Bahram Ahmadi

A broadcastme of achievement for the implementation of a dodge is a large set of coherent guidelines that include several activities in the program so as to get through certain objectives. It involves several mathematical operationes including organising, coordination, developing, designing, training, building, developing, growing, closing, etc. In any program strategy for a cypher, the objectives of the plaque hightail it a re tout ensembley important role.The hear program strategy gives magnificence to the theatre director that would be prudent for carrying out the operations of the get word, the timing and the nature of the activities, and the dealing with specific tastes of the customers. Project program strategy is passing specific to a go out. However, there may be more than one strategy to be employ to collide with the objectives of the roam. During the planning stages, the fencers would sit polish up to develop a strategy.These strategies atomic number 18 developed so as to be appropriate with the characteristics of the shaping, human resources, geographical location, social features, politics, etc (Walter, 1999). For for each one go out in an agreement, the program of subject (workflow as such) is managed independently. The exteriorise manager would be looking at several limitations in the resources, including time, money and the scope.A project may fail due to several reasons (including deficiency of resources, lack of goals, conflict issues, problems with the customers, etc), and the manager would hold to stop these problems right during the initiation of the project and hold that a problem-solving process is enabled. Each project manager would be determining the ongoing processes in the project through observe and evaluation of the performances.The project manager would have to adopt diametric strategies so that the cheek could achieve certain objectives and hence reach a coveted goal (Brentani, 2003, Walter, 1999, University of Texas, 2007 & Rad, 2006). The process of developing a strategy for the project is real simple. The managers would have to sit down and decide the sundry(a) objectives that need to be achieved by the project. The means of achieving such objectives need to be discussed. The manager should involve other p maneuveries including the administration, the portfolio manager and the stakeholders.It may be very difficult to come to a consensus if in any case many people argon involved in the process. This is because several people may have different values, outlines and approaches. The process of setting up the objectives, determining the goals and the right smarts of achieving them is very tedious and could take a unyielding time. The manager should associate the strategy needed to achieve the objectives. During the final stages, the manager would have to also ensure that the strategy/ies adopted help to meet the objectives (Walter, 1999)On the other hand, portfolio of the project circumspection is an approach in which various projects in an organisation are treated as smaller portions of a much larger approximate (with respect to investment and resource allocations). The project portfolio vigilance would be functional right from the initiation of the project to the very point. Certain instruments are employ in the portfolio project heed to help the managers (including planning, allocation of resources, evaluation, monitoring, analysing, standardization, etc).This apprize be considered as a centralised instrument mandatory to effectively handle several projects in an organisation and to study the performance of several projects that may run in an organisation. It can be utilised to compare and contrast various projects. One very important feature of project portfolio care is to rule the costs, expenditure, benefits, investments and other features of the project. In recent years portfolio concern has turned out to be a very important aspect o f planning, especially in IT firms.IT companies would be managing several projects and programs running in various split of the world through an effective portfolio oversight administration. Studies conducted in the past have demonstrated a pocket-size less(prenominal) than half of the IT companies are unable to meet their targets due to inefficient portfolio management (Oracle, 2007, Stanford University, 2007 & UMT Consulting Services, 2007). The portfolio manager mixture of projects should be such that the resources of the organisation are utilised effectively.They should be selected in such a way that the risks are significantly reduced. The portfolio manager is in a good position to priortize the projects and accordingly allocates the resources. He should be able to select the project based on their ability to fulfil certain criteria (Crow, 2004 & Oracle, 2007). A portfolio management system would be much broader and would include several other processes such as defining th e opportunities, rescue those projects into the focus that would be able to achieve some objectives, monitoring of the projects, etc.Portfolio management should be considered to be an art rather than a science. Frequently, portfolio managers would have to work with the fund managers of the organisation, so that there is effective use of the money. Portfolio management is frequently utilised in several developed, and slowly developing nations are moving towards effective portfolio management (Crow, 2004, Brentani, 2003 & Rad, 2006). A portfolio management system is often utilised by an organisation to bring rough triumph in the project (as many projects could be effectively be handled simultaneously).A portfolio may be funds or resources and can be utilised by the organisation to increase returns over a very all of a sudden period of time. An organisation would observe that the resources available