Reducing Risks in Project Selection
Chapter 2 discusses numeric models and I will have to be the first to confess they seem to be viable options to selecting a project. However, there are some risks associated with using numbers only to make decisions especially if you use only one method. But how could you use the steps in project portfolio management to reduce the risks associated using numerical models to select a project. I have been involved with many projects where the sales team crunched numbers regarding a project but they really didn’t consider extenuating circumstances before they made their decision. Keep this point in mind.
Also consider, we are in the age of Big Data. Now of course Big Data isn’t just numerical data but it is definitely a component. Take a look at the 2 articles (One attached the other is a hyperlink) as they make some interesting points. Does the the concept of Big Data influence your thinking here? After all it is a popular tool.
Make sure you think broad about the problem discussed in the first paragraph rather than looking at one specific action. There are two different philosophies here. Please explain your points and use supporting evidence. Your submission must be at least 2-3 pages but I more than 3 pages is fine if that’s what it takes to fully answer this question. There should be a title page and a reference page in addition to your content pages. Your paper and references should be in APA format.
What role does Big Data have in shaping future of Project Management.docx
Why Is Big Data So Important? Why Is Big Data So Important? – European Business Magazine
Questions?
1. How could you use the steps in project portfolio management to reduce the risks associated using numerical models to select a project.
2. Thought broad about the problem rather than looking at one specific action.
3. Explained points and used supporting evidence.
Good writing: You MUST provide a coherent writing with NO grammatical errors and typos. APA rules for paper format and references must be in order. Think of providing the wording/assignment to your boss. Paper was at least 1 page long.
Solution
Reducing Risks in Project Selection with Project Portfolio Management and Big Data
Choosing the right projects is crucial for any organization, but relying only on numbers can be risky. Numerical models provide valuable data but may miss important factors. To reduce these risks, Project Portfolio Management (PPM) offers a more complete approach by looking at both numbers and other important aspects.
PPM helps by ensuring projects align with the organization’s goals. Instead of focusing only on potential profits, PPM considers how well a project fits with the company’s long-term plans. This way, resources are used in a way that supports the company’s overall strategy. Additionally, PPM involves looking at risks beyond what numbers can show, like market changes or operational challenges. This helps prevent problems that numerical models might overlook.
Another crucial part of PPM is managing resources effectively… Please click on the Icon below to purchase the full answer at only $5
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