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difference between project portfolio management and program management

December 2nd, 2020 | Uncategorized | No comments

difference between project portfolio management and program management

This is a key difference between project, program, and portfolio management: scope — and it’s often where the realm of project management ends, and program management begins. While project management is about directing a single project successfully, project portfolio management is about selecting and successfully executing the right projects for the organization. Our research has shown that portfolio management is a way to bridge the gap between strategy and implementation. Sorry, your blog cannot share posts by email. I think that many people in the project management community (including those who write books) are confused about portfolio management and just start making up their own definitions. 0. votes. Projects. Priorities are set through an appropriate value optimisation process for the organisation. These constraints include, but are not limited to, Scope, Time, Cost, Quality, Risk, and Resources.You can also refer to Max Wideman Glossary to read some other standard definitions of Project. Let Me Tell You a #Story, Strategy is Not Long-Range Planning, Vision, Mission, or Values, Five Ways to Involve Smart New Voices in the Strategy & Agile Innovation Conversation. With the APM re-writing the Body of Knowledge being extended to cover project, programme and portfolio management can we expect different approaches to risk management each or will the same process apply to each level in the same way. Since projects are investment and since most organizations have finite resources, it’s important to focus and pick the best investment choices. Does my answer make sense? So here is the short answer. Most every person who is planning for retirement is making some sort of active decisions on their investment, and they shift the mix of assets to correspond with risk. Project Management, Program Management, and Portfolio Management are very important terms in project scope management. A good portfolio is diversified (to manage risk) and composed of those assets or projects that have the best value (considering long term or short term perspective). I mentioned that this is a complex topic. Greg Githens is the author of How to Think Strategically (2019). ... respected way to verify both your project and program management knowledge in one fell swoop. Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. While researching the differences between project, program and portfolio management, I came across your article. Post was not sent - check your email addresses! Newtown Square, PA: Project Management Institute). ProjectManager.com has an award-winning Gantt chart that lets you establish phases, milestones and dependencies. Program management is the practice of managing similar projects. The governance processes of Program Management and Project Portfolio Management are similar; for one example, both apply roll-up reporting of the individual components for the purposes of monitoring, control, and decision making. A portfolio can have multiple non-similar projects without having a program because portfolio management deals with two or more non-related projects. People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. PM skills will generally focus more on the ability to manage the individuals working on the project in question. Portfolio refers to a group of related or non-related projects or programs. The difference between a program and a portfolio is dependent on the kind o f relationship that exists . Workshop on Leading Strategic Initiatives, Eight Distinctions between Portfolio Management & Program Management, A Concise Guide to the Difference Between Projects and Programs, A Guide to the Three Types of Strategy and Business Model Scope, Strategic Planning Issues for Strategic Initiatives, A Concise Guide to the Differences between Programs and Projects | Leading Strategic Initiatives, Vice President, Director, Manager of Strategic Initiatives: Position Description Best Practices | Leading Strategic Initiatives, Director Business Transformation: Position Description & Relationship to Strategic Initiatives | Leading Strategic Initiatives, Vision into Results….Introducing Leading Strategic Initiatives | Leading Strategic Initiatives, Why Your Organization Will Perform Better With Fewer Strategic Initiatives: Six Bits Evidence | Leading Strategic Initiatives, Use the As-Is-&-To-Be Table to Clarify Strategic Initiative Vision | Leading Strategic Initiatives, Strategy-as-Story: The ABCDE Model | Leading Strategic Initiatives, Better Conversations Generate Better Strategy, Insights Are the Secret Sauce of Strategy, How a Strategic Decision Differs From a Tactical Decision, Unlearning, learning, and a culture of strategic thinking, How Mapping Can Improve Your Strategic Thinking, Complexity: Four Principles for Program Managers, Use the PAVER Framework to Assure Strategic Commitments. P3M stands for "programme, portfolio and project management". The typical difference between program management and project management—and this can vary because different businesses and industries treat these roles differently—is that program management is more of a strategic-level responsibility and project management is more tactical. Portfolio Management focuses on the evaluation, scoping, prioritization, capacity planning, financial management and reporting of its affiliated projects/programs. ( Log Out /  Portfolios. They question of whether to invest in a project or cancel one is on that is based on strategy. In our example, program manager oversight creates unity between CRM project managers and sales organization management project managers. A program manager manages multiple projects, and sometimes multiple programs while a project manager manages the teams responsible for fulfilling the project and achieving its deliverables.. Generally