Honicker Corporation Portfolio Milestone The purpose of the Project Management Institute’s (PMI) founding principles was to give businesses direction on managing projects successfully. Two examples of such rules are the appointment of a project manager and the creation of a project management office (PMO) to oversee and guide the project. Ensuring Compliance with a Set of Policies Overseeing the Entire Organization is the PMO’s responsibility. This guarantees that the company has a repeatable process that can be regularly used with the knowledge that the work will be completed correctly. Creating a procedure helps a company stay competitive in the market (Kerzner, 2022).
Honicker Corporation Portfolio Milestone
February 10, 2024
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Honicker Corporation Portfolio Milestone
The purpose of the Project Management Institute’s (PMI) founding principles was to give businesses direction on managing projects successfully. Two examples of such rules are the appointment of a project manager and the creation of a project management office (PMO) to oversee and guide the project. Ensuring Compliance with a Set of Policies Overseeing the Entire Organization is the PMO’s responsibility. This guarantees that the company has a repeatable process that can be regularly used with the knowledge that the work will be completed correctly. Creating a procedure helps a company stay competitive in the market (Kerzner, 2022).
Principle Components Discussion
“Project, program, and portfolio management,” “project selection,” “the project charter,” “project organization,” “project planning,” “project scheduling,” “project estimating,” “monitoring and control,” “project closure,” “communication management,” “risk management,” and organizational management are the most critical aspects of project management including the role of information technology. Every one of these elements needs to be put together precisely for the project to succeed (Harold, 2021).
Project, Program, and Portfolio Management Distinction
Project management, program management, and portfolio management are three different ideas. Kock et al. (2020) asserts that initiatives have a temporary character, ending when their goals are met. On the other hand, programs are collections of initiatives carried out in concert rather than separately (Martinsuo & Geraldi, 2020). The focus of portfolio management is the selection of initiatives that will help the organization achieve its goals (Kock et al., 2020). Despite this, it is essential to remember that project and program management does help the business accomplish its goals. Portfolio management is the result of combining project and program management.
Project Selection
Choosing what work to finish is essential to a business’s growth. There are a lot of things to think about while choosing a job. Completing a job entails risks, costs, resources, time, organizational goals, and rewards. The project manager or project management office may use a project selection process or technique to determine if a project is feasible. One may use discounted cash flow, net present value, a scoring model, an internal rate of return, or a cost-benefit analysis. Depending on the nature of the project, many approaches may be used. For instance, the internal rate of return approach works better for shorter projects than the net present value technique for choosing long-term projects (Harold, 2021).
Project Charter
These days, the project plan is a legally enforceable document that lists all of the participants, their roles, the goals, and the scope of the work (Kerzner, 2022). The charter might function as a project plan if it has a scope standard and a management strategy. According to Kerzner (2022), a project charter should include the following elements: the project manager’s name, the project’s business purpose, a summary of its constituent conditions, a detailed description of the project that includes its goals, scope, roles and responsibilities of key stakeholders, related risks, and the involvement of particular stakeholders. The project plan includes more than just the items listed above; more items could be added depending on the project’s size.
l Project Organization
l Project Planning
l Project Scheduling
l Project Estimating
l Monitoring and Control
l Project Closure
l Communication Management
l Risk Management
l Role of Information Technology
Simulation Scenario Analysis
The Delphi Printer example makes your duties very clear. The senior project manager has to develop a novel printer within six months. The “project scope, schedule, and resources” that are needed must be ascertained first. Planning is essential because it tells buyers how much money they should expect in return. The senior project manager must also ensure the right tools are being used. Morerces must be needed to are needed lead to better performance and the project’s cancellation. Is it permissible for the project team to have too many or too few members? While having too few team members might lead to staff burnout and discontent, having too many would put more financial strain on the company and exhaust its resources. Furthermore, the senior project manager sets the number of samples needed and plans meetings involving individual and group discussions.
Lessons Learned
Recommendations
Case Study Analysis
Before joining the international market, The Honicker Corporation took considerable care when there was a change in leadership. The company had expanded its global operations by acquiring four more companies—Alpha, Beta, Gamma, and Delta—when a new management team took over in 2009. Honicker has been using an efficient enterprise project management (EPM) approach for a while now. However, they found that assimilating into the four recently acquired firms went above and beyond what they had anticipated.
Since change is never easy, it would be challenging for all four businesses to adopt either Honicker’s EPM or a new one since it would involve significant changes for each of them. Alpha had already created an EPM system that they thought was better than Honicker’s. While Beta Company had some knowledge of the nature and functions of project management, Gamma and Delta Companies needed to be made aware of it. In addition, Honicker had to create an EPM that adhered to all national laws, rules, and government agencies in the countries where these enterprises were located. Following the first meeting, Honicker found out that instead of the two months that had been projected, the implementation of the new EPM may take up to two years. This happened when more and more of the four corporations voiced their resistance to it. The rise in resistance may have been caused by inadequate communication, incapacity, mistrust, uncertainty, or anxiety (Kerzner, 2022). Honicker must have a thorough grasp of the goals, aspirations, and expectations of each of the four firms before approaching them for assistance. This mostly means creating an environment within the organization that encourages diversity and inspires everyone to share their thoughts. Establishing a two-way communication channel can help to promote trust and lessen anxiety and doubt.
References
Harold, K. (2021). Project management: case studies. John Wiley & Sons, Inc..
Kerzner, H. (2022). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
Kock, A., Schulz, B., Kopmann, J., & Gemünden, H. G. (2020). Project portfolio management information systems’ positive influence on performance–the importance of process maturity. International journal of project management, 38(4), 229-241.
Martinsuo, M., & Geraldi, J. (2020). Management of project portfolios: Relationships of project portfolios with their contexts. International Journal of Project Management, 38(7), 441-453.
Appendix A
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A blank form with text Description automatically generated with medium confidence
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