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Significance of Portfolio Management
Portfolio management can be referred to as the art of “selecting the right” project tools that can allow project operators to manage investments, resources, production and initiation of the project. It ultimately allows the higher authorities of the project to get quality return from the investment in the project which also reduce the risk. Portfolio management aims to manage the “capital growth”, “liquidity;, “security of the principal amount”, “tax planning”, “marketability” and “consistent returns” attached to the projects in real-time (Malandri et al. 2018). Similarly, in the case of the “Crossrail project”, the UK government started planning its “consistent returns” based on a specific way of managing the whole portfolio of the project on a wider scale.
The “portfolio management” have allowed the associates of the “Crossrail project” to understand the way investments are managed within the project, depending upon the availability of funds for the programme. According to the report from Crossrail, the budget of the project rose to £18.8 billion in 2020 due to the vast objectivity of the project (Buck, 2017). Here, portfolio management can help by outlining where the investors of the project have matched its objective and where it lacked. In addition, proper management of the portfolio can help the Crossrail project to maintain a consistent performance and complete the short goals on time (Armenia et al. 2019). The decision regarding the overflow of the budget from £15.9 billion to £18.8 billion can also be strategized by assessing the portfolio of the project during its development (Morrice & Hands, 2017).
In the case of the “Crossrail project” in the UK, proper management of the project portfolio appears as the perfect way of using the best investment strategy. It can help in reducing the risk of the project and leads it towards a better outcome (Larsson & Larsson, 2020). With the help of proper management of the project portfolio, the UK government has outlined that the “Crossrail project” was running at an expenditure of £140 million per month across 40 cities in the UK. The intervention of proper “portfolio management” allowed the project coordinators to minimize the volume of reworking in the project, based on the standards across the project (Wright, Palczynski & ten Have, 2017). The “Crossrail project” also adopted the projects to adopt a particular form of “quality management” which allows the project to maintain its quality throughout its tenure of the project.
Significance of Programme Management
Programme management allows project managers to increase the prosperity of a project during the whole tenure of the project. After the project coordinators are able to anticipate issues, the intervention of programme management allows the officials to improve “interdepartmental communication” that further allows the project to become fully supportive of the benefit of the whole project on a broader aspect (Plattfaut, 2022). Most importantly, the management of the project programme appeared as a major strategic breakthrough for the project associates in terms of executing the project with utmost authenticity and benefits.
For example, the proper implication of programme management allowed the project associates to reduce the complexity of the project and increase the transparency between the involved teams in the project. Additionally, the proper and meticulous management of the “Crossrail project” allowed the project associates to control expenditure in all its 40 cities after an overflow of budget from £15.9 billion to £18.8 billion (Crossrail, 2020). The proper implication of programme management allowed the project team to improve its overall performance by 54% during the progression of the project (Crossrail, 2020). Apart from that, it also allowed the project associates to ensure the accountability of the “Crossrail project” on a broader aspect.
Development
“Crossrail project” is the largest infrastructure project in Europe and for the UK for the latest generations. It is a very developed idea for an “east-west link” across “central London” (Tucker, 2017). The main benefit for the development of this kind of project in this place is to improve passenger journey. The development and maintenance of “The Crossrail project” is a cost worthy process and it also takes time. It can seem that the development of this project can develop the opportunity to reach a place easily. This project is very helpful and its development is needed for the improvement of the journey of the passengers in this place of the United Kingdom. It is the construction of a 118 km” long railway and is a network between Heathrow and Western Park. The biggest railway infrastructure project is a beneficial aspect of the city of London (Lawrence, Menkiti & Black, 2018). It is called a “single line investment” in this place of the United Kingdom. This project is mainly delivered to the line of “Elizabeth”. The running of this project happened through the service of “different new tunnels”.
The Crossrail project mainly started for testing but the main reason for developing this project is mainly for the advantages of the journey of people in this place. The rail project ensures the highest level of safety for the passengers and that is why it is important to develop the project (Milillo et al. 2018). The project acquires a thousand miles of railway and that is why it is also necessary and can enhance the life quality of people of the UK. It can create new statutes in the Southeast and Central stations of this place. The development of this “Crossrail project” can help in connecting many stations in this place.
The development of this project has its own significance as it can contain the new distinct characters to the new stations. This program is also known as the “Elizabeth line” and it is one of the most important operational projects in this place. The key benefit of this project is that it can help to improve the passenger journey times across London (Lobo & Abid, 2020). This scheme helps in improving connections and easing congestion on the “London Underground”. These factors point out that the improvement of the project of “Crossrail” is important. This is the significance of developing the “Crossrail project” in this place of the entire UK.
