7/11/13

Topic Print View

Week 2: Portfolio Management & Project Success - Discussion

Project Portfolio Selection (graded)

An effective Project Portfolio does not just happen. There is a process that must be developed and then followed to help ensure a successful portfolio. Lets start this discussion by examining what decisions must be made before a project is actually looked at or considered. So where do you start in the preprocess stage? Be sure to justify your answer.

Responses Response Methodology Selection and Strategy Development Author Professor Orr Date/Time 5/11/2013 7:37:31 AM

Class, as you examine the preprocess stage, thoroughly explain methodology selection and strategy development. Be sure to give examples. Regards, Susan

RE: Methodology Selection and Strategy Developm ent Modified:5/13/2013 2:56 PM

Sydney William s

5/13/2013 7:00:06 AM

Methodology selection is the strategic process pretty much should be done in advance of any other activities in portfolio selection. You would create a system of what selection method that you would use in portfolio selection once for all time, with minor adjustments from time to time if other methodology choices appear to be better matches for the task at hand before each cycle of portfolio selection. Methodology selection should be flexible, based on decision maker understanding of the candidate methodologies or willingness to learn new approaches.It is also critical that common measures (e.g., NPV, scoring attributes, valuation of risk, etc.) are chosen so they can be calculated separately for each project under consideration, allowing an equitable comparison of the projects. An example of this would be using cluster analysis. Cluster analysis or clustering is the task of grouping a set of objects in such a way that objects in the same group (called cluster) are more similar (in some sense or another) to each other than to those in other groups (clusters). It is a main task of exploratory data mining, and a common technique for statistical data analysis.

RE: Methodology Selection and Strategy Developm ent Sydney,

Desm ond Callow ay

5/15/2013 10:53:02 PM

I agree in full detail w ith your analysis of the defining of the strategic methodology. The selection of the methodology though should also be based on specific selection criteria. The same can be said for the selection criteria for the project portfolio as a w hole. The methodology should fit the need of the endeavor. The cluster analysis that you mentioned includes all of the categorized descriptions of the project, but the methods for selection should be scrutinized w ith a measure of vigor that is commensurate
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 1/14

7/11/13

Topic Print View

to the priority of the projects success. The measurement of the risk of each deliverable is one of the criteria that should be monitored closely. Another aspect is the review of is the matrix of comparison to previous projects of this type and the measurement of the need paired w ith the measure of success seen.

RE: Methodology Selection and Strategy Developm ent

Dw ayne Grant

5/14/2013 9:05:00 PM

One foundational concept that we learned in project 586 still is true today, and everything depends on the situation. So just to summarize the portfolio selection process is situation dependent. The selection criterion may be either quantitative or qualitative or a combination of the two, an example of a qualitative measure is aligning the project with the beliefs and values of the organization. A qualitative approach will use financial statements or other statistical data to make an informed decision.

Topics in Process Phase

Professor Orr

5/13/2013 11:01:13 AM

Class, because the process phase covers several topics, let's each take a topic and expound on it. Everyone please refrain from choosing the same topica topic cannot be chosen a second time until all other topics have been discussed. In your discussion, please include examples, w eb links, and so on. Prescreening Individual project analysis Screening Optimal portfolio aelection Portfolio adjustment Regards, Susan

RE: Topics in Process Phase

Sydney Williams

5/14/2013 6:38:29 AM

Prescreening - This would be the actual first step in the portfolio selection process. Prescreening is based on the guidelines based on the strategy development stages and ensures that any project being considered for the portfolio fits the strategic focus of the portfolio. The activity of prescreening is rejecting of any projects that do not meet portfolio criteria. Projects should be classified in advance of portfolio selection, according to criteria that can override other considerations. We must look to see if a project can stand own its own, how it works with other projects, or will the benefit the project be greater than doing separate projects of a similar manner.
One method of prescreening of projects is doing a feasibility study. A feasibility study is an analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake. Simply put if the project does not make any sense or the cost out weigh the benefit the project should not be selected as part of the portfolio.

