Project Portfolio Management Term Paper Example | Topics and Well Written Essays - 5000 words

Project Portfolio Management - Term Paper Example The researcher states that for an efficient and effective analysis of the process of Project Portfolio Management (PPM) the balance scorecard is part of this process. This is so since it is the balance scorecard that helps in monitoring organizational projects in order to ensure that the projects are in line with the mission, vision, and the overall goals of the organization. It tries to quantify these objective and goals so that they are measurable. In general, the balance scorecard balances the project so that it becomes successful. The processes of PPM analysis always follow a given systematic order or steps. The following are the steps involved in the analysis of the PPM. The first and foremost thing that one must subscribe to before he begins the project is the submission and request for projects. It involves considering projects that are of essential strategic importance to FCC. The stage requires that it is imperative to submit projects that are radar screen incorporated. It m ust be noted that it is at this stage that pay offs are done. This is important as it ensures that: Major threats or risks that might be experienced in the project are fully done away with through strategic alignment and integration; it also ensures that enough resources are set aside for the project therefore ensuring a successful project completion. It also balances off portfolio projects and finally, it ensures that the best practices are applied in the management of the project; this further ensures successful completion of the project.... Remember the projects are always placed in something like a quadrant after which priority is given to each project. The following formula can be used in project prioritization; Strategy +return- risk= project prioritization result (Norrie, 2010) The next stage is the project registration. After the prioritization has been made on projects, what follows is the project registration. This is always important as it makes the project to be official in nature. Registration is always done in the order of priority. (Norrie 2010) The next stage is the project activation. This is also important as it seeks to bargain for the approval and allocation of resources to a particular project depending on the amount of the resources that the project call for. It also links the project to the major projects and sets budgets for the projects. The next stage is the project completion and execution. This is done in order to monitor and measure the performance of the project; it marks the last stage of PPM process. Before we can look into the PPM processes available, it is first important to understand what models are and why they are vital in PPM. In relation to PPM, a model can be defined as a well-programmed mathematical tool that can be used to systematically determine the areas of interest in a given project. A computerized program can be used to determine the value worth of any given project before it is selected. Models are always important as they can be used to create solutions that are beyond human power; research shows that â€Å"human beings have very limited information processing skills and often make errors or are sometimes biased when making choices. However, they are good at creative skills and they can generate more alternatives. Though models are good as they