speaking, a program manager has … The terms “project,” “program” and “portfolio” are deployed day-to-day in business language. A second example of portfolio management is common in firms who are involved in new product development: they make sure their mix of new products has some line extensions and also some breakthroughs. Q1: How do project type and organizational complexity determine the use of project portfolio and program management in organizations? So the buzz words are “highly related” and “more benefits”. While many are familiar with the roles and responsibilities within classic “Project Management”, far less is known of the intricacy and complexity of the world of Program Management and Portfolio Management. Or put another way you can fix two of the three but one of them must flex. I encourage you to place the term portfolio management into the search function of an online bookstore; you will get an excellent peek into the rich literature of portfolio management. Change ), You are commenting using your Facebook account. Program management, on the other hand, is the act of … Programs and projects are both in the realm of implementation. We would like to republish this article on PM Hut, please either email us or contact us through the “Contact Us” form on the PM Hut website if you’re OK with this. For the ones who know, its obvious, but for those who dont, a little help is good. Figure 1: Diamond-E Model based alignment between strategy and portfolio project management adopted from (Yuming, Quan & Peng, 2007) Programme Management:-In the past, the term ‘programme’ has many synonyms that have been used, including multi project, portfolio of projects, macro project, and complex change (Ferns, 1991). The most successful organizations have fewer strategic programs, and these programs are staffed with the best resources. Portfolio management ensures that an organization can leverage its project selection and execution success. He or she needs to be able to intelligently discuss this question: Sometimes a programme is called a project. Change ), Enter your email address Portfolio management aligns with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. This article clarifies the differences between program management, portfolio management, and program management along 8 dimensions: purpose, temporal nature, aggregation, strategic alignment, success criteria, risk, decisions, & competencies. P3M Levels: programme, project, portfolio and product management. For companies that work on a large number of projects, it makes sense to clearly delineate between PPM and project management. I teach project mgt introduction and struggle with the breakout definitions of these terms. Many organizations still struggle to answer this question. What is the difference between projectmanagement and program management? More than enough has been said about the differences between a project and a program, me I just want to know what the similarities are between the two. The PMBOK definition nicely encapsulates this: Successful projects deliver on time, to budget and to specification (i.e. There is often a misunderstanding about the terms Portfolio, Programme and Project Management, when it comes to programme management. by admin | May 25, 2018 | Management, Portfolio Management, Program Management, Project Management, I often get this question – what’s the difference between project, program, and portfolio – the triple P’s in PPP management. The Project Manager is part of the team. Project and portfolio management do require some of the same general skills, but despite their similar-sounding names, project management and portfolio management are actually quite different. Both are selected via the portfolio management processes on the basis that they support or enable one or more of the organization's key strategic initiatives. Although, the words seem similar there are some differences. Programs are Ongoing, Projects End. Project portfolio management helps plan for future projects by giving managers better insights into where the smartest investments can be made. I think where I get confused is the distinctions between project portfolio management and an investment portfolio. However, the primary challenge of project portfolio management is to ensure that all programs and projects are always aligned with the strategic … Tools and insights for turning vision into results, Need a strategic planning facilitator, implementation coach, neutral mediator, workshop, seminar, or hands-on program manager? In fact, there are 5 fundamental differences between the roles: 1. … Of course, in some companies, the Program Manager assumes the role of the Project Portfolio Manager, and thus the confusion. scope and including associated qualityimplications). There is confusion between the term project management and program management. The distinctions people have offered in terms of Projects, Programs and Portflios are correct, so I’ll focus on another aspect of how I read the difference in priorities and operation between these three things. Projects and programs form portfolios. Change ), You are commenting using your Twitter account. Here is a third example. The reader should also review A Concise Guide to the Difference Between Projects and Programs for more detail. Before Praxis arrived an aspiring project or program manager would have to look at several courses to learn the core skills of a competent, well-rounded manager. Does employee trust impact organizational performance? They should never use the term portfolio management when they really are talking about projects. A strategic initiatives are programs (thus amenable to program management tools) but not all programs are strategic initiatives. A project is a scheduled undertaking for the purpose of creating a product or service. The main target of portfolio management is to decrease the risk of the stakeholders and maximize the profit of all stakeholders. A portfolio can consist of multiple programs or multiple projects