http://www.businessdictionary.com/definition/feasibility-study.html#ixzz2TGnJVU00
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 2/14

7/11/13

Topic Print View

RE: Topics in Process Phase

Catherine Nderitu

5/14/2013 7:39:41 PM

Individual project analysis: This follow s the prescreening process and an analysis of each of the projects in the portfolio is performed. An appraisal is performed on the individual projects and as mentioned in the textbook, the comparison can be based on estimates from feasibility studies or database from previous completed projects. The output w ill therefore be a common set of parameters from each of the projects. Examples of w hat is analyzed may include, project risk, net present w orth, return on investment, (Morris 106) This w ill make one understand each project w ell enough to make an informed decision, and therefore each project should be analyzed to a consistent and know n level of accuracy. It takes time and costs money but is valuable and sets pace for the next phase of Screening. Morris, Peter, Jeffrey K. Pinto. The Wiley Guide to Project, Program, and Portfolio Management. John Wiley & Sons P&T, 9/7/07. <vbk:9781118160466#outline(5.4.3.2)>.

RE: Topics in Process Phase

Mary Hart

5/14/2013 8:59:53 PM

SCREENING The screening stage follows the individual project analysis stage. In this stage the project attributes from the previous stage are examined in order to eliminate any projects, or interrelated families of projects, that do not meet preset criteria as follow: -Do not match the strategic focus of the firm. -Do not yet have sufficient information upon which to base a logical decision. -Do not meet a marginal requirement such as minimum internal rate of return and so on.

Except for those projects that are mandatory or required to support other projects still being considered. Care should be taken to avoid setting thresholds that are too arbitrary, to prevent the elimination of projects that may otherwise be very promising. Another consideration at this point is the optimal number of research projects to be developed for NPD portfolios (Lieb, 1998). Research projects require both technical and business evaluation, including marketing research. Lieb concludes that the optimal fraction of research projects to be undertaken is critically dependent on the relative average research project cost and effectiveness compared to development.(Morris, 2007)

Morris, Peter, Jeffrey K. Pinto. The Wiley Guide to Project, Program , and Portfolio Managem ent. John Wiley & Sons P&T, 9/7/07.

threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i

3/14

7/11/13

Topic Print View

RE: Topics in Process Phase

Isaac Oyan

5/14/2013 10:58:03 PM

Optimal Portfolio selection: This is the fourth level in Process phase, A lot of consideration are made at this level which includes the relationships among the projects knowing fully well that we have limited resources to carry out all the projects, and we need to consider the interdependencies of projects and the timing and even the value of each projects with the corporate strategy, all based on common /same variables/parameters. At this level one needs to be very careful because we consider what project will give us the high-yielding result or which project among others is more valuable/ meets both corporate and project strategy definition, However many weighted criteria could be used to determine the optimal project this criteria includes Scoring models, portfolio matrices which allows both quantitative and qualitative attributes to be considered before one choose the portfolio As mentioned earlier, project interaction which includes both interdependent/dependent of the project must be duly considered because there are projects which are not alone, which depends on one another and until one project is completed the other can not start (i.e Finish to start relationship), in the same vein there are a lot of constraint which needs to be considered at this stage before we finally make our decision.

RE: Topics in Process Phase

Dw ayne Grant

5/16/2013 10:04:10 PM

My topic is portfolio adjustments, and it usually happens in the selection stage of portfolio management. The activities that fall under this category is called user directed adjustments. The potential methodologies are called matrix displays and sensitivity analysis. This is the final stage and the goal of this is a portfolio that meets the organization objectives.

