What is Project Portfolio Management? Project VS Program VS Project Portfoilo Manager - AIMS UK
Summary
TLDRThis script discusses the distinctions and management approaches of projects, programs, and portfolios. Projects are specific with defined deliverables, managed by project managers who focus on minimizing change and detailed planning. Programs encompass multiple related projects, aiming for collective benefits, and are overseen by program managers who expect and adapt to change. Portfolios consist of various programs and projects that align with business goals, managed by portfolio managers who monitor the overall performance and strategic alignment. Success metrics vary: projects are judged by budget, schedule, and product delivery; programs by return on investment and benefits; and portfolios by their aggregate performance.
Takeaways
- 🔍 A program is a coordinated group of related projects, sub-projects, and work aimed at obtaining collective benefits and controls.
- 📈 Program management focuses on resolving resource constraints, conflicts, and aligning strategic direction for both projects and program goals.
- 🚀 An example of program management is the development of a communication satellite system, which includes multiple interrelated projects like design, construction, integration, and launch.
- 📚 Portfolios consist of programs and projects that support specific business goals, and they may not be interdependent or directly related.
- 🏢 Portfolio management involves selecting and managing a mix of projects and programs to maximize an organization's return on investment and align with strategic objectives.
- 📊 Projects have a narrow scope with specific deliverables, while programs have a wider scope that can change to meet organizational benefits, and portfolios have a business scope that changes with strategic goals.
- 🛠️ Project managers aim to minimize change, program managers expect and embrace change, and portfolio managers monitor changes in the broader environment.
- 📋 Project managers conduct detailed planning for project delivery, program managers create high-level plans and provide guidance, and portfolio managers maintain processes and communication for the portfolio.
- 🔍 Project managers monitor and control project tasks, program managers monitor projects through governance structures, and portfolio managers monitor aggregate performance and value indicators.
- 🏆 Project success is measured by budget, schedule, and product delivery, program success by return on investment and benefit delivery, and portfolio success by the aggregate performance of its components.
Q & A
What is the primary difference between managing a program and managing individual projects?
-A program is a coordinated group of related projects and work efforts managed to obtain benefits and controls not available from managing them individually, while individual projects are managed separately without the need for coordination with other projects.
Why is aligning strategic direction important in program management?
-Aligning strategic direction is crucial in program management because it ensures that the projects within the program support the overarching goals and objectives of the organization, thereby maximizing the collective benefits.
Can you provide an example of how program management might be applied in the context of a communication satellite system?
-In the context of a communication satellite system, program management could involve coordinating projects such as satellite and ground station design, construction, system integration, and satellite launch, with each project having its own manager reporting to a head project manager responsible for the entire program.
How are portfolios different from programs in terms of the projects they contain?
-Portfolios are collections of programs and projects that support a specific business goal, and the projects or programs within a portfolio are not necessarily interdependent or directly related, unlike programs where projects are related and managed together.
What role does a portfolio play in an organization's strategic objectives?
-A portfolio serves as a true measure of an organization's intent, direction, and progress by identifying key objectives according to business priorities, thus aligning with the strategic goals of the organization.
How does the scope of work differ between projects, programs, and portfolios?
-Projects have a narrow scope with specific deliverables, programs have a wide scope that may change to meet organizational benefit expectations, and portfolios have a business scope that changes with the strategic goals of the organization.
What is the approach of project managers towards change?
-Project managers try to keep change to a minimum, focusing on delivering the project within the predefined scope, budget, and schedule.
How do program managers handle change compared to project managers?
-Program managers expect and embrace change, as it is often necessary to meet the evolving benefit expectations of the organization, and they provide high-level plans and guidance to projects.
What are the key responsibilities of a portfolio manager in terms of process and communication?
-Portfolio managers are responsible for creating and maintaining necessary processes and communication relative to the aggregate portfolio, ensuring that the overall performance and strategic alignment of the portfolio components are monitored and managed.
How is success measured for projects, programs, and portfolios?
-Project success is measured by budget, schedule, and product delivery as per specification. Program success is measured in terms of return on investment, new capabilities, and benefit delivery. Portfolio success is measured in terms of the aggregate performance of portfolio components.
Who do program managers typically manage, and how does this differ from the role of a portfolio manager?
-Program managers typically manage project managers, whereas portfolio managers may manage or coordinate with portfolio management staff, focusing on the strategic alignment and performance of the entire portfolio.
Outlines
📈 Program Management Overview
Program management involves coordinating multiple related projects, sub-projects, and other work to achieve collective benefits and controls. It addresses resource constraints, aligns strategic direction, and ensures project and program goals are met. An example given is the development of a communication satellite system, which includes various projects like design, construction, integration, and launch, each with its own manager reporting to a head project manager. The collective management of these projects realizes benefits and controls in a coordinated manner.
💼 Portfolio Management Insights
Portfolio management is the practice of overseeing a collection of programs and projects that support a specific business goal. Unlike programs, the projects or programs in a portfolio may not be interdependent. The example of an infrastructure firm is used to illustrate how portfolios are assembled to maximize return on investment, with different projects grouped into programs based on their sector, such as power or water, forming part of the enterprise portfolio. Portfolio management is about aligning with business priorities and monitoring the aggregate performance and value indicators.
