Answer to Question #224305 in Management for Melaku

Question

Project Manager, how do you 

identify and recommend the portfolio of projects that will yield the maximum value or return 

to your organization in the long-run

Answer 1

By aligning initiatives with an organization's strategic goal, making the most of limited resources, and creating synergies between projects, portfolio management improves business value. Quality Management Method is what I advocate. This is based on the knowledge that quality management projects are divided into three distinct processes. The first step is to establish quality criteria that are applicable to the project and determine how they will be met. Integrating quality standards into the project proposal is an important aspect of quality planning. The subsequent step is quality assurance. It explains how to use quality-related activities in a planned and systematic manner to ensure that all resources are utilized. This ensures that strategy and execution are in sync. Each chosen project must contribute to the organization's overall strategy.