Task: Your task is to write an essay that demonstrates your understanding and competence with this unit.
You must consider:-
Introduction: This project portfolio management assignment, System thinking is identified as one of the main outcomes of every project. System thinking is the key integral part of project, program and portfolio management. This tool effectively enhances the working performance of every individual of a team. This project portfolio management assignment will mainly shed light about the project program, portfolio management. This essay will also emphasize about this system-thinking tool along with system engineering which together helps to solve the critical problems of every project.
Discussion: Project management can be defined as an activity, which is required to complete a task at a given time to meet particular accomplishments. These are processed systematically under proper supervision of the expertise (Kerzner2017). A project portfolio management assignment will definitely have a proper objective to fulfill a proper vision. Such projects are executed at different stages of life. The students at college and universities and at the offices can execute projects for several business purposes. Program management can be defined as a collection of data, which are planned initially and are formulated into data type. A person known as data interpreter interprets this data’s. Program can be performed in any field. Portfolio managementact as an identity of a individual. Portfolio is the complete details not only of a person but also of specific organization. The portfolio varies from one to another. This is portfolio of a business organization will consist of the type of work , its financial budget, its mission and vision and several other prospect which will give others a short overview of the concern organization.
This project portfolio management assignment identified System thinking tool along with the project, program and portfolio management system tool enables a project manager to deal with all the struggles and hurdles of a project. This help to develop self-management plans so that the employers work more efficiently and confidently. Moreover, this system management tools helps to manage several risk assessment that came across while completing the task.
The main principles of project, program and portfolio management are as follows-
Project management system
Objectives and goal: This project portfolio management assignment mainly focuses on goal and the objective of the particular project. One must be clear focused before initiating a particular project.
Budgeting , scheduling and estimating: Budget scheduling and estimation are the project fundamentals or the priorities, which needs to be fixed. Moreover, the team leaders must plan the entire work schedule such as list of holidays, total manpower and working hours hence summarizing the entire details the time or the deadline is fixed.
Risk factors and changing priorities: Risk are the integral part of any project which needs to be fixed beforehand and basic project priorities if required to change to overcome the risk are changed accordingly, thus system thinking tools helps the leaders always have another substitutes plan to face the challenge.
Program management system
Objectives and goal: This project portfolio management assignment outlined the importance of a programmer must know every details of the program and must collect or interpret the data accordingly. Without a goal and objective, a program will be completely aimless (Harrison & Lock,2017).
Budgeting and estimating: Program management system also includes proper time and budget estimation. All the organization initial program based on the planning and financial resources. Thus several management tools like ProworkPro amazingly to solve all the budget related problem
Risk factors: Risks are handles with several technological aspects and several efficient tools and techniques.to avoid risk all the team members must be knowledgeable and aware enough to overcome the risk. System management tool along with project management tool helps to assist all the risk factors efficiently.
Portfolio management systemAlign strategy: Portfolio gives an entire ides about the work and progression of a particular. Thus according to this strategy one must plan their portfolio or manage the portfolio depending upon the demand of the scenario (Gilbert et al., 2015).
Close project confidently: Portfolio is important for every task which needs to be monitored thoroughly and if any risk or discrepancy is found it is closed confidently so that the organization does not pay any more money in it.
Transparency and lead actively: Leadership is the main the principle of portfolio. The leaders help in communicating, decision making and developing several training. Transparency is the culture of an organization, which helps to share all the information among all the members so that a proper loyalty is maintained (Neckowicz et al., 2015)
Use of system thinking tools to solve the complex problems
System thinking tools help the project managers to improve communicate and solve any project related problem in ma much effective way. System thinking increases the efficiency of a manager by resolving a solution in a strategic manner. Some of the basic problems that riseduring project are communication, lack of cooperation and attention, completing task on time and finally the budget. Thus, the companies arrange some of the tools to manage the system thinking which are depicted as below-
Tell a story
The entire complex story is managed through a portfolio management system. Thus, a complete portfolio can be drawn using some of the special software. In many project it is seen that the work, which is to be done, is not clear and clarified to the group members. To avoid such problem several software tools are promoted. Behanceis an award winning software that is used or making portfolio. This was into market since 2006 and finally bought by adobe. This tool consists of automatic cloud with various Photoshop ideas thus the user just only has to give the information. This tool along with WRICK software plays the joint role in interpreting and managing the data provided by the user. This tool scan be used in android and even in iPhone.
Draw behavior over time graph
The project manager must draw a schematic diagram about the schedule of the work. The chart must consist of working hours, estimated time of completion of work, number of employers working and all other details must be enlisted through proper graph. However, in many project such proper time graph is missing which ultimately create a chaos. Thus to avoid them project managers uses tools like Gantt chart which helps to build a strong interrelation ship between the task and the time required to accomplish that particular task. Based on this the entire chart is prepared. Thus, it became one of the important tools for project management. Create focusing statement
Create a focusing project portfolio management assignment statement
This statement mainly implies that is in details study of the project. If the in details study is not done then the entire task will not get completed in time. Thus to analyses the entire the project thoroughly proper system is followed. SMART technique is used to solve all such project related problem. This can be defined as a technique, which is followed for executing a specific program. This include specific ideas which includes the main aim of the program, measurable is the achievement or the task that are to be performed, achievable is the objective hat are to be achieved, realistic which termed as the current scenario of the program (Boss et al., 2016) . It also suggests the efficiency measurement of the programmer and finally time that is the deadline at which the entire task will be completed. Thus, this is one of the eminent techniques that are followed to overcome a program.
