BUS 362 Chapter Notes - Chapter 2: Project Portfolio Management, Software Development Process, Critical Success Factor

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 362
• Professor: Nilesh Saraf

Document Summary

Project portfolio management, a process of selecting, prioritizing, and monitoring project results, has become a critical success factor for it departments facing too many potential projects with too few resources. First the project manager chooses a system development methodology that fits the characteristics of the project. Based on the size of the system, estimates of a time frame are made. Then, a list of tasks to be performed is created that forms the basis of the work plan. Staffing needs are determined and manager sets in place mechanisms to coordinate project team throughout project. Finally, project manager monitors project and refines estimates as work proceeds. Companies prioritize their business strategies and then assemble and assess project portfolios on the basis of how they meet those strategic needs. There are times when a system at the project level makes good business sense, but it does not at the organizational level.