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Project Lifecycle Stages and Portfolio Management Essay


Many organisations implement various projects in order to achieve specific goals. Nguyen (2006) argues that “all programmes and portfolios should be carefully designed to produce specific objectives” (p. 4). An organisation embarking on several programmes for the first time can benefit a lot from the generic model. A programme life cycle outlines the major phases that can deliver positive results. Project life cycles follow generic sequences that can be tuned to achieve targeted objectives or goals. The life cycle of a specific project will take different paths in order to deliver the targeted results.

Every organisation planning to embark on different programmes will benefit from the steps of a project lifecycle. The first phase is “known as a concept” (Ajelabi & Tang 2010, p. 4). This phase makes it easier for organisations to create the best idea for the targeted project. The phase is used to make the best decisions regarding the viability of every programme (Berssanetia, Carvalho & Muscat 2012). The organisation will also benefit a lot from the second phase. This phase defines the best approaches towards achieving the targeted goals. The third stage is known as development. The project manager will design the most appropriate management plan. The viability of every programme is also reviewed in order to get quality results (Muller, Martinsuo & Blomquist 2008). The generic model can, therefore, support the goals of many companies.

The generic model will also present powerful strategies to deal with risks and uncertainties. The existing risks and constraints should be examined carefully in order to promote the best programme appraisals (Attarzadeh & Ow 2008). This model also presents powerful strategies for implementing portfolios. Ajelabi and Tang (2010) argue that “portfolios should be managed in a competent manner because they do not have specific start and finish dates” (p. 5). A generic model will present appropriate tools that can be used to execute major programmes for the first time.

The model also presents powerful approaches that can deliver positive results. Programme managers should “use team decision-making and qualitative approaches in order to achieve the best results” (Muller et al. 2008, p. 38). Muller et al. (2008) identify “project portfolio control as a powerful factor contributing to programme management performance” (p. 38). Generic models also make it easier for corporations to use organisation-led practices to prioritise specific projects. Such projects will eventually support the firm’s goals.

Nguyen (2006) explains why portfolio management performance should focus on specific programme levels. Organisations should establish the best reporting and communication platforms in order to support their projects. Effective decisions should also be made by teams. Organisational procedures and routines will ensure every targeted programme supports the targeted business strategy (Attarzadeh & Ow 2008). Programmes and projects are usually complex in nature (Nguyen, 2006). Various project phases are iterative and cyclic in nature. Organisations should, therefore, make regular alignments and adjustments in order to achieve the best results (Berssanetia et al. 2012). Businesses should focus on these lessons and ideas in order to support their initial programmes.

Reference List

Ajelabi, I & Tang, Y 2010, ‘The Adoption of Benchmarking Principles for Project Management Performance Improvement’, International Journal of Managing Public Sector Information and Communication Technologies, vol. 1, no. 2, pp. 1-8.

Attarzadeh, I & Ow, S 2008, ‘Modern Project Management: Essential Skills and Techniques’, Communications of the IBIMA, vol. 2, no. 1, pp. 1-9.

Berssanetia, F, Carvalho, M & Muscat, A 2012, ‘Impact of reference model for project management and project management maturity models on performance: an exploratory study in information technology projects’, Producao, vol. 22, no. 3, pp. 421-435.

Muller, R, Martinsuo, M & Blomquist, T 2008, ‘Project Portfolio Control and Portfolio Management Performance in Different Contexts’, Project Management Journal, vol. 1, no. 1, pp. 28-42.

Nguyen, T 2006, ‘Model-based Version and Configuration Management for a Web Engineering Lifecycle’, CAN, vol. 1, no. 1, pp. 1-10.

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IvyPanda. (2020, June 28). Project Lifecycle Stages and Portfolio Management. Retrieved from https://ivypanda.com/essays/project-lifecycle-stages-and-portfolio-management/

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IvyPanda. "Project Lifecycle Stages and Portfolio Management." June 28, 2020. https://ivypanda.com/essays/project-lifecycle-stages-and-portfolio-management/.

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IvyPanda. 2020. "Project Lifecycle Stages and Portfolio Management." June 28, 2020. https://ivypanda.com/essays/project-lifecycle-stages-and-portfolio-management/.

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IvyPanda. (2020) 'Project Lifecycle Stages and Portfolio Management'. 28 June.

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