Identify the structure
On the project portfolio management assignment this tool is very important is system thinking as this gives a clear image of the working and time span of a particular a task. Structure identification must be done initially if not the entire program or project will run out of the track thus to solve such problem arises during system thinking software is used. Work breakdown structure in which standard project management tool plans the entire projects schematically. This project management tool normally breaks down the entire work into manageable work packages that is cost, time manpower and working hour. After that draws the sketch accordingly (Chan 2018).
Going deep into issues
Sometimes during project management system, the project runs without realization. Every details requirement if not analyzed this will ultimately lead to trouble of completing the task smoothly. As a entire organization will suffer. There will be a sharp fall in the system thinking process. Thus a most efficient software is used to cure such problem is Dunked is another tool which itself consist of inbuilt template to assist the portfolio preparation. This is very user friendly. This tool along with Jira another tool is mainly used in portfolio management is Jira, which is integrated with flexible REST APIs and can easily import data from computer to mobile (DuFour et al., 2015). It is highly powerful and has customized workflow details thus, it consist of several filtration that gives the user a prominent ways of preparing portfolio and helps in the up gradation of portfolio management system.
Plan an intervention
This is the final step in system thinking tool as this tool mainly includes all the above points, which are highly essential in designing a project. This tool helps in proper communication among the staffs. The problem arises when the project manager fails to communicate and coordinate among the team members. Thus to solve this problem a technique is used such as Thus, the system management tools along with some of the software efficiently help the project managers to execute the project efficiently in mush shorter time. Along with this tool system engineering is another process through which a project manager can plan the project in a much effective and wise manner. On this project portfolio management assignment the system engineering is an efficient way to analyses the risk and outcome of the project. For example pro work flow which is an efficient tool which helps to monitor the working of the training and other professionals. This also helps to complete the work in time.
There are many Contemporary developments, which have immense, important in the project program and portfolio management system. Implementation plan development and scrum development is the most remarkable development. This scrum development helps to reduce the error by increasing productivity of particular project and thus help the project managers to take any complete decision. Lean development method is another most remarkable development that takes place in assigning any project, which helps to eradicate the wastage and focus on the main issues of the project. It helps to reduce the cost and increase team coordination. Such development is possible by the use of a software known as Agile scrum Master as this technique mainly resembles the group work which is coordinated and guided by a tem master to perform the agile or the task smoothly. This technique promotes better understanding among the team and help to analyze the risk factor.
The project management system tool has immense importance in imparting knowledge and decision making this is because a proper project management system acts as guideline to the entire unit. The leaders when promote the work chart enables the team members to know the entire details of the project. Thus, they can easily take the decision whether the project will be successful or not. This also helps the team members to suggest any further decision of executing a particular taskby using scrum development process (Takaki 2017). Moreover, the team members also came to know about the current scenario of a particular organization or institute. Thus, it also enhances their knowledge. This project managemt tool enables the leaders to take the decision in prior hand as a result they can continue the project or can stop it if they want. Moreover, they can monitor the work with this tool.
The project management system is also act as much effective tool in monitoring the work performance and manages changes across process by implementing system engineering through which the leaders can manipulate the technical changes and can think deep into the project. This also helps to build the team unity and integrity by helping each other to complete the task on time (Ikawa& Kawamoto,2016). Minimizing the error of project is another such task, which can be accomplished using this tool. Thus, tool also helps in fixing the budget of the overall project, which enables the small scale of large-scale project to complete the task effectively. Product management application tool has also increased the productivity by reducing the wastage of money and time.
Deep-water horizon oil explosion is one of the famous examples of ineffectiveness of project managers and system engineers. This is due to poor primary planning of engineering Thus in project along with system thinking tool, project management tool and system engineering are two most important features. Project management tool along with system management tools help to eradicate the entire problem that are associated with the project. System engineering along with this helps to adopt system, techniques and concepts of engineering which helps to reduce the cost, errors and wastage. It helps the project, program, portfolio managers to enhance their knowledge regarding mathematical, analytical and risk assessment skills.
From the above project portfolio management assignment, it can be concluded that project, program and portfolio management follows the principle of system thinking tool. System engineering is one of the main ingredients that add more mathematical and risk assessment skill to the task. This all together along with some best quality software can reduce the cost of the project increase productivity in much shorter time. This system management tools also helps to build tem integrity and unity on as identified on this project portfolio management assignment research. Project portfolio management assignments are being prepared by our project management assignment help experts from top universities which let us to provide you a reliable best assignment help service.
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