Crossrail Limited (CRL), established in 2001, is a company that has been set up to build the new railway that will become known as the Elizabeth line when it opens through central London. The project was approved in 2007 and estimated to cost £15.4 billion, in December 2018 it was announced that the project would require a £1.4 billion bailout. The project has encountered various Project and Portfolio Management challenges aside from cost and time overruns.
Consider that you have just been appointed as a Portfolio Management consultant-analyst at Crossrail Ltd. (CRL), reporting directly to the Chief Executive Officer (CEO), to conduct a strategic evaluation of its Portfolio Management to determine how these may be better managed to maintain and increase the company’s resilience and competitiveness – both now and into the future.
Whilst using the Crossrail Ltd. (CRL) as your context, you do not need to demonstrate knowledge of the approaches actually taken in this case study, but to consider what a Portfolio Manager would consider and their possible approaches to the following:
Note: Use the learning materials provided in the module as the core for your answer, supplemented by reading materials from authoritative sources (EBSCO, Google Scholar etc.), information gathered during research of Portfolio Management at the CRL business organisation and your own research more generally from the Internet.
Critically evaluate how project and portfolio management techniques can be used to effectively plan, monitor and control the development of the railway project. Your answer should include an analysis of strategies and approaches including Project Management methodologies, financial planning and any intellectual property considerations which may need to be taken into consideration whilst planning and implementing the portfolio of work.
(LO: 1, 2 & 6)
Identify and discuss an appropriate technique for risk assessment, planning and scheduling of the projects and portfolio in the above case study. Include an assessment of key areas of risks and how you might mitigate two of the key risks identified.
(LO: 4 & 5)
Make recommendations regarding how you as a Portfolio Manager would handle the successful development of the railway project. Include an assessment of the critical personal skills and competencies needed for undertaking a project of this size and team management skills to achieve project success criteria that meet the stakeholder’s priorities.
(LO: 3, 6)
Big projects tend to introduce sudden changes that could be viewed as threats by employees. Reflect how you have in the past managed change within a team. Demonstrate interpersonal skills such as effective listening, negotiating, persuading and presentation in this context.
You MUST underpin your analysis and evaluation of the key issues with appropriate and wide ranging academic research and ensure this is referenced using the AU Harvard system. You must use the AU Harvard Referencing method in your assignment.
Maximum word count: 5,000 words
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