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With increased globalization and industrialization, many organizations have been striving to implement different projects to maximize their profits or contribute substantially to the society. For an organization to achieve its intended success there is need to have proper…
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Download file to see previous pages It is the responsibility of the project manager to ensure that the organization selects the right project. For the survival of the project, adequate resources are vital which will ensure its sustenance to the final stage. The projects requires being in line with the organizational goals. Periodical review of the program is necessary for the achievement of its set goals. In case, the planned outcome and the actual outcomes are not in unity, the management team conducts a review on the entire project regarding the allocation of resources and carries out necessary changes to ensure the achievement of major objectives (Brennan, 2011).
The team company assists in the formulation and the enforcement of different policies and standards that govern the implementation of the program. For example, the team comes up with some strategic goals, such as those related to the IT area and be able to weight the project basing on the outcome. The reason for weighting the outcome is to determine if the project is significant enough and hence worth undertaking. The team company monitors the projects progress and reports to the project management team for necessary actions. The step is thus subject to consider as being among the best practices in project management due to the active monitoring of the projects.
The issue here is that companies come up with projects but fail in implementing them due to lack of adequate management of company strategies. In this regard, project portfolio management becomes an essential tool for the success of a project. The team company engages in outlining the resource requirements for the completion of the projects followed by seeking necessary funds to finance the expenses. Every stage of the project lifecycle is important for its success. The processes begin from the conception of the project, planning, implementation, ...Download file to see next pagesRead More
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