The Deep-water horizon incident

The process of any project acumination is one of the major step that is to be done. In this paper there are several things that is related to be the Deep-water horizon is one of the major incident that shook the world will be covered. The deep water is a dynamically positioned and semisubmersible offshore drilling rig that is situated in the Gulf of Mexico. The design was initially designed by the R&B falcon and later became a part of the Hyundai heavy industries in the year of the 2001. This also comprises the routine of a team work and their slant towards the client, creating a work plan which would bring the organization a winning stage and making all the employees have a single thought which they can focus on and work with a good team goal. The management of the drill changed several times, which created some of the major problems in the operations and cost of maintaining the drill. The explosion and the oil spill incident in the year of the 2010 is one of the major problem that the drill faced (Chandra, 2017).  The explosion and the following oil spill also created some of the major ill effect to the nature. Thus it can be said that the incident of the deep water horizon is one of the major problem that have been faced in the recent years.  Portfolio management is about decisive strengths, , weaknesses opportunities and threats in the choice of debt and equity, domestic and international, growth and safety encountered in the attempt to maximize return at a given appetite for risk.

There are various number of project management methodologies that can be used for the process of managing a project work.

• Waterfall methodology:
• Agile methodology
• SDLC methodology 

The engineering concepts are the major concepts that can be used for the process of enhancing a project. The engineering concepts helps in the process of proper managing of the projects and thus enhancing the quality of a project (Stettina & Hörz, 2015). Further the concepts of the engineering also helps in the process of reducing risk in a project. Further it helps in better managing the customers and properly implementing the technological concepts. The engineering concepts helps in defining the roles and responsibilities of a project manager. The engineering concept plays a reins defining the project management plan. 

• Explain the importance of appropriate selection of project management (PM) application systems in regards to meeting the internal and external objectives of a project.

The concepts of the project application systems plays an important role in the process of managing the internal as well as the external objectives of a project. Selecting the correct project management helps in controlling every aspect of a project. Some of the major application that helps in the process of proper project management are Microsoft Project, Match ware Mind View and others (Leung et al., 2016. This helps in the process of managing aspects like the tasks and activities, build schedules and timelines, solve project issues, manage risks and threats, assign budgets and control costs, establish collaboration and cooperation between project participants, assure and control quality and others.

• Describe how the use of project management (PM) application systems can lead o effective PM knowledge management and decision making.

The use of the project management application systems can help in lot of the processes that can help in the process of enhancing decision making processes. One of the major aspect is the knowledge management.

• These helps in the process of tacking grey circumstances with a better assurance.
• Further it helps in the process of enhancing teamwork.  Reaching economically altering situations and other aspects.
• Further it helps in in making proper decisions towards the customers of the organisation and thus increasing the efficiency of the same (Kock, Heising & Gemünden, 2015).
• Implementing a knowledge management solution effectively involves cultural and structural alteration, operative tools, and a developing process that addresses interactive, technical, managerial, and methodical concerns. 

• Discuss contemporary developments in the use of project, program and portfolio (PPPM)

Project Management Methodologies and Tools

The use of the contemporary developments can help in crating sorted things in particular manner. This can help in studying the case in an easier manner and thus helps in the process of enhancing the process of project management. Further this helps in the processes of enhancing a specific project. (Costantino, Di Gravio & Nonino, 2015). The engineering concepts helps in the process of proper managing of the projects and thus enhancing the quality of a project. Further the concepts of the engineering also helps in the process of reducing risk in a project.

• Ientify how project, program and portfolio (PPPM) application systems can assist project managers to monitor performance and manage changes within a project.

The use of the PPPM application system can help in the enhancing and better monitoring of a project. The application gives access to the project managers to look into task in a well depth manner. With the use of the proper technology the managers can look into various aspects of a project. Further, the project managers can better analyse the use of the projects and find out the results.

• Propose appropriate project, program and portfolio (PPPM) application systems to support successful project, program and portfolio execution in different industry domains.

A PPPM tool can be explained as a centralised management of differed kinds of processes, technologies and methods that are used by the project managers. The use of these systems helps in the process of proper analysis of the project and to better shape a project. A proper portfolio management can help in the process of enhancing a project using the various methods. These helps in the process of tacking grey circumstances with a better assurance. Further it helps in the process of enhancing teamwork. It can be said as a collection of the sub portfolios, and operations managed as a group to achieve strategic objectives. Thus the use of these can help in the proper process of managing a project.

• Compare and contrast the advantages and disadvantages of different manual and electronic project, program and portfolio (PPPM) application systems within each PPPM knowledge area over the life cycle of a project, program or portfolio.

