Table of Contents
- TITLE OF THE CASE
- AREA OF CONSIDERATION
- Introduction
- Situational analysis
- STATEMENT OF THE PROBLEM
- ALTERNATIVE COURSES OF ACTION
- ALTERNATIVE EVALUATION
- PLAN OF ACTION
- REFERENCES
TITLE OF THE CASE
Accident Fund’s Award-Winning PMO Puts Processes before Tools in Implementing Project Portfolio Management.
AREA OF CONSIDERATION
Introduction
The accident fund insurance company has it’s headquartered in America which provides the worker's compensation insurance. It gets established in 1912 and there are approx 675 employees who are working in the industry. As per the given case, there are some facts which affect the performance of firm like they have to identify and prioritize the projects which in turn break their bottom line. Along with this, they also make their process transparent with their stakeholder that is not good for company’s future. This all facts will play an important role into my analysis as through this new tool can be implemented at the workplace.
Situational analysis
Environmental analysis: There are some external factors which may affect the performance of an organization like technology, legal, political, economic, demographic and so on. Nowadays, innovation may lead an enterprise towards competitiveness on which the firm has to be focused (Braue, 2011). They have to follow all rules and regulations that are made by a government. When services are going to be offered by a company then they have to provide them as per the demographic variables like age and gender. Through this, a strategic position can be evaluated as compared to other market players.
Industry analysis: This kind of analysis can be carried out after identifying the impact of environment on insurance companies. When the weather gets changed at an extreme level then due to this the health of both insurers and providers can affect (Unger, Gemünden and Aubry, 2012). These industries can achieve success at marketplace when they manage all risks. When environment gets changed then this may directly affect the insurance due to increasing rate of premium, lack of availability.
SWOT analysis: By using this type of tool, the insurance company will be able to analyze their current strength, weaknesses, threat and opportunities. The strength of this sector is that they offer the variety of services to their different target markets and their brand image is good in America (Heising, 2012). The weakness is that they still rely on paperwork more than digital technology. The opportunity is that the firm can sell some supplement products so that they can gain high profits. The threat can be a competition that exists in between the local competitors.
STATEMENT OF THE PROBLEM
“Company needs to manage the portfolio of projects as this can lead Accident fund insurance towards failure”. The manager can use project portfolio management software so that their overall performance can be improved effectively.
ALTERNATIVE COURSES OF ACTION
There are some alternative courses of action which can be used by a company in order to improve their business process. These alternatives are like:
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Accident fund insurance can monitor their progress on the continuous basis so that issues can be identified.
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All projects should be completed on the basis of their given deadline.
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An effective communication should be established at the workplace among all employees.
ALTERNATIVE EVALUATION
In the first alternative, the company can identify their current issues and make strategies to reduce them. In the second, when all projects will be completed on time then goals can also be achieved effectively (Teller and et. al., 2012). At last, when communication will get established then a direction can be set for all people. Here, the first alternative is more appropriate as through the insurance firm can improve their performance.
PLAN OF ACTION
All the activities can be represented through Gantt chart. Please download the sample for Gantt chart
References
Books and journal
Braue, D., 2011. Project portfolio management. CIO, (Summer 2011-2012). p.42.
Heising, W., 2012. The integration of ideation and project portfolio management—A key factor for sustainable success. International Journal of Project Management. 30(5). pp.582-595.
Teller, J. and et. al., 2012. Formalization of project portfolio management: The moderating role of project portfolio complexity. International Journal of Project Management. 30(5). pp.596-607.
Unger, B.N., Gemünden, H.G. and Aubry, M., 2012. The three roles of a project portfolio management office: Their impact on portfolio management execution and success. International Journal of Project Management. 30(5). pp.608-620.