Introduction
Risk management procedure
Benefits and costs of risk management
Short-term
Long-term

Introduction
Risk management procedure
Benefits and costs of risk management
Short-term
Long-term

Context:
A project is a temporary endeavour undertaken to provide an expected and beneficial outcome. A project life cycle is the series of phases that a project passes through from its initiation to its closure. Project goals should align with organisational goals such as improved operations or increased revenues, reducing costs or improving efficiencies.
Before resources can be committed to a project, the reason for its proposal and the benefits it is expected to deliver need to be understood by people in positions empowered to make decisions about the expenditure of an organisation’s resources. The selection of organisational projects is typically performed through a method of classification and review of the project’s business case. That method of course should be applied consistently to all project proposals.
Instructions:
For this assessment, you research different methods of selecting projects and examine the initiation process. You also consider the Project Management Body of Knowledge (PMBOK) guide and, more specifically, explore the initiation documents.
Project Selection Methods and Initiation Documents
In essay writing, use the given/approved project throughout this assessment.
As you have discovered in your learning resources, examine project selection methods that can be applied appropriately to the given project and processes to conduct these methods. Consider the Project Management Body of Knowledge (PMBOK) and describe the initial process group and project documents that are created or used as inputs for a new project.
Your assessment should contain 1500 words.
Learning Resources:
Government of Tasmania (n. d.). PM-902 Business Case (Small) Template & Guide. Retrieved from http://www.egovernment.tas.gov.au/__data/assets/word_doc/0013/15520/pmantemp-open-sml-proj-bus-case.doc
Herman, B. and Siegelaub, J. (2009). Is this really worth the effort?: The need for a business case. Retrieved from https://www.pmi.org/learning/library/need-business-case-6730
Laureate Education (Producer). (2013a) The practice of project management [Video file]. Baltimore, MD: Author.
Learning and Academic Skills Unit. (2016). Academic Writing Guide. APA 6th ed. Sydney, Australia: Laureate Australia.
NSW Treasury. (2018). NSW Government Business Case Guidelines. Retrieved from https://www.treasury.nsw.gov.au/sites/default/files/2018-08/TPP1806%20%20NSW%20Government%20Business%20Case%20Guidelines.pdf PROJ6000_assessment 2 brief_29022020 Page 3 of 5
Project Management Institute. (2013). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: PMI.
Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK guide) (6th ed.). Newtown Square, PA: PMI.
Project Management Institute. (n.d.). Code of Ethics and Professional Conduct. Retrieved from http://www.pmi.org/About-Us/Ethics/Code-of-Ethics.aspx
Wysocki, R. K. (2014). Effective project management: Traditional, agile, extreme (7th ed.). Indianapolis, IN: Wiley.
RUBRIC

Paper Instructions  
You have been successful in convincing executive management that your organisation should introduce a project portfolio management function and now that all the planning has been completed, you have been given the responsibility for its implementation. However, not everyone in the organisation is convinced that it is the right approach to take and you can already feel the forces of resistance starting to build from those who will be directly affected by its day-to-day operation.
You have determined that the status quo for managing projects in the organisation is not an option and will argue against it at every opportunity. The best way to convince your colleagues of the benefits of implementing project portfolio management is to review the processes and assess whether improvements to project selection, performance and success have been made, greater potential exists for aligning the business operations with strategic objectives, the benefits of enhanced portfolio management and evaluation to meet more complex needs are evident, and whether you think there is the potential for improving the maturity level of the organisation in project portfolio management in the future.
You recognise that during implementation, the changes created by the initiative have caused resistance from colleagues and that your
assessment must be cognizant of the corporate culture in the organisation and include strategies to account for different perspectives from key stakeholders and any other adverse impacts this may cause. In responding to this ‘challenge’, you have decided to document your findings in a report that will be presented to executive management as part of the organisation’s annual review process which addresses the following requirements:
Introduction
In the introduction we should talk about the implementing of project portfolio management in the organization, the organization we are going to talk about in the report is (Tesla Motor vehicle company)
Body (Tesla Motor vehicle company)
1) Situational Context (Tesla Motor vehicle company)
• Is the organisation investing in the right projects?
• Is the organisation optimizing its capacity?
• How well is the organisation executing?
• Can the organisation absorb all the changes?
• Is the organisation realising the promised benefits?
2) Portfolio Evaluation (Tesla Motor vehicle company)
• What method is the organisation using to evaluate its overall project portfolio?
What is the justification of using the chosen method in comparison to some of the others that are available?
• Are there any challenges that the organisation might face in using the current method if it were to operate in a global environment?
• Is the benefits management lifecycle incorporated in the evaluation process?
• How might benefits management be helpful in successfully meeting the deliverable goals of the organisation’s projects?
3) Portfolio Management (Tesla Motor vehicle company)
• How is project portfolio management ensuring that the organisation’s collective projects are aligning with its strategic objectives?
• Has a Project Management Office been introduced into the organisation and, if so, has it played a role in terms of standardising practices and increasing project success rates? If not, why not? What alternative approaches are available?
• What quantitative and qualitative tools and techniques is the organisation currently using to manage its project portfolio and are they effective?
4) Maturity Levels (Tesla Motor vehicle company)
• At what maturity level do you believe the organisation is at in terms of its approach to project portfolio management?
• What are the key best practices which can be adopted to improve the maturity level and which model (e.g. PRINCE2, OPM3) do you think would be appropriate?
5) Corporate Culture (Tesla Motor vehicle company)
• Assess the corporate culture of the organisation and whether it is likely to be different in terms of key internal stakeholder influence and input (e.g. HR Director, Technology Manager, Facilities Manager, Accountant).
• Will any change management initiative in terms of project portfolio management process improvement and benefits realisation need to take into account the different perspectives of these stakeholders and what concerns might each stakeholder express?
• What aspects of the corporate culture do you think would support project portfolio management and its sustainability criteria?
Conclusion (Tesla Motor vehicle company)
References
• Project Management Institute. (2013b). The standard for program management (3rd ed.). Newtown Square, PA: Project Management Institute.
o Chapter 1, ‘Introduction’
o Chapter 4, ‘Program Benefits Management’
• Cooper, R. G. (2009, March/April). Effective gating. Marketing Management, 18(2), 12–17.
• Hubbard, G. (2009). Measuring organizational performance: Beyond the triple bottom line. Business Strategy and the Environment, 18(3), 177–191.
• Smith, D., & Sonnenblick, R. (2013). From budget-based to strategy-based portfolio management: A six-year case study. ResearchTechnology Management 56(5), 45–51.
• Crawford, J. K. (2006). The project management maturity model. Information Systems Management, 23(4), 50–58.
• Flynn, D., Pan, G., Keil, M., & Mähring, M. (2006, October). De-escalating IT projects: The DMM model. Communication of the ACM, 52 (10), 131–134.