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PM587 Week 2 Discussion

PM587 Week 2 Discussion

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11/12/2013

 
7/11/13Topic Print Viewthreadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i…1/14
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 tohelp ensure a successful portfolio. Let’s start this discussion by examining what decisions must be made before aproject is actually looked at or considered. So where do you start in the preprocess stage? Be sure to justify your answer.
Responses
ResponseAuthorDate/TimeMethodology Selection and StrategyDevelopmentProfessor Orr 5/11/2013 7:37:31 AMClass, as you examine the preprocess stage, thoroughly explain methodology selection and strategy development. Be sure togive examples.Regards,Susan
RE: Methodology Selectionand Strategy DevelopmentSydney Williams
5/13/2013 7:00:06 AM
Modified:
5/13/2013 2:56 PM
Methodology selection is the strategic process pretty much should be done in advance of anyother activities in portfolio selection. You would create a system of what selection method thatyou 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 alsocritical that common measures (e.g., NPV, scoring attributes, valuation of risk, etc.) are chosenso they can be calculated separately for each project under consideration, allowing an equitablecomparison 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 moresimilar (in some sense or another) to each other than to those in other groups (clusters). It is amain task of exploratory data mining, and a common technique for statistical data analysis.
RE: MethodologySelection andStrategyDevelopmentDesmond Calloway
5/15/2013 10:53:02 PMSydney,I agree in full detail with your analysis of the defining of the strategic methodology. The selection of themethodology though should also be based on specific selection criteria. The same can be said for theselection criteria for the project portfolio as a whole. The methodology should fit the need of theendeavor. The cluster analysis that you mentioned includes all of the categorized descriptions of theproject, but the methods for selection should be scrutinized with a measure of vigor that is commensurate
 
7/11/13Topic Print Viewthreadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i…2/14
to the priority of the project’s success. The measurement of the risk of each deliverable is one of thecriteria that should be monitored closely. Another aspect is the review of is the matrix of comparison toprevious projects of this type and the measurement of the need paired with the measure of successseen.
RE: Methodology Selectionand Strategy DevelopmentDwayne Grant
5/14/2013 9:05:00 PM
One foundational concept that we learned in project 586 still is true today, and everythingdepends on the situation. So just to summarize the portfolio selection process is situationdependent. The selection criterion may be either quantitative or qualitative or a combination of thetwo, an example of a qualitative measure is aligning the project with the beliefs and values of theorganization. A qualitative approach will use financial statements or other statistical data to makean informed decision.
Topics in Process PhaseProfessor Orr 5/13/2013 11:01:13 AMClass, because the process phase covers several topics, let's each take a topic and expound on it. Everyone please refrainfrom choosing the same topic—a topic cannot be chosen a second time until all other topics have been discussed. In your discussion, please include examples, web links, and so on.PrescreeningIndividual project analysisScreeningOptimal portfolio aelectionPortfolio adjustmentRegards,SusanRE: Topics in Process PhaseSydney Williams5/14/2013 6:38:29 AM
Prescreening -
This would be the actual first step in the portfolio selection process. Pre-screening is based on the guidelines based on the strategy development stages and ensures thatany 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 beclassified 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 ananalysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) isfeasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost alwaysconducted where large sums are at stake. Simply put if the project does not make any senseor 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
 
7/11/13Topic Print Viewthreadcontent.next.ecollege.com/(NEXT(48c0813ad8))/Main/CourseMode/Topic/TopicPrintView.ed?topicID=29455467&sortBy=Title&sortOrder=Ascending&i…3/14
 
RE: Topics in Process PhaseCatherine Nderitu
5/14/2013 7:39:41 PMIndividual project analysis:This follows the prescreening process and an analysis of each of the projects in the portfolio is performed. Anappraisal is performed on the individual projects and as mentioned in the textbook, the comparison can be based onestimates from feasibility studies or database from previous completed projects. The output will therefore be acommon set of parameters from each of the projects.Examples of what is analyzed may include, project risk, net present worth, return on investment, (Morris 106)This will make one understand each project well enough to make an informed decision, and therefore each projectshould be analyzed to a consistent and known level of accuracy. It takes time and costs money but is valuable andsets pace for the next phase of Screening.Morris, Peter, Jeffrey K. Pinto. The Wiley Guide to Project, Program, and Portfolio Management. John Wiley & SonsP&T, 9/7/07. <vbk:9781118160466#outline(5.4.3.2)>.
RE: Topics in Process PhaseMary 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 anyprojects, 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 beingconsidered.Care should be taken to avoid setting thresholds that are too arbitrary, to prevent the eliminationof projects that may otherwise be very promising. Another consideration at this point is the optimal number of research projects to be developed foNPD 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 criticallydependent on the relative average research project cost and effectiveness compared todevelopment.(Morris, 2007)
 
Morris, Peter, Jeffrey K. Pinto. The Wiley Guide to Project, Program, and Portfolio Management. JohnWiley & Sons P&T, 9/7/07.

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