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Question: Discuss About The Organization Its Successful Implementation? Answer: Introduction The report will discuss in detail about the significance of portfolio management in an organization and its successful implementation. Large companies do not have the luxury to treat the project in an isolated manner. Since there are hundreds of projects in operations at point of time, a more strategic kind of approach in the management of portfolio is important in order to sideline any kind of duplicate efforts with number of complex and conflicting issues and challenges in allocating the resources (Kaiser et al, 2015). The report will discuss in detail about the Multiplex Construction Australia. This company is considered as one of the leading and global construction company and headquarter of the company is in Sydney, Australia. The company is an international company and the operations are expanded in places like India, Australia, Europe, Canada and The Middle East. Organization investment As per the analysis, the Multiplex Construction company has been able to propose the acquisition of Multiplex which valued the company at $7.3 billion. The offer that has been given by Brookfield to the shareholders is $5.05 per security. Here, there are other remaining 10% of the Multiplex securities and the delisted company formats from the ASX. The company focus on building the skills and the capability of the people which focus on the innovation and collaboration. The investments are settled with the property subject where the current processes are based on resolving all the outstanding commercial issues. Organization optimization The organization optimization is based on having the workforce where the reflection is based on the diversity of the communities which it operates and are set in the local and the globalized area. The labor force employees, with the customers, clients and the partners is generally depending upon the coverage of demographics like the age, caring and the responsibilities. The ethnicity, and the race with the individual diversity is set to include the employees who are valued to handle and work towards the potential plan. The optimization is also through evaluating the issues and setting the excessive conflicts with any unclear roles, shadow groups and the poor work flow with reduced responsiveness. The overdependence on the extra organizational groups and the teams leads to the basic elements of how the enterprise is built up. Organization execution The performance by Multiplex Construction Australia is primarily focus on being a project based companies. In other words, it is called as project oriented organization and it actually depends highly not just on the implementation successfully of one or two projects. But it also depends on the fact that how the complete project is managed in an effective manner (Walker, 2015). There are multiple projects that perceive portfolio project management as the competitive advantage and settle a formal kind of system that make sure that with the time in hand and limited resource, the company is able to select that the best project to achieve success. The company also needs to follow multiple processes to be a function for selecting and evaluating the projects. The selection of decision and the evaluation of the project are made by considering the overall goal and strategies adopted by the business. Ability to absorb changes The company is focusing on the challenging opportunities with the learning and growth plans. With this, there is a proper encouragement of the ideas and the learning that leads to a better support and the combination of the coaching and mentoring. The frameworks are related to the International university and the talent management plans, where the culture is considered to be one of the outperformance, innovation and the collaboration. The culture and the treaty of the employees is set with the accountability where there is a built of the entrepreneurial spirit that is driven to deliver the best quality product. Organization execution on promised benefits With the Multiplex Engineering Innovation, there are forms which include the increasing value for the clients and then benefitting the communities. This applies with the edge of innovation and analyzing how the reduced materials need to handle the safer fabrication, assembling and construction. Portfolio evaluation Methods used to evaluate project portfolio Following is the detailed discussion of the aligning process group used by the company to evaluate project portfolio: - Identification: the main aim in this step is to develop updated list with ample amount of information and new elements that can be properly managed with the help of portfolio management. Categorization: the main aim of this step to properly group all the recognized elements into important business group and a common set of filters and categorization can be application for testing, selecting as well as prioritizing the process along with perfect balance of all elements (Purnus Bodea, 2015). Evaluation: this step is vital for collecting all kind of information in order to test the elements used in project with a motive of properly comparing them to help in the selection process. Selection: the step is crucial to develop a short list of elements which is completely relies on the evaluation or testing process with recommendations along with organizations resource abilities. The evaluation process also decides the overall value of every element and the resources used by the company decided the number of elements that any company can eventually authorize. Prioritization: the motive of this process is properly ranking the elements within every strategic category along with right investment timeline, focus of the company and comparison of risk with return profile. Portfolio balancing: the main aim of this step is to inculcate the element mix of the portfolio with high amount of potential and also properly support the strategic initiatives taken by company and accomplish strategic goals (Kerzner, 2013). Authorization: the main aim of this step to properly communicate the decision of portfolio balancing to the team and also allocate the human resources needs and financial needs selected elements in the project. Justification of practicing chosen method The Aligning process group taken up the company here is considered one of the most active especially at the time when the company refreshes the strategic goals and further lays out the budget along with plan for the company. In traditional sense, this is done at yearly budgeting time and the company like Multiplex Construction Australia refreshes this cycle more than usual. This is primarily because of the constant changes in the business climate (Turner, 2016). Challenges in operating in global environment Concept is one of the vital issues which are being faced by the project manager while executing this process specifically during Initiation phase. This is done to test different kind of new concepts on how project will be executed in long run. A concept can be defined as an effective as well as orderly approach that suggests, evaluate and judge the advantages of the new ideas for project. Right before it, important resources are committed to formal project. Benefits management lifecycle in the evaluation process The benefits management involves the proper planning, measuring and the tracking of the benefits which is important for reaching a specific end. This is incorporated in Multiplex for properly delivering the unique requirements which enable the long term and the cost-effective