Project Development and Project Evaluation

Professor Orr

5/14/2013 10:11:00 AM

Class, all the areas of portfolio selection are essential in creating an effective portfolio. So let's end this discussion w ith project development and project evaluation. What is it and w hy is it important to project success? Be sure to share examples and personal experiences. Regards, Susan

RE: Project Development and Project Evaluation

Jennifer Gherardini

5/15/2013 7:39:12 PM

Project "development and evaluation are post-process activities that can generate data from experience that are highly useful to learning and project evaluation, for future portfolio selection exercises". (Morris & Pinto, 2007) Project development and project evaluation are important to project success because it is part of the process of the lessons learned that are put tow ards future projects. Historical data and other documentation that detail w hat w as done, w hat w ent right, w hat w ent w rong, w hat needs improvement, and any suggestions throughout or after the project all help project managers and others involved to be better every project after.
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 4/14

7/11/13

Topic Print View

Morris, P. & Pinto, J. (2007). The wiley guide to project program & portfolio management. Hoboken, New Jersey: John Wiley & Sons, Inc.

RE: Project Developm ent and Project Evaluation

Desm ond Callow ay

5/16/2013 1:28:42 PM

Creating an evaluation of the project as is proceeds is important to help plan the various components that will go into this and subsequent projects. The plan will allow the developers of the instance to see the logical flow of each phase of the project rather than a generic overview of the objectives and deliverables. The development of the method of evaluation will explain how the information will be collected and what will be expected in the way of inputs from the project team. Planning for the evaluation would also allow for the information of the project to be in hand to begin evaluating the project and retaining the lessons learned from each phase. If the evaluation method is to be program geared the information would need to be encompassing of the project as a whole. Evaluating the project itself allows for the analysis of the critical aspects of the individual project. These would in turn build on the evaluation for the program to test the feasibility of many of the decisions being made as it relates to the individual project. At a current project for my employer, we have an issue of cutting tiles for cable management and customer installations. The evaluation of this aspect showed that the selection of the size of equipment ordered for this customer was not the customary scale of what we normally work with. This caused confusion as to whos instructions to follow. Evaluating the error in communication has now allowed us to better plan for the complete installation of one of our largest clients to date.

Defining Project Success

Professor Orr

5/15/2013 7:45:02 AM

After reading the assignment and doing personal research, how w ould you define project success? Regards, Susan

RE: Defining Project Success

Isaac Oyan

5/15/2013 6:08:43 PM

There are many w ays of defining Project success and it depends on w hich perspective that one looks at it from, how ever, the follow ings are w ays I feel one can adequate define project success: (1) The Project is finished on tim e and w ithin Budget: Whenever the Project is completed as scheduled and w ithin the budget , w e can say the project is successful, although that does not mean that there w ere no risk involved during the project period but w hat matters is that everything w as done according to the schedule, to time and w ithin budget. (2) Consultant/Project Manager and the client sustain a high quality w orking relationship: The project can be classified as been successful if during and after the project, both Consultant/Project manager and the client/customer sustain high quality w orking relationship. They w ere able collaborate w ell during the project and there w ere mutual understanding betw een them, they w ere able to agree on the change of scope and manage changes very w ell w ithout any problem. (3) Desired outcom es and results listed in the project agreem ent are achieved: The project is successful w henever all the deliverables w ere accomplished as stipulated in the agreement . (4) The custom er w ants to hire the Project m anager again: The possibility that the customer/client w ill hire the project company or the consultant or the project manager w ho has once handled the project for them sometimes
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 5/14

7/11/13

Topic Print View

ago, is a good indication that the former project w as successful, that is w hy the client can still hire the project manager back for another project.

RE: Defining Project Success

Joseph Miller

5/17/2013 2:21:02 PM

I s a a c-a g r e e dt h a tf i n i s h i n gap r o j e c to nt i m e a n dw / i nb u d g e t ,P Me s t a b l i s h e s / e x e c u t e s / s u s t a i n s g o o dw o r k i n gr e l a t i o n s ,d e l i v e r a b l e s / c r i t i c a l p a t h s / m i l e s t o n e s / e t ca r em e t ,a n dP Mr e q u e s t e df o r f u t u r ew o r ka r ea b s o l u t e l ys u c c e s s o r si na p r o j e c t .P r o j e c tM a n a g e m e n tf o rm yo r g a n i z a t i o n e x p e c t st h e s et y p es u c c e s s e sb u ta l s or e l i e so n e q u i p m e n tp e r f o r m a n c e / s e r v i c eq u a l i t yo n c ep r o d u c t h a sh i tt h em a r k e t .O u rP r o j e c tM a n a g e m e n t c o n t i n u e si nt oe q u i p m e n tu t i l i z a t i o na n do v e r p r o j e c ts u c c e s si sd e t e r m i n e db yi t sR O I , o p e r a t i n gc a p a b i l i t i e sa sa d v e r t i s e da n de x p e c t e d , a sw e l la ss e r v i c eq u a l i t yo nl o c a t i o n ,t h e n t u r n a r o u n dt i m ef o rt h ee q u i p m e n t ,a n db a c kt o m a r k e t

