Portfolio Milestone: Week 2
The second week was focused on setting project goals and objectives. The process was vitals as it entailed the setting up the team involved in the development of the project. The meetings scheduled went according to plan, and the team was able to discuss the research strategies. The various monitoring tools for the project were set up, and the approvals procedure outlined to help the various team members keep each other accountable (Lock & Wagner, 2018). The meetings also allowed us to discuss the project objectives and the best ways to go about attaining them, including coming up with the budgetary plans.
The week revealed a majority of the concerns bound to appear during the project. For instance, there is an apparent scarcity of funds (Tonchia, 2018). As a result, there is bound to be a limited supply of resources vital for the implementation of the project through the various stages. The consensus was the need to keep reviewing the budget, including careful and frugal behavior, to minimize wastage and spillovers.
Several team members emphasized the need for a detailed work breakdown schedule, and I intend to create a Gantt chart to breakdown all activities and their respective objectives. With an expensive project and limited resources, the breakdown will guide each team’s activities and help set their deliverables (Pandya, 2017). As such, it will be easier for the team to review the milestones and measure the project’s progress. Regular checks will also be a central theme in the implementation of the project to ensure that all activities are in line and within the set parameters.
References
Lock, D., & Wagner, R. (Eds.). (2018). The Handbook of Project Portfolio Management. Routledge.
Pandya, P. A. (2017). Managing pharmaceuticals and life sciences projects on a global scale: a project management perspective. J Bioanal Biomed, 9, 169-172.
Tonchia, S. (2018). Portfolio Management. In Industrial Project Management (pp. 173-178). Springer, Berlin, Heidelberg.