Question 1 Project portfolio management is the systematic process of selecting, supporting, and managing a firm’s col- lection of projects. Projects are managed concurrently under a single umbrella and may be either related or independent of one another.
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Some measures that allow us to screen projects may lead to the wrong conclusions; for example, suppose that we selected projects in construction settings for their aesthetic appeal and ability to promote our name across the industry. If insufficient attention was then paid to issues such as cost of the project or safety concerns, we may be selecting projects that will ultimately damage our reputation or drive us out of business. Company should probe various screening techniques for their strengths and weaknesses to ultimately demonstrate that effective screening methods usually rely on multiple, complementary measures for selecting projects.
2. Assume that you are responsible for maintaining Keflavik’s project portfolio. Name some key criteria that you believe should be used in evaluating all new projects before they are added to the current portfolio.
Among the criteria I could list are: Realism: An effective model must reflect organi- zational objectives and must be reasonable in light of such constraints on resources as money and personnel
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