Tuesday, May 5, 2020

Project Portfolio Management-Free-Samples-Myassignementhelp.com

Question: Discuss about the Impact of the early and the front-end part of the Project Portfolio Management. Answer: Introduction The paper deals with the analysis of the potential impact of the early and the front-end part of the project portfolio management on the overall success of the project portfolio. The part of the process includes ideation portfolio management and the pre-screening stage. Analysis The early and the front end part of the PPM process where the ideas taken and later used as project proposal has been conceptualised as ideation portfolio management (Heising 2012). According to Heising, PPM mainly emphasise on allocation of scarce resources to the most potential and promising ideas. These promising ideas are made as per the decision criteria followed which these ideas are prioritised as per the strategic objectives. However, the author has missed an equal emphasis on the steady flow of the project related ideas. It means that the author has not given equal emphasis on the fuelling of the project pipeline, which is actually the ideation element of the portfolio management. Heisings conceptual framework consists of the series of the constructs, concepts, and interrelation between the project portfolio success, ideation portfolio managementand front- end success. This framework helps makes the portfolio selection rationale. However, in early phase a speedy execution is required for successful implementation of the ideation portfolio management (Jugend et al. 2016). It must include the decision makers to move ahead logically considering the risks (Archer and Ghasemzadeh 1999). Front-end success is possible only by effective ideation, front-end efficiency, and degree of innovation. Further, portfolio balance and economic success determines the overall success of project portfolio (Heising 2012). Similarly, Archer and Ghasemzadeh provided an overall project portfolio selection frameworkin 1999. According to the selection should consist of pre-screening stage in addition to other stages, which will also be initiated by the project proposals, which in turn relates with the concept of ideation. He divided the front-end part into strategic consideration, evaluation of individual projects and portfolio selection phases. .Pre-screening stage is important to know if the ideas warranty any further work and extensive analysis. It helps to evaluate each project with certain guidelines. It is required to screen opportunities in relation to project. It will help feed the pipeline of the project into the selection process of the project. The strength of the framework is that it can be embedded in the decision support system where the project success can be further enhanced by using computerised modelling and databases (Kock et al. 2015). Therefore, it would be better if the selection proc ess have flexibility to choose the most useful techniques in the pre-screenings stage (Archer and Ghasemzadeh 1999). Impact It can be concluded from the analysis that managing a portfolio is difficult than managing a programme. Everything from the portfolio ideation to the selection phase is the front-end part of the PPM. This part consists of the organisational learning. The impact of the early and the front-end part cannot be determined unless the portfolio performance assessment is completed (Kock et al. 2015). According to Hesing the probability of the overall success can be determined by the early and front end success. Since there are not concrete outcome of the front-end success, it can be measured by the perception (Heising 2012). However, for such evaluation there is a need for an individual to judge early and front end with strong knowledge of the market created by the organisation and innovation. Better portfolios can be selected by doing thorough front end and consequently derive maximum benefits. References Archer, N.P. and Ghasemzadeh, F., 1999. An integrated framework for project portfolio selection.International Journal of Project Management,17(4), pp.207-216. Heising, W., 2012. The integration of ideation and project portfolio managementA key factor for sustainable success.International Journal of Project Management,30(5), pp.582-595. Jugend, D., da Silva, S.L., Salgado, M.H. and Miguel, P.A.C., 2016. Product portfolio management and performance: Evidence from a survey of innovative Brazilian companies.Journal of Business Research,69(11), pp.5095-5100. Kock, A., Heising, W. and Gemnden, H.G., 2015. How Ideation Portfolio Management Influences Front?End Success.Journal of Product Innovation Management,32(4), pp.539-555.

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