Maintenance
The maintenance of the "Crossrail project" is very important because it can enhance the quality of this project. Maintenance of the "most significant rail infrastructure project" in this place also leads to complexity. Follow up of proper controlling process in this project is highly significant to manage resource and maintain total functionality (San Cristóbal et al. 2018). The maintenance of this project has a significant effect because it entered the delivery phase of the project (Content, 2021). This process can also help in the "program control section" for controlling the function of this program. The program follows the rule of quality management and that is why it is important to follow the "Project and Program Management (PPM)" learning legacy in this place.
This project of “Crossrail” is structured for delivering a series of opening stages in this place. This is the reason for the maintenance of this project and it also connects many rail networks. The management or maintenance of the “Crossrail project” is important because the main aim of this is to “safely build a world-class railway for London”. The programme director appointed the internal delivery team of the maintenance project of the “Crossrail programme”.
The notion of the “comprehensive business case” is determined by the detailing of the aspects of commitments that are associated with techniques, managerial and finance. This case for “cross rail” is quite effective for sustainability aspects with respect to the environment. However, it not only focuses on the environment but also intends to provide economic sustainability (Crossrail 2020). It is well noticed that economic success is maintained with the support of enhanced performance leading to the eradication of social and environmental issues. In addition to these, focusing on the case study of “Crossrail”, it is noticed that the decision-making process becomes quite transparent not only to the “decision-makers” but as well to the stakeholders and public in general. Through maintenance of transparence in the project, government can bridge the information gap between public and officials (Larsson & Larsson, 2020). The notion of the development of a “comprehensive business case” tends to act as a tool based on the relevant evidence and therefore supports sustainability aspects.
The framework for monitoring the delivery and performance is based on simultaneously maintaining the policies and strategies that will support the projects that are to be followed. These have resulted in the notion of clarity, and provide support for the notion of funding. This also provides structure and secures talent and a marketing roadmap.
The benefits management for any project includes four major parts, such as identifying the benefits, the proper planning, measuring the benefits, and finally tracking the benefits (Crossrail, 2021). The “Cross-Rail program”, also has the same benefits, which are- “identifying the benefits that can be derived from the Crossrail Project”, “the planning of getting the benefits from the infrastructure”, “measuring the crucial benefits of Cross-rail projects”, and “counting and tracking the final benefits”.
“Identifying the benefits”
According to a report, the “Cross-Rail” project has hit its major milestone, and its sponsors have focused on the improvement of the project and cost control (Crossrail, 2022). Proper benefit management in the project is essential to identify the issues and pay more attention to the larger scenarios of the project (San Cristóbal et al. 2018). It is the same for the cross-rail program too because only a proper evaluation can bring and deliver the component of benefits. In every sector, this program is going to leave an impact such as regeneration, strategic interchange, capacity, and congestion relief.
“Planning for the benefits”
The planning part for the benefits of the “Cross-rail project” involves many components such as including landowners, employers, services, and the “leisure facility operators and transport hubs" (Crossrail, 2022). The most important thing here is sharing the plan with each member that is related to it. Eventually, it will help others to understand and estimate the benefits, the sharing part will not cost a single penny but it will increase the possibility of the potential benefits from such a high-profile case as the “cross-rail project”. Here, arise the major questions about the project are they sharing the plan properly or not because the major time it is seen that benefits are not even identified properly.
“Measuring the crucial benefits”
The benefit is a process that can be achieved only by taking risks, and the main thing that one needs to remember is that it does not happen by itself, it needs proper planning and execution (Crossrail, 2022). At least the cost of the “cross rail project” benefit will not come without measuring the plan. The organization may not have the proper awareness or the skills to conceive the plans and needed change, but with the help of it one company can achieve to improve the planning and it will reflect on the benefits.
“Counting on the benefits”
This is the final step of benefits management, which counts on the proper tracking of the benefits. The process of planning benefits helps in achieving the major infrastructure. It includes and involves the stakeholder and makes an environment for sharing the planning (Plattfaut, 2022). The case study for “Crossrail”, over time emancipated a wider approach within the market, as it majorly supported understanding the stakeholders better. This, however, has also resulted in understanding the supportive benefits.
The benefits of the Crossrail project have a wide range and great influence over the UK, regardless of the sectors. The list of major benefits is huge, however, the time saving, having the chance of international connections, regeneration, social exclusion, and regional access will top the list. The name “Crossrail Project” was on the top “to-do” list of the “Central London Rail Study”, which is also known as the “CLRS”, in the year of 1989. They have also included the cost and its benefit-cost ratio in the list. In the history of the UK, it is considered as the scope of wider economic benefits, which increased the “benefit-cost ratio at 2.60:1”. As a result, it will automatically increase employee benefits and overall productivity.
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