It Portfolio Essay

2137 words - 9 pages

Table of Contents31. Introduction 32. Beginning of project management 43. Implementing Project Portfolio Management in Organization 84. Conclusion 95. Reference list IntroductionWith the rapidly economic world, the successful business organization is often associated with successful of project management. That contributes to achievement of strategic goals of the organization. Successful management of the project portfolio is an important element for organizations to innovate and grow.Project portfolio management (PPM) often requires determining what is possible and what is needed. With balancing capability and need generally results in defining the best that can be achieved with the limited resources available, rather than attempting to find the perfect solution.The purpose of this paper review flexibility of the project portfolio management techniques used to solve challenges during applying PPM in organizations. The research paper's object is implementation of organization project management techniques while pursuing strategy of project portfolio based on logical, systematic analysis of scientific studies, situational analysis by comparative method.Beginning of project managementProject Management (PM) refers to the subject field of planning, organizing, securing and managing resources to achieve specific goals. It looks like a creation of a group of individual specialists from different parts of an organization that are contributed together for a period of time to finish project. After the project is complete, the group will be disbanded and its members are assigned to another projects or new projects. Project Management is a complex decision making process based on elastic triad of functionality, schedule and cost. There are two classes of the project are single and multiple in the organizations. As Evaristo R. & Paul C Van Fenema (1999) said all integrating parts of single project is well intercommunicated and concerned the same objective. By the way of business fast development new class of project is multiply project and together multiply project management emerged. In the traditional, PM is looked independent of each other. In corporations, if there are no relationship between projects will be become big issues for company. Therefore, to avoid wasteful investments, researchers has made shifted towards Project Portfolio Management. According Michelle, Project Portfolio Management is a way for companies to analyse and collectively manage in a coordinated way a group of current or proposed project to reap benefits not available if they were managed individually. (LaBrosse, 2010). A project portfolio management represents the collection of single project management, multiple project management, programmes management, project portfolio in Figure 1 (Zdanyte, 2011).Project Portfolio Management became a standard instrument and process for project in the company. It is the art and science of applying a set of knowledge, skills, tools and...

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