective models.a portfolio to its unique objective assignment at yearly interims. It is significant for holding the benefit blend that best mirrors a financial specialist’s risk/return profile. Something else, the developments of the business sectors could open the portfolio to more serious risk or decreased return openings. the portfolio to more risk than the financial specialist can endure. Re adjusting quite often involves the offer of costly/low-value protections and the redeployment of the returns into low-evaluated/high-value or out-of-support protections. The yearly emphasis of re adjusting empowers financial specialists to catch gains and extend the open door for development in high potential divisions while keeping the portfolio lined up with the speculator’s risk/return profile (Snee et al, 2002).
Gall et al. (2020). AN INTRODUCTION TO PORTFOLIO MANAGEMENT. Retrieved from, https://gyires.inf.unideb.hu/mobiDiak/Gall-Jozsef/An-introduction-to-portfolio-management/portf-en.pdf
Snee et al. (2002). The project selection process. Retrieved from, https://www.researchgate.net/publication/240325481_The_project_selection_process
response for Reshma
Keys to Successful Project Portfolio Management
Most important concept worth the understanding
Even though the assigned reading was entirely interesting to read, I found the concept of keys to successful project portfolio management being one of the catchy and most important concepts that were worth my understanding. As the textbook notes, different companies will initiate and seek to run multiple projects, and the only distinguishing factor will be based on how successful the projects will be. From the numerous studies that have been conducted on the various successful projects, it was noted that three key features which such successful projects have include the presence of a flexible structure and communication liberties, environmental scanning that is relatively cheap and time-dependent transitions, for successful integration of projects within the firm (Pinto, 2013). This simply means that the projects being ran by an organization should be relevant and able to withstand the environmental challenges, should be ran through flexible structures that promote communication and should be well-timed for their overall effectiveness.
Why this concept was important
This is an important concept that is worth our understanding because it presents the key ideas that can help companies in coming up with successfully managed projects. By going through this class, one will be able to learn about the successful factors that should be focused on, when dealing with projects. This will help in allocating resources effectively to ensure that a flexible structure that promotes communication and overall effectiveness of the said projects are attained. Besides, this concept has been developed out of a research that was conducted on various successful projects, and can thus be used as a benchmark that would help companies in improving their future projects. Companies that seek to successfully execute projects should, as such, seek to exploit these factors and ensure that their projects are well-managed for the attainment of the set goals and overall objectives.
How I will make use this concept
While combining this concept with the others that I have already learned and ones that I will learn, I am confident of being able to manage projects competently and in the delivery of the intended results. This specific concept will help me in narrowing down to the specific factors that are important in ensuring that the set project goals are precisely met. This is to say that even before attaining my aspirations of being a project manager in future, I am sure that I will be part of various project teams, and will commit myself to offering suggestions on how improvements can be made. I will also promote the use of this concept as a reference point to ensure that proper controls are put in place, for the project team to remain being focused on attaining the set goals.
Its importance in Project Management
The purpose of any project is to add value either by improving the current status or introducing a new aspect. This concept helps in the provision of key parameters that can help in determining whether the set goals were attained or not. Based on how well these key factors will be addressed, any organization will be able to determine whether the projects were successful or not. Since there is no organization which starts its projects with the purpose of failing, this concept will help in ensuring that the set goals are attained.
Pinto, J. K. (2013). Project management: achieving competitive advantage (No. s 57). Upper Saddle River, NJ: Pearson.