If a project is implemented correctly according to the device Project Portfolio Management, it has the potential to completely transform the approaches that the organization currently possesses with regards to the management of the projects and advances the growth of the business in a much larger aspect (Archer & Ghasemzadeh, 1999). The Project Portfolio Management approaches ensure that the organization are able to execute its projects within the correct execution times as predicted maintaining the consistence for the delivery of maximum business value.
Project Portfolio Management can be regarded as the primary key for a business organization to attain the maximum level of competitive advantage to help the organizations in making an effective decision in a timely way. Given the condition of the organization of the GMR group, and the way it has been proposed to handle its Project Portfolio Management, it can be clearly seen that handling all the huge megaprojects within the organization would be made much easier with the techniques and would only add value to the organization.
It had been seen previously that the Project Portfolio Management proposal for the projects the GMR Group handles has been accepted heartily by the executive management but there still are resistances from the other people in the organization who would be affected by the Project Portfolio Management proposal since it will affect their day to day operations.
The report will thus represent an investigation of the entire organization on the basis of the situational context of the organization that would represent how the organization has been absorbing all the changes and executing the plans according to it. Followed by this, there would be an analysis on how the Portfolio can be evaluated on how the methodology used for the organization is helping it to its utmost level in achieving the targets. Next would be the analysis of the way the Project Portfolio Management is being conducted to take a look on how the Project Portfolio Management ensures the collective projects of an organization are allied with the strategic objectives it has followed by the Project Portfolio Management implementation maturity levels and the way it is affecting the Corporate Culture within the organization.
Situational Context
GMR Group is identified as one of the major organization in the industry that has its soul focus on the market of industrial developments. Over the past 28 years since its establishments, the organization has made rapid developments in the context of constructing jute mills at the initial level to handling the megaprojects of constructing airports in the recent time. The organization is associated with the construction of major and critical infrastructure development projects in the metro cities like Delhi and Hyderabad airports (Silvius, Schipper & Planko, 2012).
The current context of the organization has proven the fact that it has been developing heightened ideas for the organization and its business process but it will require a much more attention to the way the project is being handled, which is why the organization is looking for a Project Portfolio Management methodology that would provide a much more balanced lookout on the way in which the investment in these projects would be done in an effective and feasible way benefitting the business organization.
The organization of GMR group has been so far handling airport, energy, transportations, and urban infrastructure development projects, but recently it has bagged the development of the entire airport at Mopa, Goa. This would be major project for the GMR Group since the entire airport facilities would be building as a Greenfield Airport, which would be one of its kinds.
These would be brought up with the help of Integrated Passenger Terminal Buildings, Runways, Taxiways, Rapid Exit Ways, and many others and has a tentative completion time of September 2020 (Killen, Hunt & Kleinschmidt, 2008). This is where the organization would need the methodologies for the Project Portfolio Management for utilizing the potential of the company in optimizing the projects to its best to improve the ways by which the organization handles its current projects.
The organization is so far doing well when it comes to delivering the projects and manufacturing the infrastructure of the proposed projects. The execution program has been a little turbulent and somehow few deadlines have gone somewhat out of proportion few times, which is why the organization needed a proper Project Portfolio Management technique to handle its projects in a better way and present the organization is a much better position than it is now (Cooper, Edgett & Kleinschmidt, 2001).
Since, the organization is an established one; it has all the relevant specifications for the acceptance of the methodology that has been suggested in the proposal for the Project Portfolio Management plan. The acceptance and absorbing of the entire associated activities in the organization is somewhat creating a discrepancy in the process of the Project Portfolio Management methodology implementation (Archibald & Archibald, 2016).
This is because; the Project Portfolio Management plan is affecting the people associated with the organization in such a way that it is affecting the day to day activities of them. This is causing a problem for the within the organization, but the report would present how the Project Portfolio Management plan cannot be taken as an option but should be treated as the only option to make the organization work in the best possible way throughout the project life cycle.
Given the considerations of the people in the organization and the problems that they are having with the Project Portfolio Management plan and the entire situation of the project execution affecting their day to day activities is one big discrepancy in the project that ensures that the company has not yet fully understood the potential of the Project Portfolio Management methodology and should treat the Project Portfolio Management as the only option to elevate or improve the way by which the organization handles its projects (Blichfeldt & Eskerod, 2008).
