Portfolio Management of a Project

In the recent trends of project management includes the portfolio management of project. The portfolio management of project is a movement by the organization to control the project to evaluate how well the projects will align with the goals of the strategy and quantify its value. The agency or company will decide to destroy the project with low money to dedicate the great resources to the remaining project.

Project Manager’s Responsibility:

The figure below shows the responsibilities of project manager (Patrick, 2005):

Responsibilities of project manager

Responsibilities of project manager

The Project Manager is responsible for everything that is required to make the project a success whether indirectly or directly. This is not like a typical role of hierarchical line management. The Project Manager is the head of everything related to the project. By controlling the contribution of peers and seniors is important to manage the team work. The project manager’s responsibilities are (Claude, 1983):

  • The needs of the Project Manager to manage upwards is to ensure that the reverse hierarchy comprise of the leadership of the organization and the sponsors of the project  are doing all that is required to guarantee for the project success (Paul, 2000).
  • The Project Manager is the main head for communicating with other projects, initiatives and departments within the organization, taking into account the contributions and needs of other internal groups (Marcus, 1999).
  • The Project Manager is similarly the major head of contact for feature requiring co-ordination and co-operation with the external parties such as the suppliers and contractors of the project, suppliers, regulatory bodies, customers and other third parties make sure that everything is in place to guarantee the success.
  • The Project Manager has the responsibility for the activities of all the participants of project, tasks of the project tasks and deliverables (Manus, 2006).

The Project Manager needs to achieve this without direct control over the participants. The Project Manager has no power over the leadership, or the external and internal contributors. In the project team there may be lending staff, sub-contractors and part-timers that have their prime loyalties (Parviz, 2000).

 

References

  • Patrick R, Management of Knowledge in Project Environments, Butterworth-Heinemann, 2005.
  • Claude C, Contract Administration for the Project Manager, 1983.
  • Paul E, Virtual Project Management: Software Solutions for Today and the Future, CRC Press, 2000.
  • Marcus T, Scope Containment in Information Systems Projects, 1999.
  • Manus J, Project Management, 2006.
  • Parviz F, the Advanced Project Management Office: A Comprehensive Look at Function and Implementation, CRC Press, 2002.

Priya Chetty

Partner at Project Guru
Priya Chetty writes frequently about advertising, media, marketing and finance. In addition to posting daily to Project Guru Knowledge Tank, she is currently in the editorial board of Research & Analysis wing of Project Guru. She emphasizes more on refined content for Project Guru's various paid services. She has also reviewed about various insights of the social insider by writing articles about what social media means for the media and marketing industries. She has also worked in outdoor media agencies like MPG and hotel marketing companies like CarePlus.

Latest posts by Priya Chetty (see all)

Related articles

  • Characteristics of transformational leaders Transformational leaders are believed to possess extraordinary characteristics when compared with normal people.
  • Basics of Project Management The project management is an organized and planned effort to accomplish the specific objective of one-time...
  • Risk is an important aspect of project management Project management has become an integral part of most business organisations today due to a number of reasons. As the nature of business becomes increasingly complex and more demanding it becomes pertinent for companies to innovate effective management methods.
  • Difference between conventional banks and Islamic banks When one talks about banking the immediate notion is that of an organization where deposits can be kept to earn interest income over the time. However, there are banks which do not work on any interest income and still are called banks. These are Islamic banks.
  • Understanding project management and its success Project management can be defined as the planning, organizing, scheduling, leading, communicating, and controlling of work activities to achieve a predefined outcome, on time and within budget (Josler & Burger 2005).

Discuss

We are looking for candidates who have completed their master's degree or Ph.D. Click here to know more about our vacancies.