RE: Defining Project Success

Mary Hart

5/17/2013 9:23:09 PM

Modified:5/17/2013 9:25 PM

Isaac I agree with you, but the success of a project is also determined by the stakeholder as the project have meet there expectations within budget, scope, time and allined with the strategic goal of the organization. "The project was done right, it was the right project for the organization".

RE: Defining Project Success

Derek Am berson

5/15/2013 6:29:22 PM

Project success can very. I personally think that success should be gauged on the w hat the goal of the project is. If the project is to increase production efficiency by 50% and it provides 60% then its a success, if it does not make goal then it w as not a success. Some say that success can be gauged on a project coming in on-time and underbudget. My issue w ith this is those tw o factors do not gauge the project as a w hole, just the time and cost of the project. The w hole project has a goal and if that goal is met, then it is a success. Now you can also expand this to say if it came in under budget but did not achieve goal, then its a failure, but if its over budget but exceeds expectations then I w ould deem that project a success, w ith lessons learned. We performed a project w here w e w ere developing a new propeller control system that w ould modify an existing one that had already caused 6 deaths. The project w ent w ay over budget, but w e eventually succeeded. This modification w as put in place on all fleet aircraft and the failure of the propeller for this problem disappeared. So w as that a success? In my opinion yes, w e w ent over budget but w e stopped the system from causing the aircraft to crash, thus saving lives. So as I say, success is based on the outcome of the project, not cost or time.

RE: Defining Project Success

Huyen Bui

5/15/2013 9:16:23 PM

threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i

6/14

7/11/13

Topic Print View

I would say in order to measure the success of a project is simply consist of two factors: deliver on time and on budget. The PM should set up a Key Performance Indicator (KPIs) to monitor. The KPIs tend to set up from the beginning of the project and it will become the standard for evaluation. The KPIs should be: Established by the customer at the beginning of the project and listed in order of priority. Directly related to and supported by business goals. Able to provide the basis for critical decision-making throughout the project. The basis on which the product will be accepted by the customer at the end of the project. Measurable.
http://office.microsoft.com/en-us/project-help/define-your-project-goals-and-success-criteria-HA001211137.aspx

RE: Defining Project Success

Sydney William s

5/15/2013 9:51:55 PM

Wow everyone has great responses, but to me perhaps the most important definition of project success was the right project done and was the process consistent after then for the right projects? We had a section on page 234 in our text but to add a little more clarity. You can be successful executing the project within schedule, budget and project scope, but if the projects are not strategically aligned. You have wasted a lot of time and money. For example, you can have a projects to come in late and over budget but that still delivered significant value to the company. Also you can have projects that come in on time, on budget, and in scope, but that the company never implemented. It seems perverse to deride as a failure a project that provided solid value while celebrating as a success a project that gave none. Even though the metrics are great measurements because if we don't follow our triple constraints we will not be employed as project managers but thinking at a higher strategic level you really can see the value of the projects as the impact an organization as a whole and the success projects bring to the organization. http://www.pmhut.com/what-is-a-successful-project

