Type of paper: Report

Topic: Company, Software, Project, Management, Decision, Finance, Project Management, Information

Pages: 3

Words: 825

Published: 2020/11/24

Project management is meant to help companies derive the greatest value from the activities they undertake. Every project in a corporation is supposed to be beneficial because the current business environment is competitive and risky. The organization under scrutiny is the giant computer company, HP. The Hewlett-Packard business has a portfolio and project management center that is dedicated towards the decision-making process regarding the various projects that it undertakes. The center runs under different modules that handle different kinds of projects.
First, the center has software that is designed to help the company counter the challenges faced in decision-making. The software acts as a project planning and management module that works through the consolidation of data within the enterprise. The module works through the difference feeds that are fed in the application process. The feeds contain information on the assessment of the different projects within the company. For instance, the feeds provide information pertaining to the detailed project plans. Such plans are assessed, and the outcomes measured. Hence, the company can make decisions that are based on estimated results. In this sense, the project plans that have better outcomes can be facilitated, and those speculated to have adverse consequences could be adjusted. Such a scenario is ideal for the decision-making process that is made easier. The software assessments help the company’s project management team to make decisions regarding what is best for the entity. The assessments are made through the use of market probabilities and the background information of the company. If they speculate that a particular project plan would be fruitful, then the team makes decisions based on that conclusion. If it is otherwise stated, it will have to come up with better plans.
The decision-making process can be tedious without the software in use. The reason is that HP is a big organization that contains many projects. Because of the competitiveness in the IT and computer production business, it is easier to incorporate the use of software that eases the decision-making process. The software is accurate because it deals with a collection of data. Hence, it eliminates the aspect of human errors and makes the decision-making process in HP more efficient. The software provides information that is premised on what the business environment entails at a given time. For example, it would assess a project as being relevant after clearly compiling data that supports the terms and reasons for its creation. Therefore, the project management team would make a decision that is founded on accurate estimations.
In addition, the modules used in the software provide the companies with the capabilities to manage finance issues through the evaluation and estimation of budgets. The aspect of finance in any organization is efficient when the enterprise can adjust its budgets and other necessary resources for change. The adjustment should be a rapid process that should happen when the need arises. The project management software is meant for such an endeavor. It provides the tools for any IT projects and operations to adjust the budget accordingly. Sometimes, different projects come up that need finances. An organization should be equipped to handle any changes that relate to the issue of funding. The HP Company has incorporated the use of such software as a way of dealing with matters that relate to finance. In addition, the use of the software is good for the enhancement of visibility in projects that is sometimes useful in reducing costs. The evaluation the project management software makes maintains compliance and objectivity in terms of costs. Consequentially, the costs that are unnecessary can be eliminated thus making the company spend only on those aspects of the projects that are relevant. Thus, financial management in the organization becomes easy and efficient. The decision that are made regarding finance are objective, reasonable, and would, therefore, save the company from any unnecessary spending on a project.
Furthermore, the fact that it facilitates the assessment of tools that are of most value to HP is enough to warrant financial objectivity. In many instances, companies engage in projects that they deem relevant and profitable in a corporation, when in actual sense, they do not add value to it. The software recognizes the projects that would benefit an organization in a major way and directs budget spending on such ventures. In the Hewlett-Packard Company, a project is not embarked or spent on if it would not profit the organization. The project planning software makes it easy for decision to be made concerning what is valuable and what is not. The software module provides the business entity with an informed view on all financial aspects that relate to projects and overall portfolio managements.
As such, the PPM team will be afforded the flexibility that is needed for economic adjustment that relates to the relevance of projects. Such flexibility increases the accuracy of the decision they make that relate to IT in the company. It is estimated that the company makes 60% of its decisions within the scope of the management software. The percentage is substantial to warrant the effectiveness of the use of software for decision-making in project management. The rate comprises of project, time, and resource, financial and planning management. Such a percentage denotes to the fact that most of the decisions are fostered through the use of the project management tool; software. If such a big enterprise is reliant on the tool, it can be inferred that it has proven its effectiveness. The software tool for management in has enables the entity to make informed decisions that are a foundation of its success. It puts them in a competitive edge with the other Information technology businesses, and facilitates financial empowerment.

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WePapers. (2020, November, 24) Financial Decision-Making Report. Retrieved April 14, 2024, from https://www.wepapers.com/samples/financial-decision-making-report/
"Financial Decision-Making Report." WePapers, 24 Nov. 2020, https://www.wepapers.com/samples/financial-decision-making-report/. Accessed 14 April 2024.
WePapers. 2020. Financial Decision-Making Report., viewed April 14 2024, <https://www.wepapers.com/samples/financial-decision-making-report/>
WePapers. Financial Decision-Making Report. [Internet]. November 2020. [Accessed April 14, 2024]. Available from: https://www.wepapers.com/samples/financial-decision-making-report/
"Financial Decision-Making Report." WePapers, Nov 24, 2020. Accessed April 14, 2024. https://www.wepapers.com/samples/financial-decision-making-report/
WePapers. 2020. "Financial Decision-Making Report." Free Essay Examples - WePapers.com. Retrieved April 14, 2024. (https://www.wepapers.com/samples/financial-decision-making-report/).
"Financial Decision-Making Report," Free Essay Examples - WePapers.com, 24-Nov-2020. [Online]. Available: https://www.wepapers.com/samples/financial-decision-making-report/. [Accessed: 14-Apr-2024].
Financial Decision-Making Report. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/financial-decision-making-report/. Published Nov 24, 2020. Accessed April 14, 2024.

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