Senior management finds that too many projects are currently in-progress and all are experiencing expensive project overruns due to lack of resources.
Many of the projects also appear to overlap in their objectives and expected outcomes.
Which of the following would BEST streamline the process of evaluating and selecting funding priorities?
Click on the arrows to vote for the correct answer
A. B. C. D.D.
https://www.isaca.org/resources/news-and-trends/newsletters/cobit-focus/2016/ensuring-value-from-it-enabled-investmentsThe situation described in the question is a common problem faced by organizations where too many projects are in progress, and there is a lack of resources resulting in project overruns. Furthermore, the projects appear to overlap in their objectives and expected outcomes, making it difficult to prioritize funding.
To streamline the process of evaluating and selecting funding priorities, the BEST approach would be Portfolio Management (option A). Portfolio management is an approach that involves managing a collection of projects and programs as a portfolio, with the aim of maximizing the value of the portfolio in alignment with organizational strategies and objectives.
Portfolio management enables senior management to make informed decisions on the allocation of resources, based on the strategic priorities of the organization. This includes identifying and selecting the right mix of projects and programs to achieve the desired outcomes, balancing risk and reward, and ensuring that the portfolio is aligned with the organization's vision, mission, and goals.
Value governance (option B) is another approach that can be used to optimize the value of investments in projects and programs. It involves establishing a framework for measuring and monitoring the value created by these investments, to ensure that they align with the organization's strategic objectives. Value governance is closely related to portfolio management and is often used in conjunction with it.
Project management (option C) is the discipline of planning, organizing, and managing resources to achieve specific project goals and objectives. While project management is essential for the successful delivery of individual projects, it does not address the larger-scale issues of portfolio management, such as selecting the right mix of projects to achieve strategic objectives.
Business case development (option D) involves the creation of a business case to justify the investment in a specific project. While business case development is an important aspect of project management, it does not address the larger-scale issues of portfolio management.
In summary, while all the options listed in the question are relevant to managing projects and programs, portfolio management (option A) is the BEST approach to streamline the process of evaluating and selecting funding priorities, given the scale and complexity of the issues described in the question.