W3Q-Executing and implementing project portfolio management Assignment

W3Q-Executing and implementing project portfolio centering - Assignment ExampleNDT-Solutions, a private sector company specializing in development and construction of forwardness for non-destructive testing laboratory, takes a conventional orgasm to project management mainly through assigning projects to departmental managers. This approach functional managers to act as project managers while performing their primary duties in parallel, a practice which was very common in 1960s (Kerzner 2010). A major reason for such an approach was the lack of appreciation for project management methodology and best practices as identified by fancy Management Institute in PMBOK (2008). Thus projects in the company normally initiated within from the departments without considering their relevance to the organizational business strategy. Thus majority of the projects were a result of self-initiative even without support and consent of management. In addition, intimate politics and individual int erests barred projects and their outcomes to be visible to other departments unless materialized. Thus other departments who may down significant role in the project execution or may have been impacted by the project outcome were, in fact, alienated from the project. Every department struggled to portray its project as mastery while endeavoring to undermine the efforts made in other departments. This impacted the overall potential of the company to get through synergy of its resources. The end result was duplication of projects, inefficient utilization of the resources and discouragement of any innovative ideas at the organizational level. Besides its drawbacks, the approach has advantages in terms of expanding experience in project management and improving the skills however, lack of training and appreciation of a standardized project portfolio management approach would increase pretend of inefficient resource utilization and duplication of efforts especially when the company is managing multiple projects.According to Kerzner (2010), portfolio management is