The development of new strategies for management allowed the business to improve their work and to create strategies that can be achieved through different approaches. It should be pointed out that one of the possible ways to make progress is to use the portfolio of projects. The primary aim of the paper is to evaluate how an organization’s strategic initiatives can be achieved through a portfolio of projects.
It should be stressed that the usage of the portfolio of projects is not limited to running numerous projects at the same time. Every project portfolio should address the strategies and values of the business and fulfill the objectives to benefit (Buys & Stander 2011, p. 12). The successful performing of a single project will prove that everything was done correctly; however, running multiple projects successfully highlights that the projects were chosen in the right way to satisfy the needs of the company. Working on the individual project demands understanding the process of it, whereas running multiple projects, it is significant to realize how every project affects the portfolio (Moore 2010, p. 45). The manager is usually trying to answer certain questions to make sure that the portfolio of projects is performing in the needed direction. The manager should be aware of possible negative consequences of the project, the process of running it and get better involved in the issue of whether the project in the portfolio depends on the other ones.
The fundamental key while working with multiple projects is to organize the information to avoid the flood. The problems of every project should be tackled by the team manager. Although the risks of information overload should be eliminated, it should be stressed that the necessary and crucial elements should be delivered to every level of the organization as it can influence the overall work of the company. The project portfolio management is used to satisfy the needs of the organization, and that is, should reflect the company’s objectives (Bible & Bivins 2011, p. 56). At all the stages of the life cycle of the project, the managers should pay close attention to the issue of whether values, goals, and strategies are performed successfully (Levine 2010, p. 37). In case the project is not centered on the company’s goals, it should be stopped, as it will have no positive contribution to the organization.
In conclusion, it should be stated that the usage of the portfolio of projects is beneficial for every business as it helps to get a deeper understanding regarding how the projects are connected and to realize the significant effect of it on the company. Moreover, running multiple projects is important for the managers to see how the projects fit into the strategy and objectives of the company. The major goal of any decision and action is to bring the company to success and prosperity; the portfolio of projects is one of the perfect tools to achieve the stated aim.
Reflection
Understanding the significance of the usage of the portfolio of projects made managers use this approach to improve the work of the company and to get closer to the accomplishment of the goals. I do not profess to be the expert concerning the subject, but I am strongly convinced that if the company aims to achieve progress, numerous projects should be implemented into the working process. One of the best examples of organizations, where the system of multiple projects is implemented is Audi, as the company develops not only vehicles but also the kinds of cars that can be used in the race. The company develops different projects at the same time that allows competing with other world-known car brands.
Reference List
Bible, M & Bivins, S 2011, Mastering Project Portfolio Management: A Systems Approach to Achieving Strategic Objectives, J. Ross Publishing, Fort Lauderdale, FL.
Buys, A & Stander, M 2011, “Linking Projects To Business Strategy Through Project Portfolio Management,” The South African Journal of Industrial Engineering, vol. 21, no. 1, pp. 11–27.
Levine, A 2010, Project portfolio management: a practical guide to selecting projects, managing portfolios, and maximizing benefits, John Wiley & Sons, San Francisco, CA.
Moore, S 2010, Strategic project portfolio management: enabling a productive organization, John Wiley & Sons, Hoboken, NJ.