Portfolio Management And The Utility Of Project Management Software

1374 Words Jul 13th, 2015 null Page
Literature Review
Portfolio Management and the Utility of Project Management Software
The complexity of projects is growing along with the cost and the present project management tools are very limited in functionality to manage all phases of projects lifecycle. More than ten articles were reviewed on project management methodologies and none of these studies provided the integrated solution on preventing and managing the project risk. Armour (2005) has argued that the stakeholders are not fully aware of the risk landscape of the project and their impact on the project success. The authors Fernandez, D. J., & Fernandez, J. D. (2008) has provided the benefits of Agile project management methodology over the traditional waterfall method in terms of project schedule, scope, and project risks in a large project portfolio. The management of triple constraints like schedule, scope, and budg are a big challenge for any project manager. According to the authors Hebert, J. E., & Deckro, R. F. (2011), Microsoft Project software is very effective tool in managing and resolving project’s resource allocation and scheduling issues.
The process, people, and technologies are the foundation of any project. Project Management is a combination of art and science and the project manager will be spending majority of his or her time in making decisions related the delivery of the project on time.
According to the authors Napier, N. P., Keil, M., & Tan, F. B. (2009), Information systems…

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