Benefits Realisation Assignment -
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Questions - Analysis of how an organization can proactively manage the creation of value from programmes and portfolios.
Answer - As per the report of the Association of Project Management Benefits Management Special Interest Group (2009) portfolio management can be called as the most important element that helps the organization for creating value. The companies are using strategies and programs for completing the project in a productive way. Most of the companies are giving importance to portfolio management for creating value for the projects. The project managers have to consider the strategic approach for attaining the goals and objectives. According to the words of Joe Ward (2007) benefit management approach mainly focused on three major aspects;
1. The ends - The target performance improvements
2. The ways - The ways the business must work differently
3. The means - The enabling IT capabilities, the companies have to give more enabling IT capabilities and other related tools. Enabling It capabilities support the organization for identifying the best programs and portfolios for the organization.
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With the help of these, the managers can able to create a benefits dependency network that helps the managers for creating value from the portfolios. With the help of benefits dependency network, we can able to understand the areas where it required some improvement and changes. In order for managing the creation of value from programs and portfolios, the organization has to give more importance to resource allocation. The managers also have to allocate the resources properly and they have to identify the people or the resources that are not performing better. According to the words to the Jamieson (2004) for managing the value from the portfolios, they also have to increase the collaboration from all the department. All the departments have to work with the same energy and enthusiasm, sometimes the managers are not considering the major changes happened in other departments.
As per the report of Enterprise Portfolio Management Council (2009) in order for managing the value from the programs and portfolios we also have to make changes to the portfolio mix. It helps in improving the balance of overall projects and other related activities. The project managers also have to give importance to effective communication strategies and policies for measuring the value created through the portfolio. Communication strategy also helps for understanding the problems in different programs and it also provides the opportunity to the managers for making changes to the portfolios or programs. According to the words of Daniel (2007), the project managers also have to analyse the current market conditions and changes for attaining the goals and objectives of the project. In order for satisfying the shareholders, the managers have to create value from the portfolio and different programs. According to the words of Breese (2012), it is the duty of the project managers to maintain the value created from the portfolio, for attaining these objectives, the managers have to give importance to BRM (Benefits Realization Management). Benefits Realization Management always helps management the strategic needs of the organization in a productive way. It also helps for bringing the balance between the strategic management and project management.
While analyzing all these aspects we can understand that the project managers can use different methods and strategies for managing the value created from the portfolios and programs.
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