Question.974 - It’s reflection time! Based on what you have learned in the course, you are expected to reflect on the importance of managing multiple projects adequately. You will address the significance of project portfolios and managing multiple projects, as it relates to balancing projects in the public and/or private sector. An example of private industries that house project portfolios maybe construction, technology, or other organizations that house binding strategic goals. On the other hand, multiple projects are typically found in nonprofit organizations, or public sectors, whereas multiple projects can function more independently. Therefore, you are expected to capture all integrated factors for a selected example of multiple and project portfolio projects to convey your overall understanding. Length: A 5-minute minimum Kaltura video and a transcript References: Include a minimum of 3 scholarly resources. The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to Northcentral University's Academic Integrity Policy. When applicable, conduct a Turnitin pre-check and then upload your completed assignment and click the Submit to Dropbox button.
Answer Below:
Transcript Jaseona Parker Northcentral University (National University) PM-7012: Multiple Project Management Robin Butler June 11th, 2023 Transcript Hi throughout?the course I've learnt that managing many projects effectively is critical in both the public and private sectors in terms of how to establish a more inclusive network. In contemporary era,?rapidly changing and complicated business climate, organizations frequently find themselves managing many projects at the same time in order to accomplish their strategic goals. To secure effective outcomes, managing many projects involves a methodical strategy, straightforward communication, distribution of resources, and prioritization. A project portfolio is an important notion in managing many projects; wherein, a project portfolio is a collection of initiatives undertaken by an organization to fulfil its goals such that it entails choosing, prioritizing, and allocating resources to diverse initiatives depending on their alignment with the overall strategy and goals of the organization (Elonen & Artto, 2003). Organizations may receive a comprehensive perspective of their project environment, make educated choices in terms of strategic?decision, and optimize resource utilization by managing projects as part of a portfolio. Project portfolios are commonly maintained in the private sector by businesses that specialize in construction, technology, or organizations with binding strategic goals. A construction business, for instance, may be working on many building projects at the same time, each with its own set of goals and timetables; the organization can guarantee that resources are deployed efficiently, risks are minimized, and strategic objectives are attained by managing these projects collectively as a portfolio (Aritua et al., 2009). In a similar way technological firms frequently have a variety of projects in areas such as product development, software deployment, and research and development. By managing these projects inside a portfolio structure, the corporation is able to balance resources, prioritize expenditures, and match project outputs with company objectives. Organizations may discover dependencies, manage resources effectively, and assure the collective success of their initiatives by supervising the entire portfolio. Multiple initiatives are also common in the public sector and charity organizations. These initiatives may operate more autonomously, driven by diverse stakeholders and purposes. However, managing several projects in these industries is as important. The public sector frequently deals with efforts ranging from infrastructure development to policy execution, all of which need careful coordination and resource management. Nonprofits, on the other hand, frequently operate with limited resources and rely significantly on project-based funding. They may diversify their revenue streams, appeal to diverse target groups, and solve varied social or environmental concerns by managing many projects. In these industries, effective project portfolio management helps organizations to prioritize initiatives, distribute resources efficiently, and show benefit to stakeholders. Balancing initiatives in the public and private sectors entails overcoming distinct hurdles. Organizations in the private sector may encounter rivalry, market dynamic trends, and profit-driven goals (Pennypacker & Dye, 2002). The public sector, on the other hand, is subject to public scrutiny, compliance obligations, and social duties. Regardless of the industry, the essential concepts of project portfolio management remain valid. These principles are as follows: By establishing a clearer project selection criterion: Establishing project selection criteria according to strategic coherence without compromising project objective, accessibility of resources in terms of allocation and scheduling, risk assessment, and possible rewards (Pennypacker & Dye, 2002). Prioritization and resource distribution network: Identifying and assigning resources based on the significance of the project, the urgency of the project, and the existing capacity (Elonen & Artto, 2003). Stakeholder Engagement and Communication: Developing efficient interaction routes, involving participants, and controlling objectives. Risk management is the process of assessing and reducing risks throughout the portfolio while taking into account interconnections and potential implications on project results. Monitoring and evaluation entails following project progress on an ongoing basis, assessing effectiveness, and altering tactics as necessary. Finally, whether in the commercial or public sector, effectively managing various projects is critical for organizations to fulfil their strategic goals. Organizations may optimize resource allocation, eliminate risks, and assure successful project results by using a project portfolio management methodology. The concepts of project portfolio management are relevant across industries, allowing organizations to efficiently balance initiatives while providing value to their stakeholders. References Aritua, B., Smith, N. J., & Bower, D. (2009). Construction client multi-projectsA complex adaptive systems perspective. International Journal of Project Management, 27(1), 72-79. Elonen, S., & Artto, K. A. (2003). Problems in managing internal development projects in multi-project environments. International journal of project management, 21(6), 395-402. Pennypacker, J. S., & Dye, L. D. (2002). Project portfolio management and managing multiple projects: two sides of the same coin (pp. 1-10). New York: Marcel Dekker.More Articles From Project Management
.ico)
.ico)
.ico)
.ico)
