30th, November, 2009IntroductionAs the world of business changes due to competition, merges, outsourcing, new product development and off shoring, companies are forced to adapt dynamically to the changing market conditions hence the need for multi project management (Rajegopal et al, 2007). The multi-projects form the companies’ portfolio projects and this portfolio has to be managed (Wessels, 2007). The aim of this discussion is to evaluate an international level company portfolio management. A project that had difficulties or has proven to be difficult because of some management issues such as operational environment, stakeholder management, risks, quality issues or funding complications is selected, in this case the project selected had funding complications, and analysis of its management considering project management principles or issues carried out.
The company selected in this case is Virgin Group Ltd. Virgin is a portfolio with several projects that have been implemented. A brief description of Virgin Group is given followed by the selected project and then the analysis. Virgin Group LtdVirgin began in 1968 just by Sir Richard Branson’s Student Magazine. This expanded to what is currently known as a venture capital organization with involvement into different sectors of business such as transportation, financial services, fitness, music and mobile telephony and is one of the leading of such organizations in the world.
Currently, there are more than 200 branded companies created by Virgin around the world. It has expanded to 29 countries and employs approximately, 50,000 people. In the year 2008, the Company’s global branded revenue was more than £11 billion (Virgin Group Ltd, 2009). According to the Virgin, the group stands for innovation, fun, and value for money and intellect of competitive challenge.
Thorough research is done before setting up another venture considering the customers’ needs and analysis of customer feedback carried out to ensure delivery of quality services (2009). General Management of the GroupThe company manages its ventures through the Virgin Management Ltd (VML). This company provides managerial and advisory support to all Virgin companies. The central management has 3 regional support locations, that is, New York, Sydney and London, which provide regional support to the group while working together with the VML (Virgin Group Ltd, 2009). The group of companies are however individually managed and operated.
Virgin Railways for example, has its own corporate governance, board of directors, Chief Executive Officer and other managerial resources. This means that corporate responsibility is done by individual companies as well. Virgins Current ProjectsVirgin Group as noted earlier has expanded and developed into so many companies. The group has more than 200 companies some of which are: Virgin Radio International, Virgin megastores, Virgin Atlantic Airways, Virgin Mobile India, Virgin Drinks, Virgin Connect, Virgin Active UK, Virgin Earth Challenge, Virgin Money UK, Virgin Green Fund, Virgin Unite, Virgin Active Italia, Virgin Holidays and Hip Hotels and so may others.
These companies are spread all over Asia, North America, Africa, Europe and Australia (Virgin Group Ltd, 2009; Grant, 2005). The Company has a history of selling non-performing ventures and starting new ventures as a way to remain in business and be competitive apart from just the ‘Virgin’ brand that it has (Virgin Group b, 2009).