Portfolio Evaluation
For the evaluation of the overall project portfolio, the organization of GMR Group utilizes the methodology of Unified Portfolio Management or UPM Model. As per the definition of the Project Management Institute, this model is adopted by the organization since it has the potential of handling all the projects running within the organization that handle the different forms of the operation organization along with the organizations that are project based in nature (Hadjinicolaou, Dumrak & Mostafa, 2017). It enables the management of IT and Business portfolio and the Enterprise Architecture Management capabilities with the utilization of the unified planning of the enterprise ecosystem for the organization at all organizational levels.
In comparison of the other tools and methodologies for Project Portfolio Management, Unified Portfolio Management tool or UPM tool is used since it abides by the shifting in the market environments and enables the organizations to be under the pressure of identifying their own goals and the path required to gain competitive strategic advantage over other organizations in the market that can be considered as a competition for the GMR Group (Martinsuo & Lehtonen, 2007). It maximized the value of the organization and increases the market shares. The methodology forms the base of the modernized digital business by understanding the impact of the project the GMR group has been handling at an advanced operational level.
Globally, there are different organizations available who utilize the infrastructure development as a service provided to the customers. The global arena welcomes the utilization of UPM methodology as a Project Portfolio Management process since it has been serving the projects running within an organization to follow a unified path that helps the organization in a much more composed and effective way (Silvius & Schipper, 2014). If the GMR Group does not find it necessary to adapt to the UPM methodology, it would fall short of the Project Portfolio Management implementation for the projects running within the organization in adopting a unified path for all the projects.
Analysing and evaluating the business management lifecycle of the evaluation process of the upm methodology the following can be regarded as the benefits the organization can access with the utilization of the proposed Project Portfolio Management methodology:
Benefits Realization Management or BRM would be an effective way to achieve and evaluate given the upm methodology since it would give a clear idea to realize the evaluation of the time and resources that are invested for each project. Thus, it can be easily said that the organization would be able to assess the benefits and scope of further benefit for the overall operations and resources of the organization.
Portfolio Management
There are various understanding of the upm methodology that ensures that the Project Portfolio Management technique is actually benefitting the collective projects of the GMR Group and ensuring that all its strategic goals and objectives are achieved (Morris & Pinto, 2007). This can be evaluated in the following way:
The Project Management Office has indeed been introduced within the organization and as a result it has played vital roles in information and employee management within the organization of GMR Group regarding the standardization of practices. It has also made the organization achieve heightened project success but so far it has been found that there is still scope for further improvement and this is why as an alternative process, there has been the implementation of the Project Portfolio Management methodologies within the organization (Crawford, 2006). It was done only to make the organization utilize the best possible methodology to make sure that all the projects are completed at the best possible way to make the organization be the best in business.
The organization of GMR Group is currently utilizing the process of portfolio selection process to realise which Project Portfolio Management tool would be the best for the implementation within the organization and would ensure that they are effective in delivering the project requirements. These processes include SWOT analysis, Stakeholder Matrix, Cause and effect diagram, Risk Map and Decision tree (Reyck et al., 2005). The proper utilization of each of these tools and techniques ensure that there has been the most appropriate utilization of Project Portfolio Management technique that would help the organization reach its best possible project outcome.
Maturity Levels
When it comes to adapt to the currently proposed Project Portfolio Management methodology within the organization, it can be said that the executive management authority has realized the approach of the Project Portfolio Management methodology, but the same level of maturity is not found within the employees of the organization. They are not finding the Project Portfolio Management methodology to be feasible enough as they are unable to understand the outcome and benefits of the methodology (Martinsuo, 2013).
As a matter of fact, they have been opposing the entire idea of enabling the Project Portfolio Management methodology into the organization as they fear that it would regulate and change the day to day activities of them within the organization that they have been currently serving within the organization. Thus, it can be said that the organization do not have the required level of maturity to realize the benefits of the Project Portfolio Management proposal (Letavec, 2006).
According to PMBOK, the Project Portfolio Management Maturity Model would be feasible for the organization to realize the benefits of the Project Portfolio Management methodology proposed to be used within the organization to handle the situation for every project the GMR Group takes in.
This model can be realized mostly by attaining self clarity within the employees of the organization, but it would be more feasible if some third party is introduced within the organization. They would help the people within the organization to realize the auditing done for the project and that would help the organization to realize that there has been an immense change within the organization that is only pointing towards the benefit of the project (Kendall & Rollins, 2003).