🔍 Comparison of Project, Program, and Portfolio Management
This section contrasts project, program, and portfolio management. Projects have a narrow scope with specific deliverables, programs have a wider scope that can evolve to meet organizational benefits, and portfolios have a business scope that changes with strategic goals. Project managers minimize change and focus on detailed planning, program managers expect and adapt to change, and portfolio managers monitor broad environmental changes. The planning level, team management, and success metrics differ across the three, with each role requiring distinct skills and approaches to achieve their respective objectives.
Mindmap
Keywords
💡Program
💡Program Management
💡Resource Constraints
💡Strategic Direction
💡Portfolio
💡Portfolio Management
💡Project Scope
💡Change Management
💡Governance Structures
💡Performance Indicators
💡Leadership
Highlights
A program is a coordinated group of related projects, sub-projects, and work managed to obtain collective benefits.
Program management involves resolving resource constraints and conflicts across projects within the program.
Strategic alignment is crucial for program management to ensure project and program goals are consistent.
An example of program management is the development of a new communication satellite system involving multiple projects.
Each sub-project in a program has its own manager who reports to a head project manager overseeing the entire program.
Programs are managed together to realize collective benefits and controls.
Portfolios are collections of programs and projects that support specific business goals.
Projects or programs in a portfolio are not necessarily interdependent or directly related.
Portfolio management identifies key objectives according to business priorities.
An infrastructure firm's portfolio may include a mix of projects related to various sectors like oil, power, water, roads, rail, and airports.
Programs within a portfolio, such as a power program, are integral components of the enterprise portfolio.
Projects have a narrow scope with specific deliverables, while programs have a wider scope that may change to meet organizational benefits.
Portfolios have a business scope that changes with the strategic goals of the organization.
Project managers aim to minimize change, while program managers expect and embrace change.
Portfolio managers continually monitor changes in the broad environment.
Project managers conduct detailed planning for product delivery, whereas program managers create high-level plans and provide guidance.
Portfolio managers create and maintain processes and communication relative to the aggregate portfolio.
Project managers monitor and control project tasks, while program managers monitor through governance structures.
Portfolio managers monitor aggregate performance and value indicators.
Project managers are team players, program managers are leaders providing vision, and portfolio managers provide insight and synthesis.
Project managers manage teams of technicians and specialists, while program managers manage project managers.
Project success is measured by budget, schedule, and product delivery, program success by return on investment and benefit delivery, and portfolio success by the aggregate performance of its components.
Transcripts
understanding programs and program
management a program is a group of
related projects sub projects and other
work managed in a coordinated way to
obtain benefits and control not
available for managing them individually
a project may or may not be part of a
program but a program will always have
projects program management focuses on
the following resolving resource
constraints and conflicts that affect
projects within the program an aligning
strategic direction that affects project
and program goals and objectives
here is an example of program management
a new communication satellite system may
have several projects one for the
designing of the satellite and the
ground stations one for the construction
of each another for the integration of
the system and the last one for the
launch of the satellite each of the sub
projects is a project unto itself each
project will have its own project
manager who will report to a head
project manager and the head is
responsible for the entire program all
these projects are related and managed
together so that collective benefits are
realized and controls are implemented
and managed in a coordinated fashion
understanding portfolios and portfolio
management portfolios are a collection
of programs and projects that support a
specific business goal the projects or
programs in the portfolio are not
necessarily interdependent or directly
related a portfolio should be a true
measure of an organization's intent
direction and progress it should
identify key objectives according to the
business priorities let's see an example
of portfolio management consider an
infrastructure firm that has the
strategic objective of maximizing the
return on its investments the firm may
put together a portfolio that includes a
mix of projects related to oil power
water roads rail and airports from this
mix the firm may choose to manage
related projects as one program all of
the power projects may be grouped
together as a power program similarly
all of the water projects may be grouped
together as a water program thus the
power program and the water program will
become an integral component of the
enterprise portfolio of the
infrastructure firm
this section will give you a brief
comparison between project program and
portfolio projects have narrow scope
with specific deliverables programs have
a wide scope that may change to meet the
benefit expectations of the organization
and portfolios have a business scope the
changes with the strategic goals of the
organization a project manager tries to
keep change to a minimum program
managers have to expect change and even
embrace it and portfolio managers
continually monitor changes in the broad
environment project managers conduct
detailed planning to manage the delivery
of the products of the project program
managers create high-level plans and
provide guidance to projects where
detail plans are created portfolio
managers create and maintain necessary
process and communication relative to
the aggregate portfolio project managers
monitor and control tasks and work of
the projects program managers monitor
projects and ongoing work through
governance structures portfolio managers
monitor aggregate performance and value
indicators project managers are team
players who use knowledge and skills to
motivate the team program managers are
leaders who provide vision and
leadership and portfolio managers are
leaders as well who provide insight and
synthesis project managers manage the
team numbers such as technicians and
specialists program managers manage
project managers and portfolio managers
may manage or coordinate with portfolio
management staff project success is
measured by budget schedule and product
delivered as per specification program
success is measured in terms of return
on investment new capabilities and
benefit delivery portfolio success is
measured in terms of aggregate
performance of portfolio components
you
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