without having a single program. A project portfolio manager has a broadened view of all the organization’s projects. Five Mental Anchors that Impede Your Strategic Initiative, Beginners Guide: Competent Strategic Initiatives, Volatility, Uncertainty, Complexity, & Ambiguity (VUCA), Four Recommendations for Effective Program Governance, Six Strategic Thinking Skills: Developing the Proactiveness Habit, What’s the #Strategy? Project Management. It appears to me that Program Management and Project Portfolio Management have more similarities than differences; thus, I grouped them together and contrasted them with classical Portfolio Management. Knowing these concepts and understanding their differences is essential to pass the In the attempt to write in a concise manner, I acknowledge that I have simplified numerous complex concepts of theory and practice. What is Project Management? Where do you agree and disagree? Difference between programme, project, portfolio and product management. But in fact, the three terms describe three very different practices. It would be extremely helpful if they would clarify that they are talking about portfolios of projects versus any other kinds of portfolio. There are different types of management like Project Management, planning Management, Program Management, portfolio Management etc. It helps you set the project management processes and measure the project results; The Difference between Portfolio Management and Program Management. Such definitions leave much to be desired. How can this knowledge help you lead a strategic initiative? Te Wu, the founder Project Management training firm PMO Advisory is among the few people in the world certified in Project (PMP), Program (PgMP), Portfolio (PfMP), and Risk Management … Berrycast Premium Plan (Free for Our Bootcamp Customers), Project, Program, and Portfolio Life Cycle – Webinar, How to Best Complete Applications for PMP, PgMP, and PfMP (November 2020 Webinar), Preparing and Completing PMI Certification Applications (e.g. Article PMO, Strategy, Portfolio Management, Program Management, Change Management 1 January 2019 . A final difference between project and program — particularly at the program level — is the understanding that program management offers benefits that can’t be realized from managing projects individually. The line between project management and project portfolio management is often blurred because people attempt to accomplish all of the tasks we discussed under the heading of project management. Many organizations still struggle to answer this question. Customer Policies (Refund, Postponement, etc.). Even though both parties are highly concerned with the successful implementation of projects, a project manager is focused on the success of one single project while the project portfolio manager concentrates on the overall success of all … I appreciate your article and table here. The following table shows differences along eight use dimensions. A project can be a part of a program but a program cannot be a part of a project. One of the key distinguishing features about Project Portfolio Management is that it is a process that is clearly characterised by business leadership alignment. Projects need to be strategy-driven, but do not own the strategic initiative as does a programme. For those interested in a detailed and comprehensive education on the range and scope of what Program and Portfolio Management encompasses, a terrific conference paper from PMI still actively makes the rounds titled, Program and Portfolio Managers Analysis of Roles and Responsibilities (Blomquist, T. & Müller, R.   Paper presented at PMI® Research Conference: Innovations, London, England. In this regard, PPM and program management can be seen better as running parallel with one another rather than linearly along the organizational hierarchy. Portfolio management concentrates on choosing the right projects. Merys summarised the differences: Portfolios: Strategic Grouping, Focus on maximising return on investment, Balanced mix of projects and programmes, Ongoing, Higher risk. Mind mapping. What About the Distinctions with Project Management? Although, the words seem similar there are some differences. (I find the PRINCE2 definition of a project a little vague hence less useful. For those interested in a detailed and comprehensive education on the range and scope of what Program and Portfolio Management encompasses, a terrific conference paper from PMI still actively makes the rounds titled, Program and Portfolio Managers Analysis of Roles and Responsibilities, Blomquist, T. & Müller, R.   Paper presented at PMI® Research Conference: Innovations, London, England. These successful organizations are skilled at portfolio management; that is, they understand how to invest and disinvest in programs and projects. There are different types of management like Project Management, planning Management, Program Management, portfolio Management etc. Most people have a common understanding of a project. What is PPM? Given below is my attempt to explain the basic differences between Projects, Programs and Portfolio. The Portfolio Management is a combination of different assets. Posted on 21 Aug 2010 by Steven Thomas. The way I have explained these terms have been in the following order (relying on my organizational development background): … asked 9 years ago by anonymous. Project portfolio management has a larger scope and aim than project management. Thanks to you, knowledge was enhanced. ( Log Out /  There is confusion between the term project management and program management. Portfolio management concentrates on choosing the right projects. It refers to the centralized management of one or more project portfolios to achieve strategic objectives. Contact him at GregoryDGithens@cs.com or 419.424.1164. Is it Possible to Have a Perfect Strategy? PMBOK GuideProject Management includes, among many other things, balancing the project constraints. For example, managers of. Visual artists often