Portfolio Management Business Projects

Question: Discuss about the Portfolio ManagementforBusiness Projects. Answer: Business Projects, development Projects, technical Projects are three types of projects. Project manager leads and directs the human resource. He is the mentor for seeing that the methodologies and tools used are right and according to the demand of the task. He evaluates performance and also provides task related training. (Kerzner,2015) Based on their knowledge, experience and expertise project managers are assigned a project whereas a functional manager lacks expertise to be a project manager. Project managers are assigned by the project sponsors to coordinate the project. Generally project mangers report to the project sponsors and inform them about all project requirements. Power does not transfer to the project managers from line mangers unless the organization is set up only for projects. Career path and career growth is easier in line management because project management is slightly difficult; to have successful career path in project management project success is needed. I am more inclined towards having a career path and career growth in line management. Different organizational structure: Hierarchy Having many levels of employees all reporting upwards to their team leaders. Pro- Less communication problem and coordination problem Cons- Can only be applied in small organizational. Flat- Having few levels but the span of control is very wide. Matrix- It combines all employees, both hierarchy and flat organizational structure. It can only be applied for project related organizations.( Clegg, Kornberger Pitsis, 2015) There should be therapy seminars and sessions conducted in every 15 days, it depends upon the type of the project but 15 days is an ideal interval for these sessions. Project manager directly reports to project sponsors. Functional team members report to the team leader, department head and the senior management. They have three to four supervisors above them. Functional mangers report to the head of their department, branch manager and the head of the organization. References Clegg, S. R., Kornberger, M., Pitsis, T. (2015).Managing and organizations: An introduction to theory and practice. Sage. Kerzner, H. (2015).Project Management 2.0. John Wiley Sons.