Chapter 2 Assignment Example | Topics and Well Written Essays - 250 words

Chapter 2 - Assignment Example vantages of operating necessity model are that the main project is put on the course by preventing threats though it may reduce the money spend on funding the main project (Page47) Some of the desired result of applying project portfolio process is among other factors; to ensure fewer projects are selected thus easier to manage them, to help reduce competition among the projects and ensuring that the projects selected contribute to the organization’s strategy. To ensure projects benefits are more than the cost and that the projects selected have few risks and to ensure the project is monitored closely. Most firms tend to use SWOT analysis i.e. they can manage their projects basing on their strength, weaknesses, opportunities and threats. The Project portfolio process tends to bring together the goals and strategy of the organization with the project in the context (Page 65). The steps in project portfolio entail; establishing a project council, which should be made up of managers who will spearhead the project and help to plan on how the objectives of the projects will be achieved. The council will be responsible for the funding of the project and allocation of the resources to the various projects in the context. Identifying project categories and criteria comprises subdividing the project i.e. those that are very good and those that are less important. Different criteria’s are used to help evaluate their relative importance. Goals of the projects purpose and missions are listed and discussed to help determine how the goals will be achieved. Assessing resource availability entail; looking into both external and internal resources. Labor resources should also be evaluated and the human resource manager should be able to consider other human needs, In other words, human beings should not be allowed to work continuously over a long time. They should be accorded time to relax. Step 5 entails reducing the project and the criteria set i.e. the number of