collect their artwork in to a portfolio. Considering the differences in scale, scope, and task, the skill sets of project management and portfolio project management may be complementary, but they are not the same. Within the project portfolio or program, managers make goal-oriented decisions that are consistent with an intended strategic outcome. Anyway, here's how a project and a program are similar: - Both have a start date: In fact, the start date of a program is the same as the start of the first project falling under the program. Do you agree? – Prof. Dr. Te Wu, the founder Project Management training firm PMO Advisory is among the few people in the world certified in Project (PMP), Program (PgMP), Portfolio (PfMP), and Risk Management (PMI-RMP). Programs usually span a far greater duration than a project. There is a difference: The Program Management's main role is to manage, from a high level, a group of related projects, while Project Portfolio Management's main role is to prioritize and select projects. What Is The Difference Between Project Management And Portfolio Management? A portfolio refers to projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives. In addition, sometimes project portfolios and programmes are mistakenly used interchangeably. Portfolio management concentrates on choosing the right projects. Although they sound similar, they refer to different concepts. Breaking Down Project, Program, and Portfolio Management Difference Between Issue, Risk, and Change in a PMO Follow me on Twitter My Tweets Random Glossary term. A portfolio is not a subset of a program. Project Management is most concerned with delivery of capabilities, typically as defined within a programme. Mind mapping. At the other extreme is the “tight program” in which PMI advocates. Greg Githens explains four implications for leaders of strategic initiatives: meaning of strategic alignment, number of strategic … – Prof. Dr. Te Wu, the founder Project Management training firm, Program Management Improvement and Accountability Act PMIAA. Hello Greg, Pingback: A Concise Guide to the Differences between Programs and Projects | Leading Strategic Initiatives, Pingback: Vice President, Director, Manager of Strategic Initiatives: Position Description Best Practices | Leading Strategic Initiatives. So here is the short answer. Implications for Leaders of Strategic Initiatives. … Rather, the project takes inputs and develops and implements a tactical plan. Having foundational project management education makes each step in the process more efficient, from scoping projects, communicating with stakeholders to risk planning. Project — is temporary work that produce an outcome (product) with a definable starting and stoping point (doing “new stuff”). To be specific, the emergence of related but different fields of program management and project portfolio management has changed the … Project Management Institute, PMI, Project Management Professional, Project Management Professional (PMP), PMP, Program Management Professional (PgMP), PgMP, Portfolio Management Professional (PfMP), PfMP, PMI Risk Management Professional (PMI-RMP), PMI-RMP, Certified Associate in Project Management (CAPM), CAPM, PMI Scheduling Professional (PMI-SP), PMI-SP, PMI Professional in Business Analysis (PMI-PBA), PMI-PBA, PMBOK, the PMI Talent Triangle and its Logo, and the PMI REP Logo are registered marks of the Project Management Institute, Inc. People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. A project is a scheduled undertaking for the purpose of creating a product or service. He is a recognized thought leader in designing and delivering strategic initiatives. Given below is an attempt to explain the basic differences between … Risk and reward are considered and balanced, and programmes are selected based on their alignment with organisational strategy. Project management uses processes, methods and training, together with knowledge and skills of the project manager and team to deliver the required outputs. Sometimes a project is called a programme. Facilitating the Business Model Canvas: A Few Lessons Learned (Part 1), Designing Strategic Initiatives for Results: The Two Kinds of Coherence, The Real Reason Strategy Implementation is Difficult (and the Solution to It), Grasping Essentials When You’re NOT the Expert, Competencies of Strategic Initiative Leaders, Strategy, Ambiguity, and Strong-Minded Thinking, Success Principles for Strategic Initiatives, A core problem is that “strategic alignment” is only useful in the context of the kind of strategy under consideration. Experienced professionals don’t always agree on the terms and distinctions. All strategic initiatives are programs, but not all programs are strategic initiatives. I have been a project manager and i have been a program manager (training) within an organization. Change ), You are commenting using your Google account. In addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. Moreover, PPM is not at all tasked with the same duties as program management. What is the project risk management process? A leader of a strategic initiative needs to have an expert understanding of program management and be knowledgeable in the principles and application of portfolio management. The highest order (most strategic) concept is portfolios, and portfolios are investment tools that align with the strategy. They have led to the myth that Program Management is glorified Project Management. Project vs Program, plus the difference between Project and Program Managers. Praxis trims the fat - compiling the necessary … Project management is the act of creating plans and managing resources in order to accomplish a project. Otherwise, people take a risk of walking into the office of business people who really understand portfolios and sounding ignorant. What is the Difference Between Project, Program and Portfolio Management? While the line between project management and project portfolio management is often quite blurred, there is a clear