Online Custom «Project Portfolio Management Systems» Essay Sample

Project portfolio management is a feedback loop of a continuous process by which IT management prioritizes and absorbs technology-related demand, allocates and plans human and financial resources, delivers expected investment results, manages collaboration with the business stakeholders, and provides communication and reporting to stakeholders for decision-making.

Sukhoo et al. (2005) conducted a study to justify the need for the methodology of software project management by emphasizing the importance of strengths and weaknesses which are typical for software projects. The study makes an attempt to develop the methodology of a software project management specific for Mauritius.

In order to carry out a research, the authors use PMBOK® that was developed by the Project Management Institute (PMI) and is used around the world. The 2000 version was implemented during the research process. The PMBOK® comprises 9 knowledgeareas which are usually grouped into core functions. Each knowledgearea is subdivided into a number of processes which amount to 39. The processes are then mapped onto 5 process groups including initiating, planning, executing,controlling and closing. The PMBOK® is becoming the cornerstone of new professional organizations. The PMBOK® changes should be developed carefully as the impact may be felt on the overall professional program of the organizations which implements it.

It is evident that a new product development is important for the growth of a company and depends on the methods which help to make decisions for the project portfolio management of a new product development. The research by Oh et al. (2012) proposes a framework of decision-making that implements a fuzzy expert system in project portfolio management which may be used for coping with the uncertainty of the product development. The authors adopted such tools as scoring models (to evaluate projects), strategic bucket (to provide allocation of the strategic resources), and portfolio matrixes (to balance projects). The research was carried out with the help of XpertRule KBS that provides opportunity to automate business decisions, processes and strategies and improves the performance and agility of their operations. The software also delivers intelligent user interfaces for customer interactions in support functions and sales.

Khwaja (2009) tried to develop the framework for a sophisticated new system implementation in order to manage its large project portfolio during their development phase. It was followed by implementation of project schedule management, costs, project and portfolio resources during the cycle other development. The author uses Primavera P6 software where Standard P6 templates were developed with the aim to provide a model of the business processes for CPM scheduling. The software has proven to work to the full extend when schedules utilize a work breakdown structure that is functionally representative. Moreover, the PMO holds a variety of working sessions, meeting, and webinars with experts to develop standard templates which could be used in the created schedules. It is done with the aim to ensure the use of standard templates for developing schedules based on WBS that could represent the functional structure of TxDOT Project Development.

Din et al. (2011) explore the relationship between the certified quality management system ISO 9000 and performance elements in construction project environments. The authors collect data from project managers who work with both ISO 9000 certified and non-certifies enterprises. MANOVA software is used to explore differences in performance levels between the two groups. MANOVA (multivariate analysis of variance) is considered to be an extension of the common variance analysis (ANOVA). MANOVA is characterized by the fact that the response number of variables is two or even more. In order to account for dependent variables, MANOVA provides an opportunity to bundle them together into a composite variable or a linear combination. The software test if the variable of independent grouping explains a significant amount in the dependent variable. ISO 9000 is considered to be a series of standards, developed to define, maintain, and establish a system of effective quality assurance of an organization. The standard serves many organizations and industries as a kind of guide that makes service, products, and management of high guality.