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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.
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
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