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Project portfolio management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics.
For a program manager, time management, problem solving and critical thinking are key skills needed to manage, plan, and execute multiple projects. Since a program manager is leading a project and working with others, leadership attributes, stakeholder management, and decision making are critical to project success.
The work breakdown structure (WBS) is a tree structure that shows a subdivision of the activities required to achieve an objective – for example a portfolio, program, project, and contract. The WBS may be hardware-, product-, service-, or process -oriented (see an example in a NASA reporting structure (2001) ). [ 75 ]
The concept of organizational project management is based on the idea that there is a correlation between an organization's capabilities in project management, program management, and portfolio management and the organization's effectiveness in implementing strategy. [3]
Project Portfolio Management includes the creation of various scenarios to decide which is the best portfolio (for a certain year, business, budget, etcetera). Once the contents of the portfolio are agreed upon, it is key to constantly scrutinize how the individual projects are evolving in terms of quality, cost and schedule.
R&D projects also use the same resources as commercial development and will always compete for them. Every organization has different expectations for R&D projects due to its high possibility of failure. Example: 3D Television An example of an R&D project would be a Television company attempting to develop a new, 3D viewing system for consumers.
IT portfolio management is the application of systematic management to the investments, projects and activities of enterprise Information Technology (IT) departments. Examples of IT portfolios would be planned initiatives, projects, and ongoing IT services (such as application support).
Project plan – is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [10]
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