Management Essays

Management Essays Management Essay Management Essay THE ROLE OF PROJECT PORTFOLIO MANAGEMENT IN INCREASING THE EFFECTIVENESS OF A PROJECT PORTFOLIO Name Institution Date THE ROLE OF PROJECT PORTFOLIO MANAGEMENT IN INCREASING THE EFFECTIVENESS OF A PROJECT PORTFOLIO Introduction The issue of whether project managers should adopt project portfolio management in the management of multiple projects or not has raised a lot of debates in organizations. It is evident that project managers find it difficult to manage multiple projects on their own without the help of project portfolio management which provides the capacity needed to effectively handle multiple projects. Some company executives insist that portfolio managers are not necessary and yet this not the case. Companies initiate multiple projects each and every day with high performance standards. Project managers do not have the capacity to coordinate and control multiple projects in a project portfolio without the help of project portfolio management (Mahajan 2009, p. 78). Project portfolio management is a new concept in project management that is yet to fully explored and utilized by many organizations. The effectiveness of a project portfolio can not be achieved without the expertise of a portfolio manager. The effectiveness of a project portfolio is very vital when an organization wants to meet its organizational and financial goals (Mahajan 2009, p. 134). Some project managers feel that their job is threatened with the introduction of project portfolio management. This is not the case because project portfolio management is only meant to complement the work of a project manager. This position paper will discuss why it is necessary for an organization to adopt project portfolio management when handling multiple projects. Project portfolio management plays a critical role in increasing the efficiency of a project portfolio. On the other hand, this tool is not willing to set quantitative goals for the work force. Sarans approach is assuring and quantifying everything from conformance to injury due to product hazards to the COO. Crosby interest area is more likely motivational. Both Deeming Curran and Crosby thinks that upper management is responsible for the quality. Even upper management is playing important role for all of those three approaches, a central role for quality professionals that assists upper management with planning, measurement and problem solving is seen by Deeming. According to Deeming, the relationship between workers and management is very important and thinks that the workers would be responsible for problem solving if they are trained well. Crosby thinks that training and motivating workers are important as well. However, he stresses that instead of solving problems themselves, workers more likely should share the issues with the upper management. Deeming and Crosby essentially get along with the need for the ongoing pursuit zero defect as a target. On the other hand, according to COO concept of Curran , it is suggested to companies that it is increasingly highly priced to take the final steps to perfection. 2. Statistical process control: Deeming suggested to distinguish twine systematic and special causes and for this he use SSP as a key. His SSP is model very valuable in some specific cases for example for the productions performed in large volumes whereas it is not so usable for low- volume products or customized products. Sarans proposed approach for reaching and maintaining minimum cost of quality breakthrough projects, the control sequence and annual quality programs. The breakthrough and control processes are needed good analysis and statistic abilities and because of this Curran claims that Quality Control Engineers are needed for this aim. He also sees annual quality program as a major path for involvement of top management. Crosby thinks that via cost of quality measures and the management maturity grid ,it would be possible to help managers understanding the size Of their issues. The management maturity grid which is used for self assessment identifies. 3. Implementation of quality improvement contains wide investment which will cost to Money and expertise. These programs are hard to implement and in my opinion company culture which is formed by the tradition of the country is one of the reason. Another reason that makes implementation harder could be goal conflict between internal departments of the company. However if Crosby approach and Deeming philosophy is compared, it can be seen that Crosby approach is more easily fit into the company and has less implementation problems faced in implementing Deeming philosophy. However Crosby approach itself has problems such as being not acceptable worldwide or being that popular. 4. All three experts reject inspection as a means of securing superior quality since they think that inspection is equal to planning for defects. The reason that the idea of quality as policeman is hard to change is resistance to change and lack of awareness for other methods for quality improvement. It should be solved by the right approach of the management. 5. The strengths of Deeming approach can be counted as: 1. Demises 14 points plan for TTS 2. Internal and external motivation and leadership are accepted as important. Deeming cycle- PDA. Supplying a systematic and functional logic 5. Statistic theory application. Main weaknesses Demises approach can be seen as issues with Deeming Cycle, the deadly diseases and obstacles, and others inconveniences like the action plan and methodological principles can be not clear. The strengths Of the Crosby can be counted as:1. Most of Crosby theories applied for the work gets successful result because it is easy to follow 2. Four absolutes of quality . 3. Crosby 14 Steps to Quality Improvement 4. Step quality methodology 5. Recognizes workers and worker participation is valuable. 6. Good on explaining the realities of quality and motivating the workers. On the other hand, weaknesses for Crosby approach can be seen as following: Insufficient importance given to statistical methods. Zero Defects sometimes are seen as risk avoidance Sarans approach strengths: continuous improvement of quality in every level of the organization well structured methodology which lets the companies that implement easier. Sarans approach weaknesses: A trained person with knowledge in statistical for the quality control may be needed Sarans approach results in a long term which may cause a risk for the company because the implementation of the quality program can be concluded as time, money and resources waste.