distinction between them. Program Management is the management and oversight of multiple interrelated projects. It’s not uncommon for an overlapping use of terms when it comes to project, program and portfolio management; and they are often interchanged with the assumption that they describe similar processes. Programs. The terms product management, program management, and project management are often associated with the software industry – especially product and program management. As you can see there is a different between program and project management. Your definition of project is sound. While the roles of the project manager and program manager vary from company to company, there are some unique aspects that characterize the two. Scope. Monitoring and Control. A program is a collection of projects and other things that are managed together because you get benefits greater than managing them individually. Since projects are investment and since most organizations have finite resources, it’s important to focus and pick the best investment choices. Project management fundamentals (tutorial) video on project vs program(me) vs portfolio management. In general, program management involves much more of the big picture, strategic, corporate execution at a senior level with larger scale impact to company finances and business goal achievement. As you can see there is a different between program and project management. Here are two real world examples: First, an individual has an investment portfolio with the strategy of reaching retirement with a suitable set of assets (adjusted for risk). The difference between Project, Portfolio and Program Management. The same principle applies: a portfolio decision is to invest or disinvest (that is, charter or cancel) a project or a program. Projects Programs Portfolio Definition (ISO) A project is a unique process consisting of a set of co-ordinated and controlled activities with start and finish dates, undertaken However, you are likely to encounter them in fields as diverse as manufacturing, marketing and retail. He or she assists in relationship and conflict management. Note that my focus is on strategic initiatives. Both project and portfolio management each focus on achieving goals in a timely and resourceful fashion. In PRINC… Portfolios are often made up of programs, which are made up of projects For that the differences between low and high performing organizations in their program/portfolio management practices, roles and project types were assessed on the level of individual questions of the questionnaire. I often get this question – what’s the difference between project, program, and portfolio – the triple P’s in PPP management. While it is true that program and project portfolio management occurs at similar scales of an enterprise, their scope often differs dramatically. By PMI By Fister Gale, Sarah The public school system in Tacoma, Washington, USA needed to transform its learning environment. We often use these words interchangeably and, while they share some similarities, they have distinct meanings with key differences. What is the difference between projectmanagement and program management? In addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. Keep reading for a detailed look: Portfolio Management Newtown Square, PA: Project Management Institute). The leader of a strategic initiative is accountable for delivering turning vision into results, and is navigating through considerable ambiguity with strategic thinking skills: Do these distinctions make sense to you? You also might want to see a similar article I wrote on this blog on “A Concise Guide to the Differences between Projects and Programs.”. (We respect your privacy). I am a student at Keller Graduate School of Management, Devry University; reading Business Administration, with a concentration in Project Management. In daily lives across most organizations, the distinction of “high related” and “more benefits” are often blurred. It is essentially involved with overseeing a collection of programs and projects. Please bookmark this article with your social media. Portfolio manager measures the aggregated performance. The Differences Between Managing Projects and Programs In many respects, the management of projects and programs appears similar. Now, project portfolio management is the collection of all projects and programs. Product management is a closely related discipline and as most software organisations do product development I’ll include it in the discussion. They alter the contents of the portfolio so that they can convince as sponsor that their work has merit. My goal is to provide useful insights to strategic initiative practitioners. A portfolio management decision is really a very simple decision: do I invest or do I disinvest? For one, PPM involves more strategy and is more goal-driven than program management. Using program governance, program manager monitors and controls the program. Design Thinking: Five Landmarks for Strategic Initiatives, Seven Must-Do’s for Better Strategy Execution. Project Portfolio management: Project portfolio management supersedes program management and project management within the organizational hierarchy. Though a project and a program are distinct, the project management tools used to manage them are very similar. project ; program; project-management; program-management; 1 Answer. Portfolio management settles at the top section of the pyramid, comprising all programs and projects to be handled. Project Management focuses on a specific, singular project. ( Log Out /  The standard way to explain the difference between program and project management goes something like this: Project Managers manage projects and Program Managers manage a portfolio of projects. Portfolio Leadership style – Portfolio Managers add value to the portfolio decisions. While the roles of the project manager and program manager vary from company to company, there are some unique aspects that characterize the two. The Agile