Write a 1-page executive summary:
The executive summary highlights the main points, key findings, and recommendations of the program report. The executive summary uses tone and language appropriate for the specified audience. The executive summary is clear and concise. The executive summary uses visual cues (graphs, tables, charts, bullet points, headings) appropriately to communicate the message. Guidelines for Submission: Your paper must be submitted as a one-page Microsoft Word document with double-spacing, 12-point Times New Roman font, and one-inch margins.
1 Final Project Program Report Contents I. Overview3 II. Project Hierarchy4 A. Portfolio Management and Program Management4 B. Advantages and Disadvantages of managing projects5 C. Most Advantageous6 III. Project Methodology6 A. Key Advantages6 B. Components7 C. Recommend a Project Methodology7 D. Potential Challenges8 IV. Metrics and Measurement8 A. Common Metrics8 B. Framework and Dimensions9 C. Balanced Scorecard9 D. Advantages and Disadvantages10 E. Key Measurements11 F. Capturing Realize Benefits12 References13 I. Overview Drug development costs continue to grow, and various organizations are under pressure to find the reason behind it. Study and invention teams should find ways to cope with the development of new pharmaceuticals utilizing project management approaches and establish a portfolio large enough to meet this framework. Over the last few years, the pharmaceutical industry has been attempting to improve the efficacy of medication development. They underlined portfolio management's relevance in the performance of these organizations throughout the study. "For each project and the entire portfolio, a project driven by value and portfolio management involves limited financial analysis and risk" (Bode-Greuel, 2008). This activity's goal is to develop a complete portfolio management system. Pharmaceutical companies aim to include portfolio management in their first-phase training and purchases. These giant companies have increased their usage of project management offices (PMOs) to focus more on the project's leadership system. Training, policies, numerous set procedures, resources, and overall corporate goals are all advantages of implementing a PMO. The PMO can help the company implement a successful model and radically transform projects headed in the wrong direction. When it comes to preventing expansion, everyone on the project team must know its scope and objectives. The objectives should stipulate the illness zones of concentration, the remaining health needs, and the indications cost studying (Bode-Greuel, 2008). The aims will help decision-makers and purposeful R&D directors discover initiatives that have both tactical and valuable ideas. The Project Manager can conduct weekly team evaluations in group meetings. The Project Manager can utilize Microsoft Project to make modifications to the project site to keep it on track and at the expense. II. Project Hierarchy A. Portfolio Management and Program Management Planning project management at any stage is problematic; nevertheless, handling a project at such a high stage, with the potential for blunders and errors, necessitates the entire team's involvement. It's critical that everyone participating be on board from the start, so if anything changes, everyone in the group is informed. Portfolio management is crucial in these significant projects since PMOs can regulate the project life cycle while focusing on the organization's goals and aims. Portfolio management, which is focused on quantitative economic assessment and the net current worth (NPV) method, is intimately linked to value growth (Catalano, 2020). Portfolio management generally examines technique, Indicators, business assessment, and focus with performance (Catalano, 2020). The project team is typically responsible for assessing development milestones and probability and commercial assessments of individual projects. The formulation of sensible and undeviating assumptions is aided by senior management reviewing the project's core assumptions (Catalano, 2020). There are two benefits to this approach. The first benefit is that old knowledge could help to improve data quality and uniformity across projects (Catalano, 2020). Second, senior management's participation in the portfolio review process establishes a foundation for accepting estimated findings in the prioritization consultation (Catalano, 2020). Corporate strategy is open to interpretation, and harmonizing interim against lasting value propositions or new projects against lifecycle management investments is frequently a matter of separate viewpoints. The process of managing programs that align with business objectives and that promote organizational performance is called system management (Catalano, 2020). Additionally, project management is consistently adding value to the system. System management is a broad term that manages numerous linked functions. B. Advantages and Disadvantages of managing projects Project management has benefits and drawbacks, and I feel it is mainly dependent on how you organize the team members. According to Catalano (2020), the project focuses on the highest management outcomes, while the program focuses on results. Although they have a different focus, the essential factor is that the project or team can focus on their unique and individual roles (Catalano, 2020). When it comes to projects, there are many complexities, and in the last days and the need for specific project skills, it is crucial to build an organization well in advance. The benefits of project management include the steps to assist the management team in achieving project success (Jagtap, 2020). It's vital to comprehend how every other project, portfolio, and project strategy differs and how they might help you in various methods. Portfolio managers can oversee several projects with comparable outcomes, whereas program managers focus on strategic planning. Senior executives are concerned about the portfolio, and early participation assures a high level of achievement. This form of coordination also makes operational issues more visible and manageable (Jagtap, 2020). The drawback of managing projects is that if the program objective cannot be agreed