Question

Describe the significance of project portfolio management.

Describe project requirements, product development, product delivery, and post-project activities.

What is considered as a successful business operations and project management.

Answer 1

Q.Describe the significance of project portfolio management.

Ans.

Significance of project portfolio management -

• Alignment of business objectives
• Determining the investment plan
• Reduces the risk
• Provides the best strategy for execution
• Helps in optimizing the capacity
• Change management
• Realization of benefits

Q. Describe project requirements, product development, product delivery, and post-project activities.

Ans.

Project Requirements

They are the activities, conditions or tasks that are necessary to be completed for the completion of the project. They provide a clear understanding of what needs to be executed. The align the organizational goals with the project resources.

Product Development

It means creating new products or developing existing products by customizing or adding new features that offer more value to the customers. It involves the formulation of a new product or modification of an existing one.

Product Delivery

It is a customer-centric approach. It basically means determining, developing & providing most valuable products or services to the clients in a continuous flow.

Post-Project Activities

They are activities, conditions or tasks that need to be completed for either customer satisfaction or evaluation of the project. These are the necessary tasks to be performed once the project is delivered.

Q. What is considered as a successful business operations and project management.

Ans.

A successful business operation is the one where the stakeholders are satisfied, it provides benefits to the clients, has a high level of effectiveness & is profitable. A successful business operation is the one which meets organizational goals.

A successful project management is one where the project is managed successfully. This means the implementation & delivery of the project in time. This is basically the efficiency of the project. It involves completion & delivery of the project in time & under budget while satisfying all the stakeholders.

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