RE: Defining Project Success Modified:5/16/2013 12:26 AM

Catherine Nderitu

5/16/2013 12:25:32 AM

My previous thinking on project success w as limited to; completion on schedule, w ithin scope and w ithin budget. How ever, i can now say i am more enlightened from further reading and research. I came across this article w hich groups success in three tiers. Tier 1: Project com pletion success : this addresses "are w e on time, budget, on scope, quality?" It is limited to the duration of the project and success can be measured as soon as the project is officially completed. Tier 2: Product/service success : this addresses w hether the product or service delivered is deemed successful. It is measured once the product/service is implemented and over a defined period of time. Tier 3: Business success : this addresses w hether the product/service delivered brings value to the overall organization, and how it contributes financially and/or strategically to the business. For examples: financial value contribution (increased turnover, profit, etc.), competitive advantage (eg. x points marketshare w on), etc. => Overall success : at times you can be successful on one tier but not others.I think tier 1 matters little if tiers 2 and 3 are not met.
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 7/14

7/11/13

Topic Print View

http://pm.stackexchange.com/questions/3122/definition-of-project-success

RE: Defining Project Success

Jennifer Gherardini

5/17/2013 4:53:22 PM

I w ould define the project success as dependent on the stakeholders and project team members. It depends on w hat is important to the person defining the success. It could be the successful completion w ith in budget, schedule, and/or scope. It could be the success of the team w orking w ell together and improving or maybe w orking w ell w ith a new team. It could also be if the project deliverables w ere better than expected.

RE: Defining Project Success

Dw ayne Grant

5/18/2013 4:26:16 PM

Project success is one of those abstract concepts thats hard to define, and we may not know what it is, but we definitely know what it isnt. It is not leaving the project incomplete or obligations unfulfilled. However, you can still have a successful project as far as deliverable and still not have project success. Because, one or more of the stakeholders are not satisfied with the overall results of the project, and this could be in terms of schedule or cost. The PMBOK guide folks realize the importance of stakeholder management and that is supposed to be added to the next edition of the guide.

RE: Defining Project Success

Desm ond Callow ay

5/19/2013 9:39:44 PM

Project success can be described as the successful completion and acceptance of all criteria of the project w ithin the specified schedule and budget. This though is not an exact science. The definition itself can change depending on the nature of the project itself. The project could run into problems and need some risk measures to be enacted in order to keep the project from derailing. If there is also an issue of communication, a proper communications plan may be lacking. The lack of communication w ould also be a factor in defining the actionable deliverables and the optional deliverables. If there is not an alignment of the deliverables for the project, resources that are needed for critical items could be misappropriated to the unnecessary activities. This also builds to ensuring that the right project is being completed to begin w ith, If the right project is not being done then it w ill cause undue failure. If it is not something realistic, then the project is doomed from the inception of the proposal. Choosing the right project w ill spell out a good track for success. If the right project is selected, then it becomes a matter of if the project is being completed on time. If the project is completed on schedule and w ithin an acceptable measure of constraint to the budget, the project itself can result in a capital success.

So w here do you start in the preprocess stage?

Emre Karakus

5/15/2013 8:30:13 PM

Three-steps to your Strategy Development Plan Our professionals aren't just consultants-they're also business analysts w ho w ill look at your organization objectively, leveraging a w ide range of experience and using proven methodologies to develop your strategic plan. Our three-step plan includes: Operational discovery - We develop an understanding of your organization, objectives, products and services, markets and how your operations, finance and technology functions support your strategy. Detailed analysis - Analyzing the information gathered in the discovery phase, w e compare it to proven practices and other experiences w e've had. We evaluate your operating model based on w hat you're trying to accomplish and answ er the follow ing questions: Do you have the right organizational structure and people w ith the right skills to be able to meet your strategic objectives? Do you have the appropriate processes and tools in place to support your operational objectives?
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 8/14

7/11/13

Topic Print View

Is information critical to decision-making available quickly enough? Strategic road m ap developm ent - Based on our analysis, w e provide you w ith an overall strategic road map and recommendations for executing an improvement program designed to enhance all aspects of your operation. Problem Structuring

