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1. Successful projects are important to Hewlett Packard because that allows them to grow and generate new products, services, and procedures. An increase in revenue means they get capital to work on new projects. Successful projects also increase the reputation of a company which will have a positive impact on their future and allow them to be leaders in the industry. If projects fail, HP risks falling behind against rivals, as well as financial losses.
2. The evaluation team should quantify project contributions rationally, meaning anything that could influence the current marketing performance of the company should be taken into consideration. If the business environment changes, the mission and goals of the company may need to change too, and the evaluation team should adapt to those changes as well. The financial selection is important because its what ensures projects generate adequate return on investment. They also make sure financial success is reflected in the portfolio of projects rather than in the financial contributions of individual projects, the emphasis is on supporting business goals rather than personal agendas.
3. The reason considerable attention is paid to the measures HP uses to evaluate its projects is to support the success of the business. When you prioritize projects efficiently you’re able to get more work done and develop an understanding of the company’s strategy, this results in continued success and aligns with business objectives.
4. The aggregate project plan illustrates the number of projects, their size, history, timing, and where they fall on the scales of innovation for processes and products visually, so its easy to understand. You’re able to compare the types of projects being conducted and different project portfolio proposals. The plan of record records the results of the selection process. You’re able to see the priority and headcount of each project, as well as “out-plan” projects.
5. Out-plan projects should only be reconsidered for inclusion when they have a positive effect on the marketing performance, they also have to fit the current business environment. They also may be placed in the pipeline during a review of the portfolio of projects.
6. I was impressed by how HP carefully selects and invests in projects, they reduced the number of projects authorized which allowed them to be more focused and effective. HP has a high level of project management maturity because of their disciplined project selection process.
7. Additional analysis of non-numeric projects is necessary in order to assess risks successfully. In order to adjust to the company’s needs and evaluate risks effectively, they have to involve qualitative methods of analysis. All of this helps maintain focus and initiate success for the business.