Portfolio Management Overview of the Weekly Portfolio

Question: Describe about the Overview of the Weekly Portfolio for Portfolio Management. Answer: In week one, the topic of discussion is on the relevance of systems thinking to project, program and portfolio management (PPPM) which involves the systems engineering body of knowledge (SEBoK). Additional subtopics covered under this main topic included an introduction to systems engineering and its subsequent implementation such as the matrix application (Beringer, Jonas Georg Gemnden, 2012). I learned on the definition of a system and its basics, and what a project, system thinking, and portfolios are all about. A system refers to a mechanism in which something is done while systems thinking basically explains the principles and connections in the components of a system itself. On the other hand, a project is interrelated plans executable over a timely period and with fixed prices and limitations, while programs are instructions capable of performing tasks when expected by a computer. A portfolio in itself is a large flat case used for carrying loose paper sheets for example maps and drawings. System thinking has numerous advantages to the project, program and portfolio managements which include the identification and management of threats arising from dependence and relationships (Eilam, 2012). Additional merits include enhancing innovation through the exposure of fresh possibilities and giving room to questions and facilitating swift responses to fast changes. It also improves communication and alleviates the isolation of businesses while sensitizing on broader objectives and it also leads to better-designed products and services. Notably, it is important to not that I did not find the system thinking mechanism to have any disadvantages to project, program and portfolio management. Project based workflow capable of analysis includes conditional transition and data creation with the incorporation of desired flow cycles. In week two, the topic of discussion was the identification of different system thinking tools and techniques which serve in aiding managers of projects to solve problems. From my learning and experiences prior to this course and through thorough reading and doing assignments, I learned the tools and techniques of system thinking. Additionally, I learned on the system thinking tools and techniques, how they assist and inhibit project managers and a project workflow analysis based approach. Tools and techniques basically enhance and facilitate the swift and timely solving problems by project managers in relation to the management of a scheme. System thinking tools work through means of aiding in the generation and organization of information concerning a system which gives room for exploring and answering questions. The system thinking tools known are the conceptual model, graphical analysis, matrix ,influence, input-output, multiple causes,systems,sequence,spray and affinity diagrams, the decision matrix, functional failure mode analysis and the morphological box. System thinking, due to its potential, incorporates the aforementioned tools and techniques to assist project managers in the understanding of the operation of a scheme, behavior, and structures of systems. It also helps in the management and understanding of computer simulation models which assist in the testing of the impact of interventions and degree of project difficulties. Additionally, it helps in the communication of a project manager understanding with another and in the designing of high leverage interventions for systems behaviors that are problematic (Eilam, 2012). Inherently, these tools and techniques provide difficulties to managers as they are dynamic and are prone to change, plus understanding them fully and how they operate is a daunting task. A project-based workflow approach would be to prepare adequately for any eventuality before it strikes to assist in the effective handling of problems. In week three, our main topic of discussion is the assessment of the relevance of systems engineering to project cases, and through my learning systems, I undertook to understand the nature of systems engineering. Furthermore, I took to understand the importance of systems engineering to an organization and the relevant people in a company who would apply this technology and its relevance to the management of a project. In addition to its relevance to project management, I also understood its importance to portfolio administration, its relevance to project cases and the appropriate workflow. Systems engineering is used in the enhancement of a successful system and it focuses solely on needs of customers, synthesis of the design and subsequent validation. It is importance to an organization includes better products to customers, improved reliability on its use, reduced errors in delivery and production, reduced changes in design and lead time and low claims of warranty. Additionally, it helps in making improved decisions and managing risks, improving learning in an organization, and its mainly employed by director and manufacturing sections in the company. Notably, systems engineering is fundamental to the management of a project and portfolio as it is used by managers through the project management plan (PMP) to enhance their skills in management and technical abilities. The standard project based work plan in system engineering involves the planning and control of technical projects and engineering specialty integration. In week four, the main topic of discussion is on the concepts and methodologies of systems engineering and how they assist project managers to organize their schemes. In so doing, I took to understand through my learning experience and readings, the application of systems approach to a project and how it helps a project manager identify problems and opportunities. Additionally, I read on the use of systems approach in solving problems and identifying opportunities, and the making of better decisions by project managers and workers in an organization. The core concepts of system engineering are requirements which state on what the system must do, followed by the design and test the usability of a project (Wasson, 2015). Other principles include the context of a system, its value and interdisciplinary which is founded on the philosophies the systems design considers. The methodologies, on the other hand, include software engineering, quality assurance processes, and systems engineering which are integrated into a controllable and predictable lifestyle. A systems approach helps project managers to define and develop benefits as it dictates what happens in order to maximize benefits and looking at the general plan for benefits development. Additionally, it helps project managers scrutinize benefits during execution, and ensure there are successful completion and review of the benefits. A systems approach is used by project managers in solving problems through the