at any point of time would be less than the amount of resources required by a parti cular project. Hence, one of the main objectives of the portfolio managers would be to effectively manage the resources of several ongoing projects. The management of the organisation needs to sit and figure out what the commitment of the organisation would truly be.As management of an organisation is a dynamic process, this exercise has to be done from time to time. Besides, actually managing several resources including human resources, logistics, IT, support systems, etc, time also needs to be handled. The management should be very much interested in ensuring that the portfolio management processes are enabled properly. The organisation should ensure that the interests of each and every protject are enabled. If a project is non performing properly, the ideal plan would be to discontinue it, if the organisation does not have the resources to handle it.A proper flow of information of the project should exist so that the process of monitoring is effective. It is very important that the projects be managed in a formal and official manner. The data that would be current would be much more accurate and effective in ensuring the objectives of the organisation are met. There should be a clear flow of data between the programs, projects and the portfolios (Brentani, 2003, Walter, 1999, & Rad, 2006). In the portfolio management, all the projects that are ongoing in the organisation are chosen and a standardised fashion of evaluating them is utilised.Portfolio management is very much required for the production, development and the utilisation of ideas and intellectual property in various projects in an organisation. The portfolio manager would be performing various tasks such as reallocating and promoting the staff members (as per their characteristics) in various projects. Thus it can be seen that if an organisation has a very good portfolio manager, he would be using the human resources very efficiently (UMT Consulting Group, 2007). The integral framework of port folio management involves three steps, namely creating, selecting and managing.The goals and the strategies to be adopted in the portfolio management are do keeping in mind the characteristics of the organisation. Accordingly, new opportunities that are present should be identified and resources allocated. The objectives have to be prioritised and the tasks and activities that are to be done are selected. Finally, it is also important that the project be managed in the nigh efficient and organised manner (UMT Consulting Group, 2007). Many organisations do not have any portfolio management process running.Only the companies that feel that research frequently perform it and development is vital for the well being of the company. Only about 10 % of all organisations in the industry do have a strong portfolio management system in touch. If a portfolio management system were not in place, then all the projects in the organisation would be given equal amount of importance or authorisati on. This would result in all the projects that are going on in the organisation are given equal amount of resources (Rad, 2006).In an organisation, the project or the program manager would ensure that the project could achieve its objectives. On the other hand, the portfolio manager would ensure that the usable activities and the maintenance programs in the organisation are smooth and functional. The team leader and the middle scale managers unremarkably do the project management. On the other hand, the higher staff members including the administration do the portfolio management.The higher management of the organisation would be concentrating on the portfolio, rather than the functioning of each individual project (Brentani, 2003 & Rad, 2006). In a project or a program management, the team leaders and the manager would ensure that the staff members meet the specific goals of the project. The organisations main aim would be to deliver quality products or services. The portfolio ma nager would instead be ensuring that the goals of each and every project are in tune with that of the organisation.In the project management, a lot of importance is given to completing the tasks on time and ensuring that costs are limited. On the other hand, the portfolio management would be concentrating to a very less extent on fulfilling completion tasks on time and using the minimal amount of resources. The members of the portfolio management team would include the leader, the stakeholder, advocates, project managers and the office managers (Brentani, 2003, Stanford University, 2007 & Rad, 2006). The project or the program management should work in coordination with the portfolio management.Several processes in the project such as selection of the resources, prioritisation of the targets of the project, and the resource allocation should be performed in the most appropriate manner. The decision-making of the project needs to be very active and dynamic in nature. Informed decisio n-making and resource allocation is very important for the project to function properly. The project or program manager has to ensure that certain structures or a framework in the organisation is in place before the functional activities can be carried out.The project environment should be such that the objectives kept in mind can be achieved. The program manager and the portfolio manager should ensure that an environment is created that would be contributory to achieving the objectives of the organisation. The project members should function as a team so that the objectives are met. The team working on the project should have the skill, experience, knowledge and the competence to carry out the tasks of the project.One of the main reasons why projects do not succeed is because