Answer to Question #224497 in Management for menbere

Question

Assuming that your specific job in the organization is a 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

A project portfolio is a collection of activities designed to meet certain business goals. They are tools for management and operations. It aids in the sale of the firm and the increase of earnings. They improve the company's efficiency. The project portfolio unifies the organization's operations. A project portfolio is an art that synchronizes diverse approaches and technologies in an organization to achieve business goals.

A defined organizational plan should be included in a solid portfolio. All members of the organization should be aware of the plan. A company that builds a portfolio for its business through an outsourced customer is likely to fail. This is due to a lack of business plan integration and communication to the members. All project inventories should be consolidated with a risk management system and a statement of the company's resource restrictions (Cochrane, 2021). A portfolio is a tool for allocating resources to different initiatives.

Members should be held responsible, and the portfolio should be transparent. This guarantees that the resources are utilized to their full potential. A strong project portfolio should not be built around a single project but rather include all of the firm's initiatives. If a portfolio is built on a single project, the results may be deceptive, as success in one project does not always translate to success in another. A strong portfolio should bridge the gap between all of the organization's projects. In project management, a project portfolio is a useful tool.

It has the potential to boost a company's productivity. It may be utilized to make judgments and, as a result, enhance the projects' return on investment. Businesses should take great care and put more work into portfolio management to optimize project implementation effectiveness.

References

Cochrane, J. H. (2021). Portfolios for long-term investors (No. w28513). National Bureau of Economic Research.