case study /project managment

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Case Study
Keflavik paper is a company which has been experiencing threats with the outcomes of its projects. The projects of the company have been in the spotlight since some of them have been delivered in time while others have been late. Moreover, the budget of the firm is overrun leading to inconsistent product performance. The firm has hired a consultant who is responsible for investigating the underlying problems and identify the appropriate measures. The company has paid little attention to its strategic fit and portfolio management when starting new projects. The paper discusses the alternative screening measures that can be used when determining the viability of a business.
Some screening measures related to project screening may lead to wrong conclusions. For instance, if a company selects projects in a construction setting for their aesthetic appeal, it may end up making losses due to the high cost of its establishment. If companies do not pay attention to issues of cost and safety concerns, they may end up damaging their reputation thus being driven out of business. Therefore, project managers should evaluate the strengths and weaknesses of different screening techniques before they apply them. This will demonstrate that efficient screening methods depend on multiple balancing measures of project choice.
Different criteria can be applied when evaluating the new projects before they are included in the current portfolio. For instance, the company should consider the potential penetration to the new markets and the relationship between the current projects with the new projects.

Moreover, the firm should consider the cost of development and the technological feasibility. Technology feasibility help determines the potential economic viability of the technology and also identify technologies which may result to economic success (Kerzner and Harold 57). Evaluation of these factors will enable an organization to initiate a project with a minimum cost and innovative technology. Furthermore, consideration of these factors will facilitate initiation of projects that are essential to people.
The case demonstrates that failure to manage well projects that yield strong cash flows is likely to injure an organization. Moreover, the case shows the prevalent dangers of using one criterion when selecting a project. Thus, firms should consider different criteria to be able to choose the most viable project (Nicholas and Herman 413). The project should be able to meet the diverse opportunities while satisfying the needs of the clients.
I learned different project management concepts from the case. These concepts include portfolio, project and project management. A project refers to an effort to develop a unique product and service that provide more satisfaction to the customers. Moreover, project management relates to the organization of project processes through executing, planning, monitoring and controlling the different activities (Nicholas and Herman 13). Additionally, portfolio comprises of the individual projects and group programs that are implemented to achieve a specific goal. Project managers should understand these concepts to make appropriate decisions.
Technology helps the project manager to improve implementation and effectiveness of a project. For instance, particular project management software allows the managers to effectively control the project at different phases (Kerzner and Harold 124). Furthermore, technology facilitates communication and collaboration of the project management practices. Managers can also use the technology to research on better ways of implementing a project and the likely challenges during project implementation. Additionally, technology enhances data storage, time tracking, and budget tracking through the use of excel spreadsheets. In conclusion, project managers should adopt new technology and also use different criteria of evaluating projects to establish beneficial projects.
Works Cited
Kerzner, Harold, and Harold R. Kerzner. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons (2017): 1-203
Nicholas, John M., and Herman Steyn. Project management for engineering, business, and technology. Taylor & Francis (2017):1-670.