Portfolio Selection

Joseph Miller

5/16/2013 9:43:01 AM

W e l lo r g a n i z e dP o r t f o l i oM a n a g e m e n tP r o g r a m sr e l yo n s t r a t e g i c a l l ys e l e c t i n gp r o j e c t st h a td i r e c t l yc o i n c i d ew / c o r p o r a t ee x p e c t a t i o n s .T h ed y n a m i c sb e h i n ds u c h m e t h o d o l o g yd e p e n do na d e q u a t er i s ki d e n t i f i c a t i o n / m g m t ,t i m e t om a r k e t ,&R O I .T h eq u a n t i t yo fp r o j e c t sm u s tc o i n c i d ew / i n f r a s t r u c t u r ec a p a b i l i t i e so rr e s o u r c e sc a nb ee x h a u s t e d w h i c hi sd e t r i m e n t a lt op o r t f o l i os u c c e s s .I ti sr e c o m m e n d e d t oa n a l y z eb e n c h m a r k e dP o r t f o l i oM a n a g e m e n tp e r t a i n i n gt oN P D P r o j e c t sa sg u i d a n c er e g a r d i n gp o r t f o l i os e l e c t i o nc r i t e r i a& s u c c e s s . . .

Doing the "Right Projects"

Professor Orr

5/16/2013 12:05:03 PM

What is meant by the phrase, "Ensure that the right project is done"? Why is this important? Regards, Susan

RE: Doing the "Right Projects"

Huyen Bui

5/16/2013 7:31:12 PM

Once w e got the project selected and phased out the WBS, it is very important to ensure that monitoring the tasks and w ork packages in order to have the right project done. For instance, the new launch campaign must be lunched by May, even if the PM can manage to get it done w ithin the budget, scope but late the deadline, the project cannot be marked as a successful project. Ensure the right project is done to ensure the satisfaction of the stake holders and the success of the project.

RE: Doing the "Right Projects"

Isaac Oyan

5/17/2013 2:08:00 AM

This phrase is very big and broad in nature, how ever, the phrase is talking about critically look at the portfolio and carefully select a project that is meaningfully oriented in terms of the project solving a particular problem, or meeting the need and timely. In any portfolio, there are many projects, and because of the limited resources both human and financial, w e need to prioritize among the w aiting projects and pick the one w hich is of more important at that particular time. After the right project has been selected, in order to achieve our aim, the stakeholder acceptable criteria must be follow ed so as to have a project success. How ever, doing right project doesn't mean the project w ould be successful at the end of the day, w hy? the three constraints are alw ays there and if the scope is fully follow ed, the time is there to w atch for and even the budget. Most times, is either w e use money to buy time or w e trade time for money in the course of carrying out the project. Doing the Right Project means doing the most pressing/important project.
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i 9/14

7/11/13

Topic Print View

RE: Doing the Kelser Mcm iller "Right Projects"

5/19/2013 8:46:51 PM

Well it depends Isaac, doing the right project also means taking into account the users. The stakeholders have a say in the sucessfullness of a project. If they and the users are not happy the project is not a success.

RE: Doing the "Right Projects"

Desm ond Callow ay

5/19/2013 9:56:18 PM

I like the segmentation of the unsuccessful project. But I believe that there can still be some success garnered if there are specified values assigned to the scope of the project including a maximized crash date and optimal budget w ith some flexibility for risk. The project should be selected based on the project team's ability to complete all tasks on schedule and w ithin the assigned budget. This information should be a part of the project selection and evaluation criteria. The criteria should be w ithin acceptable levels of success. This can also be w eighted against the successful and unsuccessful completion of similar projects. Using the lessons learned from previous projects as a basis for acceptance w ould help the project manager choose a team that can best satisfy the needs of the stakeholders. The team should be selected based on their strengths. If this cannot be done to the satisfaction of the stakeholders, then this is not the project for the project manager.

RE: Doing the "Right Projects"

Catherine Nderitu

5/17/2013 3:17:33 PM

"Ensure that the right project is done" This phrase means that the project realizes/produces the expected benefits and also satisfies the stakeholders. It is therefore vital for an organization to ensure that they identify and prioritize projects that w ill deliver maximum benefits to the organization. It is important because w hile doing the project right (execution) is important, it is far more important to do the right project since the results w ill be more useful to the organization. The outputs should be aligned w ith the organization's strategy.

