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Price: $140.00
  • From: Business, Business
  • Posted on: Fri 29 May, 2020
  • Request id: # 80071
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Value-Driven Project and Portfolio Management in the Pharmaceutical Industry Name: Institutional Affiliation:   Overview Pharmaceutical companies are among one of the industries globally that invest heavily in research and development (R &D). The demands of the healthcare industry are escalating due to the growing ageing population and the number of people diagnosed with chronic illnesses. The revenue used by pharmaceutical companies globally in R&D is increasing. Therefore, project management in the pharmaceuticalindustries has become an important factor. Some of the reasons contributing to this include increased competition, cost of R&D of new drugs, mergers and acquisitions waves and strict regulatory laws. Pharmaceutical companies are expanding globally thereby creating the need for a controlled and streamlined process. Project portfolio management solutions are created to support the creation of new products and to penetrate the market faster and effectively. This review will focus on the project and portfolio management process with emphasis put on the differences and commonalities in the research and development environment. The research will primarily focus on finding out if pharmaceutical companies arebenefiting financially from product vendors when implementing project portfolio management solutions. Project Hierarchy Differences between Project, Program and Portfolio Management Project management is the process where each project is independently managed. The focus is placed on a single project and separated from the other projects. A project is a temporary undertaking that is created to produce a unique service or product. Program management is the process of managing several projects that are related to the desire to produce continuity of interventions in an organization. The coordination of various projects enables the organization to reap the benefits that a single project may not achieve. Portfolio management is a method of analyzing and managing collectively a group of projects. Portfolio management also involves carrying out the right projects. The difference between the aforementioned three terms is that a project manager has the responsibility to manage multiple tasks within the project while a program manager has the task to coordinate between projects that are related within the program, to find out which ones are working towards fulfilling similar objectives. On the other hand, portfolio managers have the task of managing several programs in the organization, making sure that all the programs are working in tandem to fulfill the specific goals of the company (Bode-Greuel&Nickisch, 2008). Project, program, and portfolio management are similar since their managers have to understand their roles in the organization which will ultimately lead them to fulfilling the goals of the organization. Without this understanding, miscommunication and confusion may arise leading to derailment of the initiative before it is started. Advantages and Disadvantages of Managing Projects at Program and Portfolio Levels Some of the advantages of managing programs at program and portfolio levels include transparency. The organization will be able to create a comprehensive view of the projects being undertaken across research and development. The information regarding the projects is stored in one database allowing all functions to use the same data. Another advantage is efficiency and automation since the time that is required between the idea creation and launch of the idea is shortened thereby saving employees valuable time in gathering data and reporting manually. For example, employees in the R&D can present their findings at the touch of a button. Previously, these meeting would require the setting up of PowerPoints slides for every project being undertaken by the company. The disadvantages of managing projects at the project and portfolio level is that different functions have different needs, although the objective is similar. The processes between these areas need to be aligned, and this can be problematic since regions and functions have varying requirements. For example, the launch in the USA and Europe. Lack of adherence to the guid