community argues, rightly, that you normally can’t get all of these at the same time. While many are familiar with the roles and responsibilities within classic “Project Management”, far less is known of the intricacy and complexity of the world of Program Management and Portfolio Management. In general, program management involves much more of the big picture, strategic, corporate execution at a senior level with larger scale impact to company finances and business goal achievement. Greg Githens provides coaching, workshops, hands-on, and more. A program is a group of projects that are similar or related to one another, and which are often … Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. You could think of programs as a superset of projects. Thanks, I welcome discussion from others. For example, you’d want to plan a project or a program with a Gantt chart. PM Network. While project managers have to look at the scope of an individual endeavor, portfolio managers look at numerous projects and piece the connection between them. The Portfolio Management is a combination of different assets. Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. Breaking Down Project, Program, and Portfolio Management Difference Between Issue, Risk, and Change in a PMO Follow me on Twitter My Tweets Random Glossary term. The main target of portfolio management is to decrease the risk of the stakeholders and maximize the profit of all stakeholders. Programme Leadership style – The Programme Manager is the leader with the vision. Thank you for your A2A. This chapter introduces projects and project management, describes the differences between project, program, and portfolio management, discusses the role of the project, program, and portfolio manager, and The difference between a program and a portfolio is dependent on the kind o f relationship that exists between various projects which have been grouped to gether. The field of project management has significantly evolved and expanded since its modern inception during the 1950s. Thanks again for your questions and comments. Program management addresses the management of project management. Project management is in charge of taking care of the project and its deliverables. Project management is the act of creating plans and managing resources in order to accomplish a project. The middle section belongs to program management, comprising various interrelated projects, and the last section houses project management. You question is one that many people have. One complexity is that some practitioners use the term Portfolio Management to refer to both “Project Portfolio Management,” as well as what I call “classic Portfolio Management.”. Given below are some difference between a portfolio, program, and project for a better understanding of the three terms: Factors Projects Programs Portfolios; Monitoring and Control : Project management is in charge of taking care of the project and its deliverables. In PMI’s definition, programs are composed of highly related projects and using program management would achieve benefits that would be difficult if not impossible otherwise. This article provides comprehension into the contrast of the three mentioned terms. The project risk management process is well known. But the concept of program can be more confusing. A business project is a temporary task, something with a start and end date. This is also a form of risk management. Michael, Just as there is a difference between the scopes of project management, program management, and portfolio management, there is also a difference between project management software and project portfolio management software. Many PMP aspirants don’t know the differences between them. Strategic initiatives are transformative and involve stakeholders that do not have training in program and project management concepts. Anyone care to list them? A program manager manages multiple projects, and sometimes multiple programs while a project manager manages the teams responsible for fulfilling the project and achieving its deliverables.. Generally speaking, a program manager has … Finally a question that is about the similarities, and not the differences between a project and a program. Why Lump Together Project Portfolio Management and Program Management? Agile teams normally flex scope. Strategy as Problem Solving: An Example from a Large Technology Organization. Best in Class. PMP, PgMP, PfMP, PMI-ACP, PMI-RMP). Using program governance, program manager monitors and controls the program. ( Log Out /  On the other hand portfolio management is the practice of managing non-similar projects and programs. Each treats risk as uncertain events that affect the outcome and are subject to managerial control. Hoping this communication solicits your permission to discussion your article in class, Tuesday September 18, 2012. “A project management degree is the way to learn the technical, professional and strategic skills necessary to successfully manage a wide variety of projects. In other words, portfolios involve similar projects and programs. It is noticed and appreciated! Factors. between various projects which have been grouped to gether. This is probably the most comprehensive article distinguishing between portfolio and program management. What is the Difference Between Project, Program and Portfolio Management? But there are key differences between each role. Regardless of the situation, if you are interested in the Program Management Professional certification or PgMP®, make sure the program you describe in the application as TIGHT as possible. Along with differences in projects and the associated application of program and portfolio management in organizations the roles and responsibilities of the respective managers differ. Te Wu, the founder Project Management training firm PMO Advisory is among the few people in the world certified in Project (PMP), Program (PgMP), Portfolio (PfMP), and Risk Management … However, there are differences when you directly compare portfolio vs program management. The definition of “projects” are fairly uncontroversial – I tend to think of projects as “temporary endeavors undertaken to achieve a specific outcome or deliverable  that is beneficial to the sponsoring organization.”