Bubble diagram as visual tool - Revision history

Marcocarloni at 18:41, 19 September 2016

2016-09-19T18:41:36Z

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	By contrast, businesses using bubble diagrams obtain a balanced and strategic aligned portfolio as the same as strategic methods. In the end, scoring models present the best result for selecting high value projects, and also yield a balanced portfolio.		By contrast, businesses using bubble diagrams obtain a balanced and strategic aligned portfolio as the same as strategic methods. In the end, scoring models present the best result for selecting high value projects, and also yield a balanced portfolio.

	==~~discussion and conclusion~~==		==Conclusion==
	Talking in account what has been said before, it is clear how the bubble diagram is a useful visual tools to have balanced and aligned project portfolio management. However it’s important to clarify the Bubble chart cannot be used alone for decision making since does not give enough information , instead should be combined with other tools. It’s also relevant to keep in mind that this visual tool doesn’t show any dependencies and comparison between different projects, furthermore the timing variable needs to be introduced by other visual tools.		Talking in account what has been said before, it is clear how the bubble diagram is a useful visual tools to have balanced and aligned project portfolio management. However it’s important to clarify the Bubble chart cannot be used alone for decision making since does not give enough information , instead should be combined with other tools. It’s also relevant to keep in mind that this visual tool doesn’t show any dependencies and comparison between different projects, furthermore the timing variable needs to be introduced by other visual tools.
	BC is a simple and fast way to have an overview and can help in decision making when previous processes already exist and many data are given		BC is a simple and fast way to have an overview and can help in decision making when previous processes already exist and many data are given

Marcocarloni at 18:39, 19 September 2016

2016-09-19T18:39:42Z

← Older revision		Revision as of 18:39, 19 September 2016
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	==discussion and conclusion==		==discussion and conclusion==
	~~I am still work on~~ it . . .		Talking in account what has been said before, it is clear how the bubble diagram is a useful visual tools to have balanced and aligned project portfolio management. However it’s important to clarify the Bubble chart cannot be used alone for decision making since does not give enough information , instead should be combined with other tools. It’s also relevant to keep in mind that this visual tool doesn’t show any dependencies and comparison between different projects, furthermore the timing variable needs to be introduced by other visual tools.
			BC is a simple and fast way to have an overview and can help in decision making when previous processes already exist and many data are given

	==References==		==References==

Marcocarloni: /* Comparison to other Portfolio methods */

2016-09-19T18:00:55Z

Comparison to other Portfolio methods

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	Another category is give by the scoring model where formulas assigns points based on known information to predict an unknown future outcome. So scaled ratings are used to produce a Project Attractiveness Score which becomes the criterion used to make project selection and/or ranking decisions. These models are used by 37.9 percent of businesses and in 18.3 percent, this is the dominant decision method.		Another category is give by the scoring model where formulas assigns points based on known information to predict an unknown future outcome. So scaled ratings are used to produce a Project Attractiveness Score which becomes the criterion used to make project selection and/or ranking decisions. These models are used by 37.9 percent of businesses and in 18.3 percent, this is the dominant decision method.

	The last group of approaches presented are the Check lists:		The last group of approaches presented are the Check lists:
	It is easily understandable, the projects are evaluated on a set of yes /no questions. In order to proceed with a project, a certain number of approves (yes) needs to be reached.		It is easily understandable, the projects are evaluated on a set of yes /no questions. In order to proceed with a project, a certain number of approves (yes) needs to be reached.
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	Popularity does not necessarily equate to effectiveness, however.		Popularity does not necessarily equate to effectiveness, however.
	Financial tools are useful in many projects but also bring to an unbalanced portfolio of lower value projects; and projects that lack strategic alignment.		Financial tools are useful in many projects but also bring to an unbalanced portfolio of lower value projects; and projects that lack strategic alignment.
	By contrast, businesses using bubble diagrams obtain a balanced and strategic aligned portfolio as the same as strategic methods. In the end, scoring models present the best result for selecting high value projects, and also yield a balanced portfolio.		By contrast, businesses using bubble diagrams obtain a balanced and strategic aligned portfolio as the same as strategic methods. In the end, scoring models present the best result for selecting high value projects, and also yield a balanced portfolio.

	==discussion and conclusion==		==discussion and conclusion==

Marcocarloni at 15:11, 19 September 2016

2016-09-19T15:11:18Z

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	Traditional project management is a process whereby each project is approved and managed independently focusing on the triple constraint (scope, time, cost) of the single project separate from other projects. <ref name="coo1" />		Traditional project management is a process whereby each project is approved and managed independently focusing on the triple constraint (scope, time, cost) of the single project separate from other projects. <ref name="coo1" />
	By contrast Portfolio management is a dynamic decision process, whereby a business’s list of active new product (and development) projects is constantly updated and revised. In this process, new projects are evaluated, selected and prioritized; existing projects may be accelerated, killed or de-prioritized; and resources are allocated and reallocated to active projects.		By contrast Portfolio management is a dynamic decision process, whereby a business’s list of active new product (and development) projects is constantly updated and revised. In this process, new projects are evaluated, selected and prioritized; existing projects may be accelerated, killed or de-prioritized; and resources are allocated and reallocated to active projects.
	The emphasis of portfolio management is on ensuring that each project contributes to the overall organizational success.<ref name="Edg2" />		The emphasis of portfolio management is on ensuring that each project contributes to the overall organizational success. <ref name="Edg2" />

