StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

W8 Follow Up:Making project portfolio management sustainable in an organization - Assignment Example

Comments (0) Cite this document
Summary
This required the pre-merger culture features of the company to dominate in a post-merger scenario to ensure future stability of the business operations…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
W8 Follow Up:Making project portfolio management sustainable in an organization
Read TextPreview

Extract of sample "W8 Follow Up:Making project portfolio management sustainable in an organization"

Follow Up - Making project portfolio management sustainable in an organization Response The company underwent merger with required careful merger of the culture of my company and the other company that was merged. This required the pre-merger culture features of the company to dominate in a post-merger scenario to ensure future stability of the business operations. Introducing a companywide vision, training of employee and commitment of the senior management were the main driving force behind this effort. Kerzner (2010) views management support and commitment as most crucial for successful implementation of the project portfolio management, where a closed door policy, on the other hand, can develop feeling of “us and them” among the employees. Higher management actively participated to communicate with employees through e-mails and quarter meetings in post-merger scenario to build confidence and trust with the employees. The strategy for project portfolio management implementation was based on four keywords “imaginative, proactive, ambitious and real” to ensure involvement of employees for achieving the common goals. Pinto and Morris (2007) state that “Missions and Goals” shape the strategic choices of the company which, in turn, shapes the business and global strategies. Further, training of employees on project management would enable the company to equip project teams with necessary knowledge and skills n project management. When the portfolio increases in size, a need for project or portfolio management office (PMO) may be realized with responsibility of identifying the best practices in project management and developing the templates and documents to standardize the project management processes. At present, the project management processes in the company are not defined on a standard format highlighting the importance of creating a PMO. Another factor that presented challenges to the company was “Multiple Organization Agendas” in a post-merger scenario. Although, number of issues were already resolved but there still existed some minor discussions between the departments as a result to diversity in culture of merged organizations. Another important aspect is the management of the multi-cultural teams. Training of project teams in this area to help them understand the culture values and norms of each other can remarkably reduce the risk of misunderstanding and would improve the efficiency of the project team.
McElroy Translation Company
Major cultural challenges faced by the McElroy Translation Company included arbitrary deadlines and project acceleration without proper justification and independent working of different departments as result of lack of standardized project management approach. Besides efforts were made to improve the project management approach, it remain ineffective due to poor communication and inefficient use of resources.
To adopt a project management approach, McElroy Translation Company took following steps that ensured smooth transformation of company’s culture towards a project oriented culture.
Acquiring a project management software
Making all project related material accessible to all employees
Centralization of filing and documentation
Development of questionnaire to gain maximum information from the customer
Encouraging an open door policy
Commitment of senior management and financial support
Use of electronic means to ensure effective communication
Involvement of project management teams in determining the project schedule and customer needs
These steps enabled the company to effectively implement project management methodology across the portfolio. This case study highlights the significance of centralized information management and effective communication for developing a strategic framework for implementation of project management.
References
Kerzner, H. 2010. Project Management: Best Practices - Achieving Global Excellence. 2nd ed. New York: John Wiley & Sons.
Morris, P. and Pinto, J. 2007. The Wiley Guide to Program & Portfolio Management. New Jersey: John Wiley & Sons.
Response 2
According to West and Wind (2007), corporate culture can be viewed as a set of established values and norms developed over time, accepted and practiced to facilitate the routine working of the company and which distinguishes it from the competitors. Kerzner (2010) is of the opinion that “organizational cultures are designed around the aspiration of senior management” and can be “cooperative, non-cooperative, competitive, isolated and fragmented culture”. Wines and Hamilton (2009) view corporate culture as a powerful tool that is invisible and intangible having its own lifecycle.
My current organization has defined a set of values and norms that guide the procedures and processes for interaction among the employees towards achieving the organizational business objectives while maintaining the professional standards. The company invests in training of employees to equip them with knowledge and skills related to project management to improve their efficiency. The company maintains an open office environment with everyone accessible and approachable by others. This approach has helped in accelerating the decision making process, improving the creativity, teamwork and empowerment (Wines and Hamilton 2009). The company has acquired a project management software that allowed dissemination of information to all concerned without any delay.
McElroy Translation Company Case Study
McElroy Translation Company managed its projects with arbitrary deadlines and without the involvement of the stakeholders. In certain cases, projects were accelerated to meet completion date without justifying the reasons for the delay. Departments within the company acted as independent without much consideration and knowledge of processes, procedures, projects and activities in other departments. There was lack of communication and coordination on the client’s needs, project plans and project objectives between the project team, departments and sales and operations divisions. This resulted in the project deliverable that were not what the customer required. The project teams were unaware of procedures to respond to unusual customer requests. In addition, incompatibility of the software forced the production staff to develop some workaround to meet customer requirements without much support from higher management. In 1980s, company made an attempt to adopt a project management culture; however, it remained ineffective due to lack of communication and requirements to meet deadlines and specifications without taking input from project management team.
