Project Management, Program Management and Portfolio Management
Project program and portfolio management is the component of process excellence that enables and drives the execution of breakthrough opportunities. It provides the discipline and structure to launch the right projects with outcomes delivered on time, in the budget, and of the required quality.
Portfolio Management
Portfolio management takes care of:
- Selection of the right programs and projects aligned with the organisations strategic objectives.
- Developing and selection of the right and appropriate resource pool.
- Tracking and reporting on the project portfolio status.
- Monitor the benefits being achieved.
Business is about maximizing the output from scarce resources, and projects are no different. Not only in terms of all inputs to projects but particularly when it comes to human resources.
To successfully deliver projects, individuals with appropriate project management skills are required. In addition, when the project is focussed on developing new solutions for breakthrough improvements, specialized, and often even scares, resources are required.
Portfolio management is as much about ensuring the right projects are launched, as ensuring the right resources are available and involved. This is without overburdening or underutilization of any resources. This is often the greatest challenge for portfolio managers.
Program Management
Program management is about clustering several projects under one umbrella. Typically, these projects form part of a particular initiative and may take place in parallel, in sequence or a combination of both.
Some of the main program management activities include:
- Effective resource management across the program.
- Management of the program’s project schedules and budgets.
- Program life cycle management.
- Establishing governance processes and procedures for maintaining program management oversight and decision making support for applicable policies.
- Reporting and communicating to stakeholders
- Proactively risk management across the various program components.
- Managing and resolving scope, cost, schedule, quality and risk impacts.
Project Management
Project management is the application of resources equipped with the appropriate knowledge, skills, tools, and techniques to carry out project activities to deliver defined projects.
Project management is accomplished through the appropriate application of knowledge, skills, tools, and techniques in the project management process contained in 5 stages. These 5 stages are:
1. Project Management Initiation
- Business Case
- Stakeholder Mapping
- Project Charter
2.Project Management Planning
- Project Scope and Outcome
- Time Plan
- Resource Plan
- Financial Plan
- Risk Plan
- Quality Plan
- Communication Plan
3.Project Management Carrying out the project
- Project task and activity management
- Change requests
4.Project Management Tracking and Controlling
- Status reports and reviews
- Plan updates
- Estimates
5.Project Management Closing
- Outcome delivered
- Closure report
- Lessons learned
- Recognition and reward
Related Articles:
Breakthrough Opportunity Selection
Project Management, Program Management, and Portfolio Management
Sustain Process Excellence Gains
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