The use PPPM can have a number of advantages as well as disadvantages that can effect a project.  The advantages are involvement and inventory management. These can help in the processes of proper risk management. These helps in the process of enhancement of the project. Although there are some of the major disadvantages of using the same. Some of the major disadvantages are resource management, project scope and other options.

Assess the relevance of systems engineering to project cases. 

From the above figure it can be said that system engineering and portfolio management are interlinked. The process of the portfolio management are interlinked and helps in various results. These interlinking helps in various processes like the integration management, risk management, quality management. Process management and other such methods.  IT can be said that without the use system engineering the concept of the portfolio management cannot be implemented properly.

• Identify different systems thinking tools and techniques to aid project managers solve project problems

There are various thinking techniques and tools that can help in the process to solve the problems in a specific project:

• Functional Modelling.
• Function Means Analysis.
• Functional Failure Mode and Effects Analysis.
• Decision Matrix.
• Context Diagram.
• Conceptual Model.
• Affinity Diagram.

• .Describe how systems engineering concepts and methodologies can help a project, program and portfolio managers organise a project.

The system engineering concepts and methodologies help in the proper analysis of the project management. The concept of the system mapping helps in the process of enhancing the numerous machines that are interlined in a network. Also the tools helps in the proper analysis of the project tasks.These helps in the process of tacking grey circumstances with a better assurance. Further it helps in the process of enhancing teamwork. Also the engineering concept also helps in the proper process of studying the project management concepts.

Project Application Systems

Thus, it can be said that the PPPM or the project, program and portfolio (PPPM) application systems is one of the most important system that helps the project managers in controlling a project. The use of the PPPM makes it easier for the project managers to control and execute a project (Brown & Goetzmann, 2018). The process of the PPPM helps in the process better decision making aspects. With the use of the PPPM and modern technologies the project manager can set up best decisions and thus enhancing the project. The concept of the knowledge management is one of the major thing that is to be done.

This helps in the process of managing aspects like the tasks and activities, build lists and timelines, accomplish risks and threats, solve project issues,  assign budgets and control costs, establish collaboration and cooperation between project participants, assure and control quality and others.It helps a project manager to ensure that the decisions that are taken are good for the project. These helps in the process of tacking grey circumstances with a better assurance. Further it helps in the process of enhancing teamwork.  Reaching economically altering situations and other aspects (Hoesli & MacGregor, 2014). In the case of the deep-water horizon the some of the major decisions were not made in a proper way and thus resulted in the accident. This caused a major accident which hamper the entire project. Thus it is very essential for project manager to take perfect decisions. Further with the use of the technologies the project manager can properly predict the results of a project. With the use of the predicted results it becomes easier for project manager to take better decisions.

Thus, concluding it must be said that with the use PPPM it becomes easier for the project managers to control a project. This ensures several of advantages as well as disadvantages of a project. The steps of the contorting a project starts by defining the process of the group. The next phase is to process the information by the group. This includes the specs of strategic plans, portfolio character, portfolio reports and others. The final is align all the results together in order to enhance the expected results. Thus the organisation must ensure that all the steps of the project management are ensured in a proper way (Klingebiel & Rammer, 2014). The process of the portfolio management can be explained as the process of f making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance. The process of diversification can be explained as the only certainty in investing is it is impossible to consistently predict the winners and losers.

References

Brown, S. J., & Goetzmann, W. N. (2018). Stephen Ross’s Contribution to Ex Post Conditioning and Survival Bias in Empirical Research. The Journal of Portfolio Management, 44(6), 42-46.

Chandra, P. (2017). Investment analysis and portfolio management. McGraw-Hill Education.

Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), 1744-1754.

Hoesli, M., & MacGregor, B. D. (2014). Property investment: principles and practice of portfolio management. Routledge.

Klingebiel, R., & Rammer, C. (2014). Resource allocation strategy for innovation portfolio management. Strategic Management Journal, 35(2), 246-268.

Kock, A., Heising, W., & Gemünden, H. G. (2015). How ideation portfolio management influences front?end success. Journal of Product Innovation Management, 32(4), 539-555.

Leung, S. L., Banks, M., & Saary-Littman, J. (2016). International Association of Credit Portfolio Managers Principles and Practices: 2015: Expanding Role of Credit Portfolio Management. Global Credit Review, 6, 11-20.

Stettina, C. J., & Hörz, J. (2015). Agile portfolio management: An empirical perspective on the practice in use. International Journal of Project Management, 33(1), 140-152.