As a result of current wake of globalization and increased pressure to meet customer specification and tight schedules, the company realized the implementation of project management to sustain its operations with profitability. The company invested in acquiring a project management software that allowed real time tracking of the project, easy access to project information and effective inter-departmental communication and coordination. Through a shared network, company made all project related information available to all employees to understand the customer needs and expectations. Filing structured was centralized in view of earlier department wise management to allow easy access and centralized access to all the project related information. Lengthy meetings were reduced to 15 minute short sessions with main agenda to discuss risks and project related issues which developed sense of team building. The company maintained an open door policy to allow employee feedback in the vertical organizational structure. The company developed a questionnaire to facilitate the sale personnel in getting the maximum information on the client’s requirements. Further, an electronic reporting system was maintained to allow effective communication between the employees and management.
References
Kerzner, H. 2010. Project Management: Best Practices - Achieving Global Excellence. 2nd ed. New York: John Wiley & Sons.
West, P. and Wind, J. 2007. Putting the Organization on Wheels: Workplace Design at SEI. California Management Review, 49 (2), pp. 138-153.
Wines, A. and Hamilton, J. 2009. On Changing Organizational Cultures by Injecting New Ideologies: The Power of Stories. Journal of Business Ethics, 89 (1), pp. 433-447.
Response 3
The importance of project management was never realized in my country until it became a requirement for ISO 9000 Quality Management System accreditation. This requirement resulted in higher management agreeing to development of a consistent approach towards implementation of project management. To do so, company followed the best practices and guidelines described in PMBOK (2008), a standard on project management by Project Management Institute. Although project management emerged out of necessity for accreditation of ISO 9000, high quality of service deliver was one of major aspects that allowed smooth transition of the company towards the project management. In addition, the company relied on team work, mutual trust and communication to manage its routine projects (Kerzner 2010). A major challenge faced by the company was the perception of managers in its SBUs who felt threatened for being answerable to project failure or success, where they were working earlier as independent and autonomous functions. The commitment of higher management and training of personnel on project management has helped in shaping the approach and mindset of the individuals towards the implementation of project management approach. The full use, application and benefits of project portfolio management have yet not been realized in the company; however, adopting to this approach has allowed to transform the company’s culture and organizational behavior towards project management.
McElroy Translation Company Case Study
The cultural challenges faced by the company included
The company primarily managed the projects for its routine clients; however, the deadlines for these projects were assigned arbitrarily and without considering the involvement of the project team.
Projects were often accelerated to meet completion date without providing justification for the unnecessary delays.
Departments worked independently without considering the procedures and processes of other departments due to lack of communication.
Using the one single approach to manage all its project prevented quick adoption to the changing circumstances.
Following were few steps taken by the company to implement project management across its all functions.
Analysis of the market and company’s internal business processes
Identification of customer needs and expectations
Investment in project management software to allow better management of projects and project related information
Creation of a database on project materials accessible by all employees through shared network to develop better understanding of customer’s intent
Establishing regular short meetings to discuss project risks and problems for identification of the solutions.
Efforts by management to improve the vertical and horizontal communication across all functions of the organization which helped to promote respect, trust, the sharing of expertise and skills transfer.
The visible commitment and support by the higher management allowed the company to adopt to project management culture and enabled its employees to embrace the project management methodologies in their business processes.
References
Kerzner, H. 2010. Project Management: Best Practices - Achieving Global Excellence. 2nd ed. New York: John Wiley & Sons.
Project Management Institute. (2008). A Guide to Project Management Body of Knowledge (PMBOK Guide). Pennsylvania, Project Management Institute. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“W8 Follow Up:Making project portfolio management sustainable in an Assignment”, n.d.)
W8 Follow Up:Making project portfolio management sustainable in an Assignment. Retrieved from https://studentshare.org/management/1623150-w8-follow-upmaking-project-portfolio-management-sustainable-in-an-organization
(W8 Follow Up:Making Project Portfolio Management Sustainable in an Assignment)
W8 Follow Up:Making Project Portfolio Management Sustainable in an Assignment. https://studentshare.org/management/1623150-w8-follow-upmaking-project-portfolio-management-sustainable-in-an-organization.
“W8 Follow Up:Making Project Portfolio Management Sustainable in an Assignment”, n.d. https://studentshare.org/management/1623150-w8-follow-upmaking-project-portfolio-management-sustainable-in-an-organization.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF W8 Follow Up:Making project portfolio management sustainable in an organization

