Project Portfolio Management in Practice

Question: Discuss abpout the Project Portfolio Management in Practice. Answer: The term portfolio is generated from a Latin word portare, which means to carry out. I have learned that in order to prepare a project properly and professionally the mandatory steps that are needed to be maintained include project initiation phase, project planning project, project execution, project control and monitoring and project closure. In my professional career, the projects those I have developed were also maintained the similar steps. In order to reduce the rate of work load and for make the individual tasks easier than the traditional approaches the work breakdown structure and the Gantt charts are developed by the project manager because the project manager is responsible to monitor the project progress to make it free from the error. I have learned that the functional manager plays vital roles in the initial three phases of WBS. Before planning the project the stakeholders are required to identified, analysed and managed well. I analysed that open communication should be served to make the conversation conflict free and interactive at the same time. In order to develop a project currently social media also helps a lot for promoting the project throughout over the internet server. In the project development phase I have used professional meetings rather than phone calls. If I would have asked to develop a WBS I might have used time phase WBS for successful completion and implementation of the project. Bibliography Kerzner, H., (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinsuo, M., (2013). Project portfolio management in practice and in context.International Journal of Project Management,31(6), pp.794-803.