they may take long time to produce the results or may consume a lot of the resources. To ensure the project is effective (to ensure completion of the tasks) and efficient (completion of the tasks with appropr iate use of the resources) in its objectives, it is very much needed that both the project management and the portfolio management work in soused coordination with each other (Brentani, 2003 & Rad, 2006). The management activities of the portfolio management would be repetitive in nature.On the other hand, the management activities of the project management would be cyclic in nature. If the portfolio manager can take care of the functioning of all the projects, then the organisation can be considered to be very competitive. If a project does well, it would have an tint on the functioning of the organisation, but also on other projects (Brentani, 2003 & Rad, 2006). Portfolio management would definitely help the organisation to grow, expand and develop. The wealth of the organisation would increase with an effective portfolio management strategy.The portfolio manager would be bringing in various assets (including infrastructure, support systems, financial resources, human resources, logistics, etc) and securities into the organisation. He would be considering investing in various ways including growth stock investing and value stock investing. From time to time, the objectives of the organisation would transfer and hence, it is the duty of the portfolio managers to vary the investment pattern in the organisation. A greater amount of flexibility would be required.The management expressive style of the portfolio managers should also vary depending on the needs (Brentani, 2003). A portfolio manager and the program/project manager would be concentrating on different characteristics of the project. The portfolio manager would be using the PPM (project portfolio management) tools, whereas the project manager would be using the single-project management tools. The PPM tools would ensure that the functioning becomes more and more efficient, the costs are effectively distributed and the profits of the organisation are increased.It also ensures that the organisation is following a particular framework whilst managing the projects (Brentani, 2003 & UMT, 2007). Each project has to be carefully planned and implemented in the organisation. The entire project management should be done in phases. The project management tools would ensure that the staff members make effective use of the resources in the organisation and ensure completion of the targets that are required within the project. The project manager would have to motivate the staff so that the work is improved in quality and the project is able to achieve its targets.Only if the management practises of the project are appropriate, could it be able to achieve its objectives (Free Management Library, 2007, Brentani, 2003 & Rad, 2006). The program strategy would be concerning a greater amount of innate issues with relation to the project, whereas the project portfolio management would be concerning the external issues. It is necessary that the portfolio mangers align their objectives as per t he strategic objectives of each program.The portfolio processes should be customised to suit other management processes that would be functional in the organisation, simultaneously. Both program strategy management and portfolio management involve interacting with the clients, and hence demonstrate the importance of clients with respect to management and its processes (Stanford University, 2007). References Brentani, C. (2003), Portfolio Management, Elsevier, Philadelphia http//books. google. com/books? id=8LJrilH_eEEC&pg=PT14&dq=portfolio+management&sig=x-IYrHl67RaZTocKedqv_fTBX3wPPT16,M1Crow, K. (2004), A Practical Approach To Portfolio Management, Online, operational http//www. npd-solutions. com/portfolio. html, Accessed 2007, majestic 18. Free Management Library (2007), Project Management, Online, Available http//www. managementhelp. org/plan_dec/project/project. htm, Accessed 2007, August 18. Oracle (2007), Peoplesoft Enterprise Project Portfolio Management, Online, Availabl e http//www. oracle. com/media/peoplesoft/en/pdf/datasheets/e_epm_ds_projportmgmt_41005. pdf, Accessed 2007, August 18. Rad, P.F. & Levin, G. (2006), Project Portfolio Management, IIL, New York. http//books. google. com/books? id=PUavbSMdP7QC&pg=PA7&dq=project+portfolio+management&sig=Nwscmbzr4s8B_X2cHG26-1hiW9YPPA10,M1 Stanford Advanced Project Management (2007), Mastering the Project Portfolio, Online, Available http//apm. stanford. edu/courses/MPP. html, Accessed 2007, August 18. Stanford University (2007), Portfolio Management Team, Online, Available http//www. stanford. edu/dept/its/projects/PMO/files/pmt. html, Accessed 2007, August 18.Walter, S. L. (1999), Defining and developing program strategies, Online, Available http//www. sil. org/lingualinks/literacy/PlanALiteracyProgram/DefiningAndDevelopingProgramSt. htm, Accessed 2007, August 18. Walter, S. L. (1999), Defining program objectives, Online, Available http//www. sil. org/lingualinks/literacy/PlanALiteracyProgram/Definin gProgramObjectives. htm, Accessed 2007, August 18. UMT Consulting Services (2007), PPM Project Portfolio Management Consulting, Online, Available http//www.umt. com/site/PPM-Consulting_60. html? PHPSESSID=9917b5631be27d19dbb1d077885e2866, Accessed 2007, August 18. UMT Consulting Group (2007), Whats Really tearaway(a) the Importance of Portfolio Management? (DM Review, February 27, 2004), Online, Available http//www. umt. com/site/Why-Portfolio-Management_4. html, Accessed 2007, August 18. University of Texas DIIA (2007), Project management tutorial, Online, Available http//www. utexas. edu/academic/cit/howto/tutorials/project/index. html, Accessed 2007, August.