Consolidated Portfolio for Planning and Control - MyAssignmenthelp

Question: Discuss about theConsolidated Portfolio for Planning and Control. Answer: Personal Reflection: Consolidated Portfolio In the first week, I learnt and understood about project management and why every organization requires unique project management methodology and consistent utilization of it. Project management and related procedures are implemented in the organization for reaching success in any project with effective communication planning for the organization. Moreover, skilful person is to be chosen as project manager who should be responsible for managing the entire project and conducting project management procedures. Successful project management required suitable project management methodology adoption based on project scope, nature, and business requirements. The project manager should be responsible for resolving individual issue for subordinates and perform decision-making from organization perspective. Moreover, project manager should be committed towards strategy development and application for project implementation. In second week, I learnt about primary aspects that could be causing project failure during year 1980 and 1990. Major failure factors in this context were lack of effectiveness in planning, faulty estimation, lack of cost control, delays in issue resolving, and communication lacking. As per my experience, while I used to work at catering services, one busy weekend was ruined due to improper planning. Customers were not served with quality food within time and this led to dissatisfaction to the customers. Hence, improper planning could cause failure to project and I gained this understanding that planning should be performed beforehand properly. I identified that appropriate methodology can reduce chances of project failure as well as project managers maturity level. In third week, I learnt about project roles and requirements of project management so that easily any project can be managed. Primarily, any project requires project manager, financial manager, and team members as essential and mandatory roles. Project manager should have proper leadership and communication skills in order to manage and communicate with all individuals. As per my experience in this context, while I worked in Vodafone store, I made some mistakes and could not finish targets in time. Later, I applied project management methodology and I resolved my mistakes. After this situation, I realized about each member roles and their individual responsibility in project. In fourth week, I learnt about successful project manager hiring and his/her skills so that I can easily understand project manager necessity. Successful project manager should be chosen based on his/her expertise and as per projects importance. Project manager should be able to align the objectives with strategy. Project manager should be able to handle risks and wrongly chosen project manager can lack project success. Modern project manager and traditional project manager differs from each other as visibility, accessibility, and priority differs from their viewpoint. As per my experience, good project manager should be dedicated to critical projects and he/she should provide guidance to complete project processes and utilize individual skills. In fifth week, I identified that opportunity cost is valued with pursuing projects and opportunity cost is of significant value so that decision-making can be performed for managements. As per my experience, I believe that being successful can be achieved with hard work and achieving all goals and objectives in the context. Prediction of success depends over achieving all desired requirements. Proper planning can enable appropriate implementation, monitoring, and reviewing of project. My best practice in real life for project management was too provide proper effort to achieve project objectives. In sixth week, I learnt about types of project and role of project manager in each type of project. Furthermore, I understood about efficiency in functional team performance. As per organizational team and structure, I needed to learn about supportive roles and activities in the project. For implementation of project management, I found out that commitment is essential for any project to be successful. Moreover, the strategies should be covered in the project for determining the project success. In seventh week, I understood about certain challenges that could be main hindrances to the project management approach. The challenges are identified as failure to assign proper project manager, lack of finances, lack of designed procedures, and lack of effective communication. In eighth week, I understood that methodology adherence is applicable for ever research and outcomes. Methodology and related tools and techniques are essential for projects successful completion. I learnt that project scheduling can incorporate reaching all objectives of any project, moreover, the deliverables of project can be necessary for managing budget, scope, and risks associated. I understood that planning process should prevent deviations from planned approach for any project. Resolving project conflict is another important step for project management in order to assess risks and provide quality service delivery. In ninth week, I understood about continuous improvement and its importance over project management. Quality management can focus over customer satisfaction and can produce satisfactory results regarding customer requirement. Change management is required to be implemented so that business resources and allocation of resources can be performed accordingly. Moreover, project manager needed to develop specified deliverables before starting any project. In best practice approach, the work breakdown structure would be helpful for segmenting each activity as per dependencies. In final week, I learnt about continuous improvement over recognizing proper approach for streamlining work with managing the project. Instance for any project can be applicable for improving the project management approach with earning practical aspects of any project. I identified that quality could be essential for meeting ability to meet desired project outcome for any system within the project. Moreover, I understood that process of delivered quality should be measured along with delivered outcome. I used to measure the efficiency of product within meeting setting benchmark of the ideal project outcome. As per my learning, I should introduce continuous improvement in practice with resolving the mistakes and delivering the project with mitigation of the issues. Project manager should be able to determine the idea for reaching project development flawlessly. Moreover, project manager should develop proper planning to address future scopes of the project. Project management software could be helpful for completion of the management process within stipulated time and budget. I identified that conducting continuous improvement can be performed identifying the current stage as well. Bibliography Bredillet, C 2010, Blowing hot and cold on project management. Project Management Journal, 41(3), 4-20. Burke, R 2013, Project management: planning and control techniques.New Jersey, USA. Heagney, J 2016, Fundamentals of project management. AMACOM Div American Mgmt Assn. Kerzner, H 2013,Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kerzner, H 2013,Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinelli, R.J Milosevic, D.Z 2016,Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Medina, R Medina, A 2014, The project manager and the organisation's long-term competence goal.International Journal of Project Management,32(8), pp.1459-1470. Munns, A. K Bjeirmi, B. F 1996, The role of project management in achieving project success. International journal of project management, 14(2), 81-87. Project Management Institute 2017, Ethics in Project Management. Race, P 2010, A Practical Guide to Assessment, Learning and Teaching. Abingdon, England: Routledge. Timmins, F 2008, Making Sense of Portfolios: An Introduction to Portfolio use for Nursing Students. Glasgow, Scotland: McGraw-Hill Education. Vareilles, E Coudert, T Aldanondo, M Geneste, L Abeille, J 2015, System design and project planning: Model and rules to manage their interactions.Integrated Computer-Aided Engineering,22(4), 327-342.