outcomes Portfolio Management Methods to strategic objective The strategy for the future proofing with the evaluation of the risks activities, like the waterproofing, corrosion, stone and the masonry handling is important. The plan is to handle the constructions with the technical capability to work on the complex building of the projects. Along with this, there is a check on working over the material selection, best practices and minimum standard. Significance of project management office in the organization The standards defined by the company are the basis for describing normally and widely accepted processes which is related with portfolio management. It is important to understand here that portfolio management is a continuous process and the target is having a clear strategic focus which later helps a company to make sure that the decisions are well aligned with the strategy. when the elements of the portfolio are not properly aligned with the business strategy, a company like Multiplex Construction Australia can anytime question the reasons behind the work being undertaken. The portfolio management is discussed with the help of three-phase constant lifecycle (Clough et al, 2015). The company should also define the period which depend on the size as well as complexities of the current business. Any kind of transformation in the strategy may further trigger a review of the whole portfolio. Quantitative and qualitative tools used in organization to manage project portfolio The company is involved in two-tier process in order to collect information. There are two processes, first is literature survey which was used to inform the development of a semi structured guide for interview. This is actually a process to locate, read, obtain and evaluate the researched literature. Another method is interview which is based on purposeful discussion that exists between two or more individual (Hardin McCool, 2015). The usage of qualitative research based interviews helps in getting a detailed set of information. Maturity levels Maturity level for Multiplex Construction Australia There are different types of maturity process levels that are present in every kind of business. It is important to understand that it is a part of the evolution of natural business. Every organization and department is able to evolve along specific level of maturity and it can organic or intentional by nature. The Multiplex Construction Australia is in business for almost fifty five years. The company is at fifth maturity level which is last stage or level in maturity called as Value (Bodie et al, 2014). It is based on numerous connected processes which can be shared as well as well measured by the company. Key best practices to improve the maturity level and right model for it The model taken up by the company to improve the maturity level can be PRINCE 2 which is actually a process for impactful project management. The concept is in fact can be considered as de facto standard primarily used by the government of UK and hence the model is widely recognized as well as adopted by companies like Multiplex Construction Australia on global platform. There are some usual set of questions which needs to be answered while initiating any project and the answer are usually associated with the building blocks of the management of project (Nicholas Steyn, 2017). Structured form of project management is also based on the project which is based on defining different steps to make the whole process more organized. How to implement changes and assistance required from Multiplex Construction Australia As discussed PRINCE 2 model is more of a process based approach for managing different projects. It further helps to function and also involved in project along with different roles and accountabilities. This model has a set of different process in order to work and further explain about the required information. Companies like Multiplex Construction Australia use PRINCE2 as a methodology that initiate with accredited amount of training. Training is important as the system used is complex by nature with different processes as well as angles and the training will also help in providing important knowledge to everyone associated with project (Winch, 2014). The model is adaptable by nature and can further be applied in all kind of projects despite their size. Corporate culture Corporate culture of Multiplex Construction Australia The business was built on the foundation of ability and best skills set of the people of the company. The company has recruited an experience team of employees who deal with issues as well as opportunities with same zeal. The culture of the company has been based on innovation, association or collaboration and outperformance. The company also takes a lot of pride in the culture where employees are treated like families with right kind of values are inculcated in them. The company is also committed to building a workforce that shows diversity of so many societies in which the company can work at local and international level (Guerard et al, 2015). It also focuses on the people it employs, and the consumer or partners it operates with. The main focus is on diversity which is broad by nature since it covers so many criteria like age, disability, demographic, accountability, race and ethnicity and many more. Change management initiative taken by Multiplex Construction Australia Aspects of corporate culture that will support project portfolio management and its sustainability criteria The company believes in providing challenging options for people to learn as well as grow and this is done through training as well as on the job work. The company constantly takes efforts in thinking out of box approach for each project and it also encourages sharing of ideas and effective learning all across the business (Guerard et al, 2015). The learning and development team also support the growth of the people with different development programs that also offers a combination of mentoring as well as coaching with right kind of technical and leadership skills set at every level for the business. Challenge in getting project portfolio management and its sustainability criteria taken up by Multiplex Construction Australia The company has always see the business as an opportunity to offer some high level performance that can develop an environmental, financial and social value for the clients and the communities in which it function. The company is also involved in developing an environment friendly sustainable design and constantly innovates to offer best kind of practices answers which can be very little cost for the clients. The company also understands the role the projects that it must be enriching as well as sustainable for local culture. The company is very committed to leaving a positive kind of impact in the areas where it functions and the company also works very closely with societies to understand how all the opportunities should be develop by the project and support all its unique needs (Guerard et al, 2015). Conclusion The report has discussed in detail about different phases of portfolio management and its significance in project management with the help of case study on Multiplex Construction Australia. The aim of the project manager is based on potential clients and there interest or expectation from the construction process. The role of the manager is based in integrating all the activities of the people involving in projects so that every person can easily contribute directly in accomplishing the objective of the client (Guerard et al, 2015). 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