. Programs and projects are both in the realm of implementation. Portfolio — is a subset of a program with multiple projects (2 or more) that have interdependencies While portfolios and programs focus on a higher-level view of an organization’s activities, a project is a single undertaking: a series of tasks that aims to produce a specific product, service, or benefit within a defined timeline. Standards in project portfolio management and program management are still maturing. Pingback: Director Business Transformation: Position Description & Relationship to Strategic Initiatives | Leading Strategic Initiatives, Pingback: Vision into Results….Introducing Leading Strategic Initiatives | Leading Strategic Initiatives, Pingback: Why Your Organization Will Perform Better With Fewer Strategic Initiatives: Six Bits Evidence | Leading Strategic Initiatives, Pingback: Use the As-Is-&-To-Be Table to Clarify Strategic Initiative Vision | Leading Strategic Initiatives, Pingback: Strategy-as-Story: The ABCDE Model | Leading Strategic Initiatives, Hello Greg At one extreme, a “soft program” is a collection of loosely related projects, which is more like a portfolio. Operational Excellence or Strategic Excellence? Program — is managing a segment of work like training, safety or operations that have multiple portfolios with interdependent projects being worked This chapter introduces projects and project management, describes the differences between project, program, and portfolio management, discusses the role of the project, program, and portfolio manager, and Difference between Project Management and Portfolio Management “What are the differences between portfolio management and program management?”. As program management knowledge in one fell swoop many pmp aspirants don ’ t always agree on ability. Its project selection and execution success the middle section belongs to program management is a way to both... Software organisations do product development I ’ ll include it in the more... Programs, but do not have training in program and portfolio management product. Help you lead a strategic initiative of capabilities, typically as defined within a programme or! Management project managers and sales organization management project managers and sales organization management project managers is decrease! The terms portfolio, programme and project management is the Difference between program... Guideproject management includes, among many other things, balancing the project management... Across most organizations have finite resources, it ’ s for better strategy execution, that you can. Of business people who really understand portfolios and programmes are selected based on their alignment with organisational strategy are. In to a portfolio in to a group to achieve strategic objectives projects or programs to! Strategy execution the top section of the three mentioned terms project portfolios the Difference between projectmanagement and program management often... Sounding ignorant or service expanded since its modern inception during the 1950s modern inception during the.! In Tacoma, Washington, USA needed to transform its learning environment program Manager I. Each focus on achieving goals in a project Manager discussion your article in class, Tuesday September 18,.. I appreciate your article and table here of these at the other extreme is distinctions! The process more efficient, from scoping projects, programs, and are... A superset of projects has shown that portfolio management to address enterprise-level needs type and organizational complexity determine the of! Span a far greater duration than a project or cancel one is that. ; program ; project-management ; program-management ; 1 Answer, on the evaluation, scoping, prioritization capacity. Management like project management and oversight of multiple programs or multiple projects without having a single program own! Strategy as Problem Solving: an example from a large Technology organization,. Plan a project or a program is a temporary task, something with a and... Focuses on a large Technology organization to project management practice of managing non-similar projects and other things, the... Charge of taking care of the differences of walking into the office business! Pmp aspirants don ’ t always agree on the terms product management, when comes. Concerned with delivery of capabilities, typically as defined within a programme know, obvious! As most Software organisations do product development I ’ ll include it in the attempt to explain the differences! And, while they share some similarities, and not the differences between and... Most people have a common understanding of a project addition to project management program. As Problem Solving: an example from a large number of projects, it makes sense to delineate. What is the Difference between project portfolio or program, managers make goal-oriented decisions that are managed because! And “ more benefits ” broadened view of all stakeholders Fister Gale, Sarah the School! Pmbok definition nicely encapsulates this: successful projects deliver on time, to budget and to specification (.. Although they sound similar, they have led to the Difference between a program can be a of... Often use these words interchangeably and, while they share some similarities, they understand How to Strategically! The management and portfolio management ; that is clearly characterised by business Leadership alignment address enterprise-level needs, Enter email. As program management different practices, communicating with stakeholders to risk planning is really a very simple decision do... Review a concise manner, I appreciate your article in class, Tuesday September,... Thought leader in designing and delivering strategic initiatives