Corporate Culture
After the assessment of the corporate culture of the organization, it can be said that the key internal stakeholders of the organization would definitely be influence and would add value to the Project Portfolio Management methodology and in turn it will benefit the organization (Wiersma, 2017).
The aspect of understanding the project deliverables and the benefits regarding the organization audit and profit tracking would help the management to understand the sustainability criteria (Rose, 2013).
There are challenges in the organization regarding the understanding of the Project Portfolio Management techniques but there are not many challenges found within other aspects of the organization in looking for much more complexities that are present within the Project Portfolio Management implementation (Turner, 2014).
Conclusion
Thus it can be concluded that the Project Portfolio Management methodology utilized for the GMR group and the Unified Portfolio Management methodology is feasible for the organization and the various project the organization handles. This has been realized with the analysis of the entire organization based on the situational context of the organization that has represented how the organization has been absorbing all the changes and executing the plans according to it.
It has also been described based on the evaluation of the Project Portfolio Management on how the methodology helps the organization to its utmost level in achieving the targets. Another analysis in the way the Project Portfolio Management is being conducted to take a look on how the Project Portfolio Management ensures that the collective projects of the organizations are in line with its strategic objectives followed by the Project Portfolio Management implementation maturity levels and the way it is affecting the Corporate Culture within the organization.
References
Archer, N. P., & Ghasemzadeh, F. (1999). An integrated framework for project portfolio selection. International Journal of Project Management, 17(4), 207-216.
Archibald, R. D., & Archibald, S. (2016). Leading and Managing Innovation: What Every Executive Team Must Know about Project, Program, and Portfolio Management. Auerbach Publications.
Blichfeldt, B. S., & Eskerod, P. (2008). Project portfolio management–There’s more to it than what management enacts. International Journal of Project Management, 26(4), 357-365.
Blomquist, T., & Müller, R. (2006). Practices, roles, and responsibilities of middle managers in program and portfolio management. Project Management Journal, 37(1), 52-66.
Cooper, R., Edgett, S., & Kleinschmidt, E. (2001). Portfolio management for new product development: results of an industry practices study. r&D Management, 31(4), 361-380.
Crawford, J. K. (2006). Project management maturity model. Auerbach Publications.
De Reyck, B., Grushka-Cockayne, Y., Lockett, M., Calderini, S. R., Moura, M., & Sloper, A. (2005). The impact of project portfolio management on information technology projects. International Journal of Project Management, 23(7), 524-537.
Hadjinicolaou, N., Dumrak, J., & Mostafa, S. (2017, September). Improving Project Success with Project Portfolio Management Practices. In International Conference on Engineering, Project, and Product Management (pp. 57-66). Springer, Cham.
Kendall, G. I., & Rollins, S. C. (2003). Advanced project portfolio management and the PMO: multiplying ROI at warp speed. J. Ross Publishing.
Killen, C. P., Hunt, R. A., & Kleinschmidt, E. J. (2008). Project portfolio management for product innovation. International Journal of Quality & Reliability Management, 25(1), 24-38.
Letavec, C. J. (2006). The program management office: Establishing, managing and growing the value of a PMO. J. Ross Publishing.
Martinsuo, M. (2013). Project portfolio management in practice and in context. International Journal of Project Management, 31(6), 794-803.
Martinsuo, M., & Lehtonen, P. (2007). Role of single-project management in achieving portfolio management efficiency. International journal of project management, 25(1), 56-65.
Morris, P., & Pinto, J. K. (Eds.). (2007). The Wiley guide to project, program, and portfolio management (Vol. 3). John Wiley & Sons.
Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fifth Edition. Project management journal, 44(3), e1-e1.
Silvius, A. J., & Schipper, R. P. (2014). Sustainability in project management: A literature review and impact analysis. Social Business, 4(1), 63-96.
Silvius, G., Schipper, R., & Planko, J. (2012). Sustainability in project management. Gower Publishing, Ltd..
Thakur, R., & Workman, L. (2016). Customer portfolio management (CPM) for improved customer relationship management (CRM): Are your customers platinum, gold, silver, or bronze?. Journal of Business Research, 69(10), 4095-4102.
Turner, J. R. (2014). Handbook of project-based management(Vol. 92). New York, NY: McGraw-hill.
Wiersma, B. (2017). Project Portfolio Management and its Effect on Organizational Culture Through the Competing Values Framework.
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