Project Portfolio Management

...? Term Paper: Project Portfolio Management Term Paper: Project Portfolio Management Before we can discuss theprocess and analysis of the Project Portfolio Management (PPM), it is important to understand the definition of the acronym PPM and balance score card. This is because, for an efficient and effective analysis of the process of PPM, we realize that 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 (Harvey 2005). In general, the balance scorecard balances...
20 Pages(5000 words)Term Paper

Project Portfolio Management

... future providing higher rates of return to its shareholders. Selection Criteria The PPM selection criteria include the following model that has been presented below. (Source: Subramaniam, 2009) It is to be mentioned that the organizational objective has been the reduction of the emission and focusing upon the fuel efficient cars. It is in this context that the proposed SBU seems to fit with the organizational objectives. Global Fuel Efficient Initiative Model has been selected that can assist Mercedes Benz in the achievement of the goals of the organization. It will assist in making the project successful. The chosen SBU needs to be managed by the company in a better manner so that the new initiative taken can be successfully applied...
6 Pages(1500 words)Research Paper

W8-IP Project Portfolio management and Project Plan

... and innovation” and has the strategy to develop a new range of products ahead of time before the competitors. The company also aims at reduction of pollution to maintain and sustain a safe environment both for customers and its employees. Frozen Food Company can achieve this through the creation of an effective project portfolio and strategic business units (Kerzner 2010). This study would be conducted in one of the strategic business units of the company to create an effective project portfolio. 2. Aim and Objectives Selection of the right project aligned with the business strategy is an important aspect of the business from the view point of profitability. No organization has unlimited resources and thus it becomes crucial to manage its...
14 Pages(3500 words)Assignment

Project Portfolio Management Concepts

... planning, data management and capacity determination. Additionally, the article explains the pattern options of SAP with a special attention leaned towards the project structure, resource management, documentation, evaluation and project alerts. Concepts 1. Mission/Vision: The article endeavors to explore how to carry out a Project Portfolio Management using SAP. 2. Objectives a. Hierarchy of homogenous clusters b. Limited to about seven plus or minus two in each cluster The activities of the PPM shall be categorized in to the following Hierarchy of homogeneous clusters: i. The Portfolio Management – To identify the target groups, to recruit the other management officers, to supervise the management process, to authorize the organizations...
4 Pages(1000 words)Research Paper

Project Portfolio Management

The constraints of external environmental factors, changes in customer requirements and demographics and the financial and operational constraints would also be considered for the same. The project selection criteria would mainly be based on the continuously shifting needs of the customer groups in this industry in Florida, where the company is mainly located. Also, the strategic objectives of the company like the expansion of the business into new markets like Europe and Alaska, the increase in revenues by 10%, the expansion of customer services and the improvement of the customer satisfaction levels by 15% every year, would also be considered as the main project selection criteria. Apart from these, the cost control objectives o...
6 Pages(1500 words)Case Study

The Working Procedures of the Organization

As the company’s current status is enough established, it contains a large staff of more than a hundred people out of which, forty percent are women while sixty percent comprises men. The company has well-established departments for all kinds of procedures such as finance, management, sales, stock, project control, marketing, and administration. All the departments are linked to each other by means of the management department that controls and manages activities of all other departments.
As an employee of the organization, I am aware of all kinds of politics and the changes required in the company. With the bringing up of change, the management encounters many problems such as approval of employees, employees’ sa...
10 Pages(2500 words)Term Paper

Total Quality Management of Bank Muscat

I am sincerely indebted to Mr. Majed Ambusaidy, the manager of quality department in Bank Muscat and his assistant, Yasser Al-Raisi, for helping me gather much information for my researching needs.
Any corporation values its customers for they believe that customers are as important as the human capital of the company. Usually, customers dictate the needs and requirements whilst the company develops and provides these needs. In case the customer is not satisfied with the outcome of the product or service rendered, negative implications set in against the enterprise. It may affect not only the customer per se, but it also subjects the entire organization’s reputation at risk. Not to mention the loss incurred as the custo...
72 Pages(18000 words)Case Study

