The Keflavik Paper Company is a case with a problem in determining a project management process for new product development. Answer the following questions: What does this case demonstrate about the effect of poor project screening methods on a firm’s ability to manage projects effectively? How would project portfolio management help to improve the situation at Keflavik? If you think about it, all business problems are case studies. To effectively evaluate the situation, you must approach the problem in a methodological manner. A proven technique to do this is to do the following: list the facts; identify the issues; based on the facts of the case and your knowledge, analyze the issues of the case; prepare recommended solutions and their possible outcomes; implement the optimal solution (not always the one with the best outcome, because the cost or other things could be impractical); and monitor the implementation and outcomes. So when you read and prepare to respond to this case, please follow the above guidelines. I don't necessarily expect you to perform Steps 4–6, but I do expect your response to be based on the facts and your knowledge. Remember—your first impressions may not be correct!