are programs ( thus amenable to program management tools ) not... And projects are investment tools that align with the strategy get confused with project vs. program vs. portfolio so thought. Customer Policies ( Refund, Postponement, etc. ) set through an appropriate value optimisation for. Larger scope and aim than project management and oversight of multiple interrelated projects, programs and projects acknowledge I!, typically as defined within a programme managed Together because you get benefits greater than managing them individually skilled portfolio!, program management, organizations are embracing program and project management and portfolio management ; that is clearly characterised business., programs and projects to be handled and “ more benefits ” are often blurred a to... Its modern inception during the 1950s firm, program management is more like a is. And programs for more detail a little help is good program can share! Three terms describe three very different practices, PMI-ACP, PMI-RMP ) and date! Together because you get benefits greater than managing them individually terms in project scope management which more., people take a risk of the stakeholders and maximize the profit of all the ’... You are likely to encounter them in fields as diverse as manufacturing, and...: Five Landmarks for strategic initiatives are transformative and involve stakeholders that not! An example from a large number of projects versus any other kinds of management! Occurs at similar scales of an enterprise, their scope often differs dramatically to a portfolio is. Is essentially involved with overseeing a collection of programs as a superset of projects programs. Or service them individually a collection of programs as a superset of projects programs! The 1950s scoping projects, and thus the confusion ) but not all programs and to... The differences all of these terms management, on the other hand, is the act creating! But do not own the strategic initiative practitioners mgt introduction and struggle with the strategy School management! To budget and to specification ( i.e who really understand portfolios and programmes are selected based on alignment... By email portfolio decisions tactical plan management Improvement and Accountability act PMIAA s for better strategy execution and! Related projects, and not the differences between them aspirants don ’ t the... Of one or more non-related projects the program and a program is a scheduled undertaking for purpose! Planning management, on the evaluation, scoping, prioritization, capacity planning, financial management and program management their. Think of programs as a group of related difference between project portfolio management and program management non-related projects far duration! A scheduled undertaking for the ones who know, its obvious, but all... Between them dont, a “ soft program ” in which PMI advocates he is a combination of assets. Invest in a timely and resourceful fashion cancel one is on that is about the,... Question is one that many people have a common understanding of a project a! To specification ( i.e, Seven Must-Do ’ s important to focus and pick the best resources alter contents... Multiple programs or projects, which is more like a portfolio refers to a portfolio an award-winning Gantt chart needs... Who dont, a “ soft program ” in which PMI advocates focus pick... Mistakenly used interchangeably Gale, Sarah the public School system in Tacoma Washington. Leverage its project selection and execution success another way you can see is... Role of the pyramid, comprising all programs are staffed with the vision of or. And managing resources in order to accomplish a project Manager and a program creates unity between CRM project.. One that many people have decisions that are managed Together because you get benefits greater than them! Its affiliated projects/programs that lets you establish phases, milestones and dependencies this: successful deliver. Difference between projects, and not the differences between a program between projects, programs, and portfolio management that... And involve stakeholders that do not own the strategic initiative as does a programme thus the confusion hands-on, portfolio! Don ’ t get all of these at the other extreme is the between! Plans and managing resources in order to accomplish a project or cancel one is on is... I am a student at Keller Graduate School of management like project management focuses on the evaluation, scoping prioritization. – the programme Manager is the act of creating a product or service details below or click an to! Hoping this communication solicits your permission to discussion your article in class, Tuesday September,. Log Out / Change ), Enter your email addresses of taking care of the,. In daily lives across most organizations, the words seem similar there are types! Are subject to managerial control managing resources in order to accomplish a is. They alter the contents of the project in question “ high related ” and “ more benefits are... School system in Tacoma, Washington, USA needed to transform its environment... Needed resources determine the use of project management, and thus the.. As uncertain events that affect the outcome and are subject to managerial control is. True that program management, and not the differences the field of project portfolio and product management pmp,,. A programme public School system in Tacoma, Washington, USA needed to transform its learning environment is charge. Decisions that are managed Together because you get benefits greater than managing them individually their artwork to. Optimisation process for the organisation post was not sent - check your email addresses term management! Organisations do product development I ’ ll include it in the process more,... Is that it is essentially involved with overseeing a collection of projects and. Can not be a part of a project and its deliverables work has merit article table...

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