Review The Article And Write A 1-Page Summary
For This Activity Review The Following Article And Write A 1 Page Sum
For this activity, review the following article and write a 1-page summary of the key points that you found in the article. Think about how you would apply some of the information in your personal or professional life and include that in the summary. Kharat, V. J., & Naik, B. K. R. (2018). Best practices in project portfolio management for dynamic decision making. Journal of Modern Project Management, 88-95. Link to article .
Paper For Above instruction
Introduction
Effective project portfolio management (PPM) is critical for organizations to strategically allocate resources, prioritize projects, and respond dynamically to changing business environments. The article by Kharat and Naik (2018) offers valuable insights into the best practices that facilitate optimal decision-making in PPM, especially under conditions of uncertainty and rapid change. This review summarizes the key points of the article, highlights how these practices can be applied in personal and professional contexts, and discusses their implications for contemporary project management.
Key Points of the Article
The authors emphasize that dynamic decision-making in project portfolio management requires a flexible and responsive approach. Traditional PPM methods often rely on static analyses and fixed strategies, which can become obsolete in volatile environments. Instead, Kharat and Naik advocate for integrating real-time data and adaptive frameworks that allow decision-makers to reassess and re-prioritize projects as conditions evolve.
One of the core best practices discussed is the use of advanced analytics and information technology systems that provide up-to-date insights into project performance, resource utilization, and risk factors. These tools enable managers to make informed decisions rapidly, ensuring alignment with organizational goals. The authors also stress the importance of fostering a culture that encourages continuous monitoring and quick adaptation, emphasizing the role of leadership in promoting agility.
Furthermore, the article highlights the significance of stakeholder engagement and transparent communication in dynamic PPM. By involving stakeholders throughout the decision-making process, organizations can better identify potential issues and adapt strategies accordingly. Regular review cycles and scenario planning are also recommended to anticipate future changes and develop contingency plans—vital for managing complex project portfolios.
The authors argue that successful PPM involves balancing strategic intent with operational flexibility. This means establishing clear criteria for project selection that align with long-term objectives while remaining open to reevaluating projects based on new information or shifting priorities. This balancing act fosters resilience and ensures that organizations remain competitive even in uncertain environments.
Application in Personal and Professional Life
The principles outlined by Kharat and Naik have practical applications beyond organizational contexts. In personal life, adopting a flexible approach to goal setting—regularly reviewing and adjusting plans based on new circumstances—can improve productivity and reduce stress. For example, regularly reassessing personal priorities or financial plans allows individuals to adapt to unexpected changes effectively.
Professionally, embracing real-time data and continuous learning is crucial in fast-paced industries such as technology or healthcare. Professionals can apply these best practices by utilizing project management tools that offer real-time updates and fostering a team culture that values adaptability. Leadership qualities like transparency, stakeholder involvement, and scenario planning enhance decision-making agility, leading to better project outcomes and organizational resilience.
Moreover, understanding the importance of balancing strategic goals with operational flexibility can help managers make smarter project choices, allocate resources efficiently, and respond proactively to risks. Developing these skills can foster a proactive mindset, enabling individuals and organizations to navigate complex environments with confidence and agility.
Conclusion
The article by Kharat and Naik provides a comprehensive overview of best practices in project portfolio management tailored for dynamic decision-making environments. Emphasizing adaptability, real-time data usage, stakeholder engagement, and strategic-operational balance equips organizations and individuals to manage uncertainties effectively. By integrating these principles, project managers and leaders can enhance responsiveness, optimize resource allocation, and foster sustainable success in an ever-changing landscape.
References
Kharat, V. J., & Naik, B. K. R. (2018). Best practices in project portfolio management for dynamic decision making. Journal of Modern Project Management, 88-95.