recognition and definition of a problem using system thinking, developing and evaluating alternative system solutions. Additionally, designing and selecting of a system solution that meets the requirements of a project manager and further execution of success helps in the solving of problems. In week five, our topic of discussion is the analysis of the importance of appropriate selection of project management application systems in view to the realization of a scheme (Willcocks, 2013). I took to understand the importance of appropriate selection of projects and the manner in which they help project managers in solving problems and making crucial decisions. Additionally, through reading and doing assignments in previous courses, I understood the foundations on the selection of PMIs and the opinions and promotions of software vendors. The selection of a good project system depends on a majority of factors that determine its usability and effective realization of a scheme and proper problem solving. These factors include its intuitive and collaborative nature, simplicity in showing data, reliability on updates, and capability of managing an entire lifecycle of a project, integration ability, and scalability. The opinions of the vendors and software developers are improvising operational database management and support systems, enabling good network access control and global services. Project managers solve problems through the proper identification of methodologies and necessary techniques that help in handling issues related to the project management. In week six, the topic for discussion is the description of a project, program and portfolio management (PPPM) application that leads to better knowledge and decision making. Through learning experiences, I analyzed the problems and hindrances to the realization of a program and what the application systems need to do in order to achieve this goal. PPPM entails making decisions and doing the right things at the appropriate moments, with its foundation based on elective delivery in time and in the scope of the finance. Therefore every portfolio, program, and project management aim at giving an organization a competitive edge over the others in the market structure and as such is focused on the realization of the results of a business and better performances. The common challenges that hinder the realization of PPPM includes: Initiatives that aim at achieving the same objectives and to some extent are overlapping Some initiatives have absolutely no connection to the plans of a business The satisfaction of strategic objectives with no projects put in place to facilitate this Some initiative only has unsubstantiated and excessively optimistic benefits and costs estimations The recommended steps to follow in order for projects to realize their goals and achieve their desired outcomes include the creation of a strategy that is relevant to the objectives of an organization. Additionally, the initiatives ought to have connections to the plans of a project and satisfy objectives of a project with proper mechanisms in place and the benefits of a business and associated costs are to be of substantiated value. In week 7, the topic of the discussion focuses on the comparisons of the merits and demerits of different manual and electronic PPPM application systems over the life cycle of a project. Through reading, I understand the lifecycle of a project, its purpose to the project management and work systems, to the sponsoring organization and to programs and portfolios. Additionally, I learned on the advantages and disadvantages of manual PPPM systems and electronic systems, and the interfaces central to the corporate systems with relevance to portfolios. The life cycle of a project is basically in five phases that involve project initiation, planning, execution, management and control and closure. Initiation of the Project This is the first stage of the lifecycle of a project and involves two main distinct functionalities, which are the pre-initiation of a project and the initiation itself. In this phase, the value and feasibility of the project are measured through two evaluation tools used by project managers in deciding the continuity of a project or the stoppage. These evaluation tools are the feasibility study which entails looking at the goals of the project and determining its execution, and the business case document which includes the benefits accrued financially and the necessity of the project. Planning of the Project After the determination of execution ability of a project is successful, a plan is generated to guide the team, keeping them on budget and within the timeframe. Therefore, a properly articulated plan offers insight to the team on the means for acquiring resources, finances and materials, and preparing them on the pending hurdles they are yet to face. Execution of the Project It involves ensuring the satisfaction of customers is guaranteed and delivered and it is the main stage associated with the management of a project as its success heavily depends on planning. Monitoring and Control of the Project This phase is usually in connection with the execution of a project as both occur concurrently, since there is no execution without control and monitoring by a team. Closure of the Project This is the final phase of the lifecycle of a project and it is only done when teams have accomplished the project to the customer and communicated to the stakeholders. It allows the team to evaluate the project, document it and try the next one, while banking on the strengths and weaknesses to establish a more effective and reliable scheme. It is important to note that the life cycle of project changes when it is between an operator and project-based organizations (PBOs) and not depending on the type of scheme. This is demonstrated by the fact that PBOs are is able to adapt to emerging trends in production and respond swiftly to the changing needs of clients, and its ability to integrate a variety of skills and knowledge in handling risks in projects. The need for the lifecycle of projects has been witnessed in the scheme management and work system, stakeholders, other programs, and portfolios. The importance of lifecycles is the assured of all work being included in the initiation stages, defining the work needed by the project and ensuring there is planning before implementation of a scheme. Additionally, the use of templates that are standard ensures comfortability to everyone in an organization on the deliverables of the project, hence resulting in faster solutions. Generally, there are two types of PPPMSs which are the manual and electric. Manual PPPMs help in good decision-making practices, minimizing the risks to private projects, ensuring the full exploitation of human resources and proving value to essential stakeholders in good terms. However, its disadvantages manifest in the form of the speed of record making which is relatively lower and time-consuming than electronic