Question:
Write a brief (around 100 words) reflection regarding your perspective on how an organisation can proactively manage the creation of value from programmes and portfolios. In a few sentences, relate the Key Concepts you have studied to your own personal or professional experience, and share examples to illustrate your viewpoint.
• Providing an example of an organisation proactively managing the creation of value from programmes and portfolios
• Supporting others' views or providing an alternative perspective
• Discussing ways in which your experiences are similar or different
• Extending the conversation into new but relevant areas
KCE-
Portfolio- it refers to the group of programs as well as project to be managed in a way so as to support the strategy for the business and also to deliver required benefits in line with strategic objective portfolio management which mainly focused on the right things.
Programme- it refers to the set of project which is interrelated in such a coordinated way so as to attain the business objective as well as benefits program management is mainly focused for the realization of benefit from the same.
It has been provided that organization used to execute the programs in three main levels such as portfolio, programs as well as projects (TalentManagement360, 2014). As stated, these level have different distinct objective but have been required to work coherently so as to deliver transformation effectively and efficiently. Even though project management has been focused on delivery of tangible assets/ outcome, on the other hand portfolio management mainly focused for the decision making along where program as well as project needs to be executed (Morris & Jamieson, 2005) on the basis of the alignment with the specific goal as well as objective of the entity/ organization. It has also been seen that program management is taken as an intermediary layer which focused for the delivery of the business benefits.
In addition to using of portfolio by the organization will help to enhance o to maintain the value creation since they would be able to determine the business type which they want to pursue or what a specific project investment to make. It has been observed that portfolio management incorporates an added dimension for this approach due to the use of project management discipline and also ongoing governance so as to ensure that portfolio is making in such a way to meet the desire objective (Peppard, Ward, & Daniel, 2007). It is clearly provided that in order to ensure healthy portfolio, it is required that managers must assess as well as monitor organization's capacity for the resources as well as capabilities that it can be :
• Plan as well as build capabilities in the anticipation for future resources demands.
• Require to clearly determine whether the resources as planned have been adequate to achieve the value creation for the organization
• Also required to assess current as well as future needs.
• Must assess the need and accordingly formulate the criteria.
Hence, it can be said that portfolio management as ell pregame are for enhancing value creation for the organization (Breese, R. (2012). To accurately assess the same, it is required that managers need consolidated as well as aggregated project data on the basis of the combination of quantitative like defects, market, financial etc.) and also qualitative data such as risk, client satisfaction, stakeholder commitments/ measure (Thirty &Deguire, 2007). Also it is clearly provided that before analyzing the information, they must reconcile as well as validate the same for accuracy. For instance- it is required to clearly assess the programs as well as project so as to ensure that entire portfolio have been meeting its desired objective.
References
TalentManagement360. (2014). Creating an Internship Program That Creates Value for Your Organization | Talent Management. [Online] Available at: https://talentmanagement360.com/creating-an-internship-program-that-creates-value-for-your-organization/ [Accessed 29 Apr. 2016]
Breese, R. (2012) ‘Benefits realization management: panacea or false dawn?',International Journal of Project Management, 30 (3), April, pp.341-351.
Thiry, M. &Deguire, M. (2007) ‘Recent developments in project-based organisations', International Journal of Project Management, 25 (7), pp.649-658.
Peppard, J., Ward, J. & Daniel, E. (2007) ‘Managing the realization of business benefits from IT investments', MIS Quarterly Executive, 6 (1), pp.1-11.
Morris, P.W.G. & Jamieson, A. (2005) ‘Moving from corporate strategy to project strategy', Project Management Journal, 36 (4), pp.5-18.