	To achieve this success, many different tools and methods are used. Below the main goals setted by using portfolio management are listed and the importance of the bubble charts to reach few of them is highlighted :		To achieve this success, many different tools and methods are used. Below the main goals setted by using portfolio management are listed and the importance of the bubble charts to reach few of them is highlighted :

Marcocarloni: /* Strength and weakness */

2016-09-19T15:09:29Z

Strength and weakness

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	===Strength and weakness===		===Strength and weakness===

	The BC cannot be made before all the data have been collected and processed. ~~Very few or~~ no studies ~~can be found in the literature~~ regarding the exact effect of the chart in use. It is ~~therefore~~ impossible to generalize and conclude generically whether the BC ~~is worth~~ implementing in a company. In order to get an overview a list of advantage and disadvantages is conducted. This list ~~can~~ be ~~used~~ to understand in which situation ~~BCs~~ would be easy to implement and use, and in which situation the implementation of such a chart can be a costly and non-benefiting project.		The BC cannot be made before all the data have been collected and processed. In the literature, there are almost no studies regarding the exact effect of the chart in use. It is moreover impossible to generalize and conclude generically whether the BC gives benefits implementing in a company. In order to get an overview, a list of advantage and disadvantages is conducted. This list could be usefull to understand in which situation bubble diagrams would be easy to implement and use, and in which situation the implementation of such a chart can be a costly and non-benefiting project.

	====Strengths====		====Strengths====

Marcocarloni: /* Strengths */

2016-09-19T14:54:39Z

Strengths

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	Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means there are not expenses to implement it.		Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means there are not expenses to implement it.
	* Easy to update, modify and maintain		* Easy to update, modify and maintain
	Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data		Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data.

	====Weakness====		====Weakness====

Marcocarloni: /* Strengths */

2016-09-19T14:54:10Z

Strengths

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	* Easy to learn		* Easy to learn
	Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means ~~that means~~ not expenses to implement it.		Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means there are not expenses to implement it.
	* Easy to update, modify and maintain		* Easy to update, modify and maintain
	Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data		Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data

Marcocarloni: /* Strengths */

2016-09-19T14:52:43Z

Strengths

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	* Easy to use		* Easy to use
	Really easy to implement in many different project situation and possibility to make it in a short time.		Really easy to implement in many different project situation and possibility to make it in a short time.
	There is no need of any specialist to make it ~~andread~~ it		There is no need of any specialist to make it and analyze it.

	* Easy to learn		* Easy to learn
	Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means that means not expenses to implement it.		Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means that means not expenses to implement it.
	* Easy to update, modify and maintain		* Easy to update, modify and maintain
	Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data		Since is a visual chart, it’s fast and low cost to maintain and update due to the changing of data

	====Weakness====		====Weakness====

Marcocarloni: /* Strength and weakness */

2016-09-19T14:52:05Z

Strength and weakness

← Older revision		Revision as of 14:52, 19 September 2016
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	===Strength and weakness===		===Strength and weakness===

	The BC cannot be made before all the data have been collected and processed. Very few or no studies can be found in the literature regarding the exact effect of the chart in use. It is therefore impossible to generalize and conclude generically whether the BC is worth implementing in a company. In order to get an overview a list of ~~benefits~~ and disadvantages is conducted. This list can be used to understand in which situation BCs would be easy to implement and use, and in which situation the implementation of such a chart can be a costly and non-benefiting project.		The BC cannot be made before all the data have been collected and processed. Very few or no studies can be found in the literature regarding the exact effect of the chart in use. It is therefore impossible to generalize and conclude generically whether the BC is worth implementing in a company. In order to get an overview a list of advantage and disadvantages is conducted. This list can be used to understand in which situation BCs would be easy to implement and use, and in which situation the implementation of such a chart can be a costly and non-benefiting project.

	====Strengths====		====Strengths====
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	* Easy to use		* Easy to use
	Really easy to implement in many different project situation		Really easy to implement in many different project situation and possibility to make it in a short time.
	There is no need of any specialist to make it ~~and to read~~ it ~~neither~~		There is no need of any specialist to make it andread it
	~~Is possible to make it in short time~~
	* Easy to learn		* Easy to learn
	Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means that means not expenses to implement it.		Since this visual tool is basic and simple, the employees can learn how to use it in a fast way and without needing any special crash course. Furthermore this means that means not expenses to implement it.

Marcocarloni: /* Variant of Bubble chart */

2016-09-19T14:49:05Z

Variant of Bubble chart

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	===Variant of Bubble chart===		===Variant of Bubble chart===
	[[File:Elipsss.PNG \|360px\|thumb\|right\| Fig.2 A variant of the calssic bubble diagram ]]		[[File:Elipsss.PNG \|360px\|thumb\|right\| Fig.2 A variant of the calssic bubble diagram ]]
	Exist also some variants of the bubble diagram; one of them is used to effectively describe uncertain estimates. For each project there are optimistic and pessimistic estimates taking in count uncertain variables, leading to a range of values both for NPV and probability of technical success.		Exist also some variants of the bubble diagram; one of them is used to effectively describe uncertain estimates.

			For each project there are optimistic and pessimistic estimates taking in count uncertain variables, leading to a range of values both for NPV and probability of technical success.
	In this case as shown in Fig.2 , the size and the shape of the bubble present the uncertainty of projects: very small bubbles mean highly sure estimates on each dimension, instead large ellipses mean high uncertainty (a big range between worst case and best case) for that project. <ref name="coo6" />		In this case as shown in Fig.2 , the size and the shape of the bubble present the uncertainty of projects: very small bubbles mean highly sure estimates on each dimension, instead large ellipses mean high uncertainty (a big range between worst case and best case) for that project. <ref name="coo6" />