“Verizon Communications, Inc. is a full service telecommunications company based in New York City and incorporated in Delaware. It was formed on June 30, 2000 with the merger between Bell Atlantic Corp. and GTE Corp” (History of Verizon Wireless). Verizon currently stands as a global leader in in today’s society by its commitment to customer satisfaction and highly innovative technology. Its products and services provide the most convenient and technologically- advanced solutions for its customers by providing both broadband and wireline communications services to a large market, with services expanding to more than 150 countries.
Verizon strives to continue as an ...view middle of the document...
It also produces a higher return on investments and can lower the company’s risk because projects are carefully screened, selected and monitored.
Project portfolio management can be broken down into four components that consist of the following: selection of the right projects, optimizing the portfolio, protecting the portfolio’s value and maturing the portfolio’s processes. Selection of the right projects begins by identifying, categorizing, evaluating projects in the pipeline in an effort to see how well the project aligns with company strategy. When aligned with company strategy, there is more support from senior executives to proceed with projects in the portfolio, and project success is a given.
When optimizing a portfolio, projects are carefully prioritized and necessary steps are taken to ensure that limited resources are maximized. In addition, protecting the portfolio’s value consists of monitoring and controlling the projects in the portfolio to ensure they are still a good “fit” and feasible for execution. In time, best practices can be implemented to mature the portfolio's processes that will provide to be a greater benefit in pursuing future projects.
Successful implementation of a (PPM) will allow Verizon to ensure that the right projects are selected that supports the company’s overall strategy. It would increase productivity and reduce the possibility of proceeding with misaligned projects that waste many of the company’s resources. In addition, a PPM process will ensure that the projects selected remain aligned with company strategy by making sure the projects are still “fit” for the portfolio. This makes the process suitable for any organizational restructuring, as projects are monitored to ensure they are still in line with company strategy. Program managers charged with managing the portfolio, as well as senior executives, can get an overall view of the objectives that the project portfolio is seeking to accomplish.