RE: Doing the "Right Projects"

Derek Am berson

5/18/2013 8:06:45 PM

The "right project" is a project that progresses the company. This means that if the company is producing w idgets then the company should not be doing a project to build a stadium. Now that's a little far fetch but it meets the point. The right project is sometimes hard to see. It may not jump out at a program manager right aw ay. Its the one that not only fits w ith the companies profile and goals but one that can ensure that the company increases its presence w ithin the global market place.

Ensuring the Right Projects are Done Right

Professor Orr

5/17/2013 7:57:38 AM

How can a PM ensure that the right projects are done right, time after time? Is this even possible? Why or w hy not? Regards, Susan

threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&

10/14

7/11/13

Topic Print View

RE: Ensuring the Right Projects are Done Right

Kelser Mcm iller

5/18/2013 10:30:30 PM

In order for a PM to ensure the right projects are getting done time after time, the monitoring and evaluation of projects has to be ongoing. This w ould allow a PM to set goals and eac evaluation time, the PM w ill be able to either keep going w ith the original project, w hether or not to cut resources, or w hether to evolve the original project into smaller more manageable pieces.

RE: Ensuring the Right Projects are Done Right

Isaac Oyan

5/19/2013 12:15:22 AM

The possibility of doing right project and doing it right is certain if the Project Manager take cognizance of the lesson learned from the past projects and continuously follow the stakeholder's acceptable criteria. The three constraint of every project must be taken care of and properly prepare for the risk to be involved in the project.

RE: Ensuring the Right Projects are Done Right

Joseph Miller

5/19/2013 2:30:44 PM

A PM can ensure projects are done right time and time again by practicing adequate project management as trained/educated...

Once project has been accepted:

Risk Analysis Stakeholder risk analysis Vendor constraints risk analysis Budgetary risk analysis Contractual Risk analysis Assign action items/corrective actions Provide Executive Summary Send RFPs Ensure contracts are review ed and executed by applicable personnel Kickoff Meeting w / stakeholders Compile Gantt chart Identify predecessors, critical paths, milestones, etc Assigne actions items/corrective actions Crash w here necessary Track, monitor, maintain, distribute Execute adequate Active Based Costing accounting and other accounting verfication methods Ensure Function Managers effectively carryout tasks Provide Stakeholder Summary Review s throughout duration of project Etc

This is absolutely possible because it is w hy w e have Project Management & paid PMs

RE: Ensuring the Right Projects are Done Right

Kelser Mcm iller

5/19/2013 8:44:24 PM

threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&

11/14

7/11/13

Topic Print View

I w ould have to say this is all about monitoring the process of the project. Having to monitor all of these points w ould lead to a big use in resources. This list is a great list to give to a PMO for the future selection of future projects.

RE: Ensuring the Right Projects are Done Right

Jennifer Gherardini

5/19/2013 5:39:29 PM

Take notes often, conduct adequate research, and archive all important documents. These are all w ays to help insure that a project is done right time after time. Historical data and experience insure that w hat w as done right continues to be done right as w ell as correcting or avoiding anything that w as done w rong or possibly improving something that w as done w ell enough. Research is important in all aspects of just about everything. Know ing all you can about the circumstances surrounding a project w ill help greatly in having a successful project. There w ill alw ays be the possibility of hiccups though no matter how many precautions or right things w ere done.

RE: Ensuring the Right Projects are Done Right

Em re Karakus

5/19/2013 7:13:50 PM

How can a PM ensure that the right projects are done right, tim e after tim e? Is this even possible? Why or w hy not? Project managers has strategies for running projects. Multiproject environments have relation tables w hich is collected under a portfolio. Project manager uses tools for managing portfolios and project relations and can ensure timing and project relations. We can say it is possible to do right projects time after time.