upon owing to an inability to define components within the complete portfolio adequately, this management style will likely fail and cause confusion. It's critical to maintain effective communication and ensure everybody on the team members is working toward the same goal. C. Most Advantageous Fragmentation and triumph while creating an organizational structure are the most successful techniques for managing projects and portfolios within an organizational framework. An organization can benefit from various techniques through project portfolio management (Godbold, 2018). Many employees in the corporate program Lifecycle Pharmaceutical have different jobs; for example, the R&D team is involved in developing new drugs and the re-production and creation of new medicines already for sale. You may significantly contribute to the project's success by streamlining how people work and giving roles to each team member. This involves data collecting and sharing for decision-making, resulting in a dependable source of project portfolio information that can be easily accessed, displayed, and shared. III. Project Methodology A. Key Advantages A set of strategies, principles, and standards for project implementation is known as project management. This approach can help organizations establish protocols, develop a common language, and learn to manage projects (Lennon, 2021). One of the leading causes of project delays is unclear who is accountable for what. A methodology can also be utilized as a guide since repeated practices throughout all projects back it up. This shortens the time it takes to get a project off the ground. Projects can be completed faster, saving money. A good strategy will aid in space management, an often cause of cost and plan overruns (Lennon, 2021). A project methodology ensures that the client and project team agree on the project's scope. Many risks can be expected and prepared for using the jeopardy management methods of a project policy. This results in an extra just defined project with accurate period estimates and price tracing, contributing to cost management. Project techniques indicate which projects have gone over economical or are no lengthier on track to achieve the intended profits, allowing them to be dealt with early on (Lennon, 2021). Projects that are well managed and have fewer unanticipated challenges run smoothly. Projects that run smoothly outcome in happier, additional industrious members. B. Components We have various components that make up the project management platform. A complete statement, procurement plan, financial plan, stakeholder list, presentations, and risks should all be included in a project management plan. These strategies can increase the project's success. C. Recommend a Project Methodology The project leader can use various critical approaches waterfall, Six Sigma, agile, etc. The technique they use will be determined by the type of project manager and the project's complexity. This is intended to facilitate project management in the waterfall system. Because jobs are down and work can only be started if not completed is known as the waterfall system. Because there is no overlap in this way, each task should be surprisingly precise. Fast track is related to rapid development. This strategy allows the project manager and team to stay flexible and at high speed. Unlike the waterfall method, the flexible approach enables you to use the required change applications at any time during the process (Donahue, 2021). Six Sigma is a way to improve the efficiency and effectiveness of business processes. Six Sigma is a group of appliances and techniques that help firms reduce variability, eliminate errors, and identify the root causes of mistakes while producing better products and services for their customers. This method can be used for any procedure and adapts to various conditions (Donahue, 2021). Six Sigma is a management strategy that systematically detects errors and provides techniques for removing them from organizations. D. Potential Challenges There are many obstacles associated with project management, and these approaches are no different. When using a waterfall method, problems cannot be solved entirely during the work process, and they re-emerge later in the process when the work has to be completed. Similarly, if requirements need to be changed while the project is in progress, these changes cannot be made while still in operation (Simpson, 2017). Because there is no pre-defined plan, the fastest way is best for small projects. When used for large projects, it becomes challenging to anticipate the amount of time you will need to invest. It is almost impossible to avoid this difficulty if they are present. When choosing these strategies, it is up to the project manager to decide which one is best suited for the existing project. The process must address the project's requirements while also emphasizing and connecting the project's goals to the organization. IV. Metrics and Measurement A. Common Metrics Project metrics assist us in more efficiently managing projects and funds and demonstrating annual performance gains. Metrics ought to be easy to understand and apply to the business and quantifiable and fair. To support these measures, we should use accurate data. The ability to track metrics is essential for future projects. The methods employed ought to be repeatable and long-lasting. Data collection via a project management tool or a performance baseline can create metrics. should convey metrics and any last-minute changes to metrics or data collection clearly and promptly. There shouldn't be a lot of metrics in a project, particularly if they're the same or if there are outliers towards how data is gathered and metrics are produced. Calculations from prior years should be revised if the measurement or fundamental data changes. They should describe measures and trends thoroughly (Schuhmacher et al., 2021). Establishing benchmarks as late as possible in the project guarantees that they are not overlooked. When a project involves a lot of deliverables, you shouldn't set edges until you've established all of the needs. You may run into issues on necessities/examination projects, as-time-allows initiatives, and inner maintenance