W3Q-Executing and implementing project portfolio management Assignment

W3Q-Executing and implementing project portfolio management - Assignment Example NDT-Solutions, a private sector company specializing in development and construction of facility for non-destructive testing laboratory, takes a conventional approach to project management mainly through assigning projects to departmental managers. This approach functional managers to act as project managers while performing their primary duties in parallel, a practice which was very common in 1960s (Kerzner 2010). A major reason for such an approach was the lack of appreciation for project management methodology and best practices as identified by Project Management Institute in PMBOK (2008). Thus projects in the company normally initiated within from the departments without considering their relevance to the organizational business strategy. Thus majority of the projects were a result of self-initiative even without support and consent of management. In addition, internal politics and individual interests barred projects and their outcomes to be visible to other departments unless materialized. Thus other departments who may have significant role in the project execution or may have been impacted by the project outcome were, in fact, alienated from the project. Every department struggled to portray its project as success while endeavoring to undermine the efforts made in other departments. This impacted the overall potential of the company to achieve synergy of its resources. The end result was duplication of projects, inefficient utilization of the resources and discouragement of any innovative ideas at the organizational level. Besides its drawbacks, the approach has advantages in terms of expanding experience in project management and improving the skills; however, lack of training and appreciation of a standardized project portfolio management approach would increase risk of inefficient resource utilization and duplication of efforts especially when the company is managing multiple projects. According to Kerzner (2010), â€Å"portfolio management is