RE: Ensuring the Right Projects are Done Right

Derek Am berson

5/19/2013 8:29:42 PM

Yes the PM can ensure that the right project is done time after time. Now there may be times w here the "bad choice" gets in, but it w ill not alw ays start out as the bad choice. In this case the stakeholders can change the requirements mid project. This w ill have dramatic influence on the project and can cause it to fail. A good PM w ill not only ensure that the projects that are selected are the right ones, but communicate w ith stakeholders to ensure that they are confident that they are getting the right project and w ill not be asking for changes.

Lessons Learned for Week 2 Hi Everyone,

Professor Orr

5/18/2013 1:13:47 PM

For those of you w ho have not yet met posting requirements, What w ere your most valuable Lessons Learned for Week 2? Regards, Susan

RE: Lessons Learned for Week 2

Mary Hart

5/18/2013 8:31:04 PM

Some of the valuable lessons learned for w eek 2 are as follow : -Proyects are classiffed in external and internal types. -External projects relates to developing products for a customers in the market. -Internal projects relates to problem solving, utility, maintenance and research projects. - The corporate strategy provides the individuals w ith guidelines, goals, and objective for decision making. -The corporate stratagy moves through Portfolios, programs, and projects. -Project portfolio is a group of projects that are managed in a w ay to deliver benifits that w ould not be posible if the
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending& 12/14

7/11/13

Topic Print View

projects w ere managed independently. -The project potfolio management refers to a selection and support of project investments alined w ith the organizations strategic plan and aviable resources (projects selected should be the right ones consistent w ith the organizations goal). - Strategy is a plan. - Program consists of several associated projects that w ill contribute to the achivement of a strategic plan. - For the sucsess of the implementation of a strategy, the dicisions made by managers should be consistent w ith the organizations goal and objectives. -Project management is about doing the project right.

RE: Lessons Learned for Week 2

Huyen Bui

5/19/2013 3:33:20 PM

Lessons learned for w eek 2: _Project has to be realistic to link w ith the corporation strategy and mission _Differentiate among Program, Portfolio, and Project _ In order to make a project successfully, all the risk analysis and change control should be in consideration as w ell as communication plan to internal and external.

RE: Lessons Learned for Week 2

Em re Karakus

5/19/2013 7:10:09 PM

During the presentations Nature of the Program Management Process including the PMO and use it to effectively manage a portfolio of projects w as handled. Analyze and integrate organizational capacity management w ith the portfolio/program processes through the PMO. Model of project orientation in multiproject organizations discussed. Project portfolio management discussed by chapter 5 group. Decision management strategies and process w as discussed in chapter 6.

RE: Lessons Learned for Week 2

Kelser Mcm iller

5/19/2013 8:40:51 PM

The most valuable lessons learned are the project evaluations. For some reason, I did not "get" that evaluations w ere going on during the project. When I say "going on" I mean monitoring of projects through evaluations and goals. After reading about project strategic goals and how they match into the organizational goals I w as able to understand how the goals of my department match up to the goals of my organization. As w ell as how the quantitative goals match w ith a monitoring of the performance of my program/project. Also I w as able to evaluate the new projects that are just starting in my company, I w as able to locate key aspects in those projects to understand how they w ill support not only my organization, but also to evaluate how maybe they may not be successful due to time and scope.

What is it and w hy is it important to project success?

Emre Karakus

5/18/2013 9:00:48 PM

Running business w hich is based on projects are most productive w ay to continue businesses. Each project has its ow n method derived from generic methods and experience.It is also become a reference for future projects if it is completed successfully. A project w hich is ended w ith failure can be dangerous for human and environment. With vigilant management and a strong project closing, a company can consistently reach project success.

Optim al portfolio aelection

Em re Karakus

5/19/2013 7:02:01 PM

3 Methodology We observe the follow ing steps in the estimation of the optimal portfolio allocation and its evaluation: 1. Estimation of portfolio returns:
threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending& 13/14

7/11/13

Topic Print View

2. Estimation of the conditional variance: 3. Estimation of the value at risk. 4. Determine the optimal risky portfolio allocation: 5. Determine the optimal amount to borrow or lend: 6. Evaluate the models:

threadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending& 14/14