Project Portfolio Management: Integrated Initiation And Planning Discussion
A project may only be successful when the Project Manager can efficiently assimilate the process that allows the project to run its course with ease, ensuing in the combination of organizations, which in return assist the Project Managers and team members by keeping the project on track. Not to mention the importance of communication that is involved with all the contributors that have many important roles and tasks relating to the project itself. It is important to be persistent. As a Project Manager, it is important to know as soon as there is a slip or gain in schedule. Any unanticipated incidents would be easily acknowledged with an effective integration plan to ensure that the project stays …show more content…
While this concept is typically used to coordinate individual projects, it can also be utilized to organize project portfolios. Project portfolio management is used to identify the long-term objectives and identify future trends within a business or company. The management of project portfolios involves utilizing strategic planning to select projects to undertake to achieve the company goals. (Ward, 2015).
Project Portfolio Management both seeks to identify potential projects for a company, and set realistic methods for choosing the best fit projects to undertake. Project Integration management relates to the strategic planning and selection in Project Portfolio Mangement by setting the processes used to choose and select projects. Integration processes used in Project Portfolio Management include SWOT analyses to determine strengths, weaknesses, threats and opportunities which can help identify potential projects. Project Integration also aids in formalizing project initiation and setting the process for creating the project charters of projects identified for selection through Project Portfolio Mangement. (Ward,