Your response to the Discussion Question should choose examples from your own ex

Your response to the
Discussion Question should choose examples from your own experience or ones you
know well enough to discuss. You will receive credit for references to examples
from real companies. Ensure that you cite and reference all your sources
properly as per the Harvard Referencing System.All the best methods of
evaluating projects/portfolios in the world will not help if these methods are
not properly implemented and supported in an organisation which has been groomed
to work with them. How we organise to implement and practice project portfolio
management is paramount to its success. Fostering a culture which is supportive
of project portfolio management and developing an enlightened and supportive
executive are essential stepping stones to making project portfolio management
work.Establishing formal project
portfolio management practices provides a framework within which better
decisions can be made and results in numerous related benefits to the
organisation. Nevertheless it inevitably involves implementing significant
changes which may be met with initial resistance. To overcome this resistance
an organisation must recognise that the success of any process change effort
depends on the ability of the staff to understand the reasons for change and
their willingness to support it. It has become vital to identify how project
portfolio management can solve critical problems such as resource
allocation.Key to implementing formal
project portfolio management practices is the alignment of senior executive
decisions to the portfolio management strategy. The processes and roles related
to project portfolio management may seem foreign or tedious to executives. Yet
having them understand and play their role is critical to project portfolio
management so the investment of creativity and time to get them prepared reaps
high returns.For this week discuss the
following questions:Consider either your current
organisation or a previous organisation. Explain the common types of resistance
which an individual leading a project portfolio management initiative in your
organisation (current or past) might face in trying to implement this management
approach.Discuss the key steps your
organisation (current or past) should take to implement project portfolio
management. What significant benefits would your organisation receive from
implementing project portfolio management? What are the principal barriers to
implementing this within your organisation?