PPPMs. Additionally, the accuracy and reliability of the record by manual PPPMs is one that attracts high doubts when it reaches a level of consideration of project planning. The disadvantages associated with electronic PPPMs include the difficulty in integrating many toolsets with variable databases and the lack of success in the full control of the development of a product. Its advantages include the high rate of recording and the reliability and accuracy of the records taken, with an improved recalling ability. Additionally, it facilitates efficient sharing with people within the same project at the program and profile levels, hence the need for minimal or no modification at all to the electronic PPPMs as people embrace them already. The knowledge areas needing systems that deliver real-time data are those of risks and change management as they are of utmost importance in the implementation of project planning. Therefore, these systems enhance the efficiency in the operations and effectivity of a project, and the portfolios interface should be synchronous to enhance effective communication. In week 8, the main topic of discussion is in the identification of how project management application systems have aided managers in monitoring performances and managing changes within the scheme (Heizer, Render Munson, 2016). I reflected on the project management application systems, management of change and the meaning of monitoring performance. What are project management application systems? What are their advantages and disadvantages? These are some of the questions I would deliberate upon in this topic. The project application systems are those which are used in the successful running of a scheme and its disadvantages include lack of transparency and unreliability. This topic is relevant to the management of a project through monitoring its performance and making the necessary changes to ensure effectivity. Monitoring the performance of a project is a mechanism that helps in the provision of early indications of coordination problems, possible overturn of costs and resource conflicts (De Marco Narbaev, 2013). Change management is a concept that dictates our preparation, and support towards other people to ensure they successfully adopt changes for their organizational outcomes and success (Hayes, 2014). Therefore monitoring of performance and change management augment each other since through performance assessment, the transformation in governance and leadership is effectively adopted. The management of change does not change with different inventions and creations but rather adopts the incoming strategies to improve the old ones. The success of change in a project is measured by the rate of success and its effect on the people and when there is no change, there is less likelihood of success and sufficient evaluation. Additionally, changes to the project are fundamental unlike those to the program and portfolio as it forms the main topic of our discussion in this terms course, and there is no delay in the monitoring of performance. For BP Texas City and Deepwater horizon oils spill that killed eleven workers, appropriate would be to stop and capture leaking oil, saving wildlife, and response to needs of human (Mendelssohn, Andersen, Caffey, Carman Rozas,2012). For a CQU group assignment, a portfolio would be appropriate and for infrastructure and resources PPPMs, their availability and effective control is appropriate. Notably, the distribution of a project virtually, and internationally makes a difference as their scope of operations widen, increasing the chances of success. In week 9, the topic of discussion is on proposing an appropriate project management application systems to support project execution in infrastructure and resource industries (Kerzner, 2013). Through studying and doing assignments, I understood the differences between identity and proposal, the meaning of appropriate, necessities on executing a project and the effect of adoption. Identity means the similarity in issues, appropriate is the suitability of the project while proposal refers to a plan put forward for discussion by individuals. The following elements are indispensable in the execution of a program: The identification of project milestones The breaking down of the milestones into tasks The purchasing of equipment necessary for achieving the targets Allocation of tasks to teams with regards to their area of expertise Tracking the progress of each and every member and monitoring all expenditure Communicating of the progress to all stakeholders The adoption of a system engineering body of knowledge (SEBoK) enhances changes to the dimensional approach of project management as it promotes practice in engineering, education, and research (Bourque Fairley, 2014). In week 10, the topic of discussion is on contemporary developments in the use of project application systems which analyses the inventions in the modern times (Cummings Worley, 2014). I will deliberate on the eight recent innovations that I found appealing to the modern industry and project managers which include: The project management maturity model(PMMM) Methodologies on project management Continuous improvement Development of an effective procedural documentation Capacity planning Competency tools Managing numerous projects End of phase reviews meetings All the above stated modern inventions seek to facilitate the realization of a successful project formation to execution. References Beringer, C., Jonas, D., Georg Gemnden, H. (2012). Establishing project portfolio management: An exploratory analysis of the influence of internal stakeholders' interactions.Project Management Journal,43(6), 16-32. Bourque, P., Fairley, R. E. (2014).Guide to the software engineering body of knowledge (SWEBOK (R)): Version 3.0. IEEE Computer Society Press. Cummings, T. G., Worley, C. G. (2014).Organization development and change. Cengage learning. De Marco, A., Narbaev, T. (2013). Earned value-based performance monitoring of facility construction projects.Journal of facilities Management, 11(1), 69-80. Eilam, B. (2012). System thinking and feeding relations: Learning with a live ecosystem model.Instructional Science,40(2), 213-239. Hayes, J. (2014).The theory and practice of change management. Palgrave Macmillan. Heizer, J., Render, B., Munson, C. (2016).Principles of operations management: sustainability and supply chain management. Pearson Higher Ed. Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Mendelssohn, I. A., Andersen, G. L., Baltz, D. M., Caffey, R. H., Carman, K. R., Fleeger, J. W. ... Rozas, L. P. (2012). Oil impacts on coastal wetlands: implications for the Mississippi River Delta ecosystem after the Deepwater Horizon oil spill.Bioscience,62(6), 562-574. Wasson, C. S. (2015).System Engineering Analysis, Design, and Development: Concepts, Principles, and Practices. John Wiley Sons. Willcocks, L. (2013).Information management: the evaluation of information systems investments. Springer.