Prioritizing The It Project Portfolio Analysis Essay Example
In the current state of IT where more needs to be accomplished with fewer resources, IT management must be involved in prioritizing projects to secure approval and funding for the organization's projects.
In 2003, “Portfolio Management: How To Prioritize and Manage Projects For Maximum Value” suggested that portfolio management is a way of fully involving a business. This process involves identifying the goals of the business and using objective criteria to prioritize and manage projects, thereby getting the highest value from the IT portfolio.
The task for the student is to choose four of Riordan’s service requests and use four criteria to evaluate each one. These criteria are: the project generates more revenue for the corporation, reduces business costs, is mandated by laws (federal, state, county or local) or executive orders, and has already been und
ertaken by a competitor.
The student will develop a scoring system which weights each criterion for Project Portfolio Management. According to “Project Portfolio Management” (2013), PPM enables organizations to strategically manage projects by aligning them with organizational objectives. Management must review portfolios and programs to determine if projects save costs, allocate resources, prioritize projects, and monitor their progression. In the field of plastic injection molding, Riordan Manufacturing stands as an industry leader.
Riordan, a worldwide plastic production company, has a workforce of 550 and is estimated to earn $46 million yearly. Its parent company, Riordan Industries, is a Fortune 1000 enterprise that owns the entirety of the organization.
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