New position is to develop a project portfolio management process and Essay

New position is to develop a project portfolio management process and then use this process to select projects for your Strategic Business Units portfolio - Essay Example Project Portfolio Management (PPM) is regarded as an effective set of practices that enable organizations to gain the capability of managing projects. The set of practices within the PPM ensures to make proper alignment of different required project activities and working elements in accordance with the postulated goals and objectives of the projects that undertake by a particular company (Morris & Pinto 94-112). With respect to the predetermined business goals of the company, the proposed portfolio process has been characterized into few major stages including project initiation, planning and execution along with controlling stage. The following discussion briefly discusses these key phases of the proposed PPM procedure. Project Initiation Stage. The initiation stage of the project will focus on identifying its potential scope regarding the products and/or services offered by the company to the clients (Levine 85-108). In relation to the business practices of the SBU, the activities in the initiation stage will help the company to recognize the project scope along with the objectives while expanding business to the markets of Europe and Alaska. Project Planning Stage. The planning stage of the respective project will focus on three major key areas such as scheduling activities, resource planning and cost planning associated with different operational services linked with production/selling actions of the SBU (Levine 85-108). With regards to the proposed PPM process, the activities relating to the determination of potential risks, quality related issues and different change management obstacles can help the managers of the company to formulate effective decisions. Executing and Controlling Stage. During this phase, all the processes, plans, activities and schedules are properly utilized, ensuring that the respective