Psychology: Stress Management

One member gave me the money. She gave me the proper details too. That day I went through the details. In a vague mood and mind I ‘found’ everything proper. But the next day when I heard that she got transferred to another office my mind was doubtful with the calculations of the previous day. I shouted at her that the records were not clear. She came to me very calmly and told me that she would explain the details. But without a proper reason, I was raging at her. She tried her maximum to explain the details to me. But whatever she said was not convincing to me. The simple arithmetic in the paper was confusing. I could not understand anything. Other members of the staff came to console me but in vain. When my friend, a...
8 Pages(2000 words)Essay

Knowledge Management and the 21st Century Workplace

However, while Taylor talks of knowledge, which centers on the management Bronson perceives that knowledge rests with individuals among the workforce. These two cases have different implications. For instance, when knowledge centers on the employee it becomes tough for the management to keep track of his creativity and optimal use of knowledge. However, this becomes easier when the management possesses the knowledge and hence no single employee can contribute to it or create knowledge. In the latter case, knowledge might exist in the form of databases such that workers can conclude their job effectively. When knowledge centers on an individual, one can hardly make it explicit and the company is overly dependent on its staff. This...
8 Pages(2000 words)Assignment

Strategies in Modern Health Care Organization

Healthcare is one of the most important service industries that stretch across the globe with a remarkable increase in its business turnover even at the phase of an economic downturn. However, the profitability of the industry does not indicate the proportional improvement in the quality of services offered. Moreover, the industry in many of the developed countries has been highly fragmented for various reasons including corruption and other ethical misconduct. At this juncture, it is important to mull over the essentials of organizational strategies that can ensure the smooth functioning of healthcare services throughout the sector. According to Hamel & Prahlad (1994), strategic goals comprises of the sense of direction, sens...
7 Pages(1750 words)Assignment

Sustainable Properties and Long-term Profitability

The second concern pertains to a reality: energy demand at the global has been outstripping energy supply and prices will inevitably move up not down nor flat (Energy Information Administration, 2010, p. 52). Finally, the third reason pertains to another reality: while the human population has been increasing, the earth’s resources are finite even if the technology is developing multiple uses for resources or making erstwhile useless resources into useful resources. The three reasons are sufficient for buildings and homes to be constructed along with sustainability ethos. However, there is also another important reason: constructing homes and buildings along sustainability ethos can be profitable as well.
Consumers&rsqu...
6 Pages(1500 words)Assignment

Supply Chain Management at Zara

It can be said to be the process of attaining raw materials, production, storage and supply to the end-users. Every business or company has to employ a good purchasing and supply chain management if it has to succeed in its production. Supply chain management is important to Zara because it helps in recognizing the number of suppliers that can be accessed by the company, their location, the distribution centers, management of inventory and warehousing facilities. It also helps in determining the strategy to be used in the integration of information within the supply chain.

Zara opened its first store in Spain in 1975 and since then its stores gave grown into giants and are distributed all over the world. It holds about...
6 Pages(1500 words)Case Study

Case Management Review

Despite the hip replacement procedure, the patient would still likely experience limited mobility. He would have difficulty moving from one place to another; he would have difficulty sitting up, sitting down, standing, walking, and carrying out his activities due to his physical limitations. He would also have difficulty in going to and from the bathroom, and he would likely need assistance in moving about the residential facility. He would also undergo painful rehabilitation exercises and physical changes in his life.

b. Depression. Having been recently widowed after the death of his wife of more than 50 years, he is also being forced to face the fact that he would spend the twilight years of his life without his wife....
7 Pages(1750 words)Case Study

Management Accounting: Mopani Ltd

The explanation for option 1 is quite simple. She will get a retrenchment compensation of $600,000. She can invest that money in bank deposits for which she can earn a 3% interest per annum which amounts to $18,000 yearly. This interest amount becomes an opportunity cost if she considers taking up the second option as she cannot earn any interest without any deposit. In option 2 - a, she will have to render $500,000 to her current employer. She presently has $50,000 in hand and a property worth $350,000 which she can mortgage for 100% value (assumption). The mortgage interest rate is 6.5% of the property value which amounts to $22,750. She will have to further take a loan of $100,000 at an interest rate of 8% p.a. to gather the to...
6 Pages(1500 words)Assignment

Integrated Strategic Human Resource Management

Organizations these days realize the importance of human capital in organizational success. This transition from personnel management to human resource management is categorized by significant changes in theory and practice. It involves integrating personnel management approaches into the strategic human resource management framework. This approach is deeply rooted in various models and approaches some of which will be discussed in this paper.

With growing pressure global competition along with the increasing number of educated employees who demanded more involvement in the organization, the need for the development of a human resource framework was felt. Scholars at Harvard business school responded by providing a broa...
8 Pages(2000 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic W8 Follow Up:Making project portfolio management sustainable in an organization for FREE!

Contact Us