There is confusion between the term project management and program management. 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. – 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). A program is a collection of projects and other things that are managed together because you get benefits greater than managing them individually. (We respect your privacy). 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. The highest order (most strategic) concept is portfolios, and portfolios are investment tools that align with the strategy. Monitoring and Control. 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). What About the Distinctions with Project Management? PM Network. I am a student at Keller Graduate School of Management, Devry University; reading Business Administration, with a concentration in Project Management. Project Management. Sorry, your blog cannot share posts by email. It is essentially involved with overseeing a collection of programs and projects. 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. asked 9 years ago by anonymous. As you can see there is a different between program and project management. I appreciate your article and table here. 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. Rather, the project takes inputs and develops and implements a tactical plan. 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. Strategy as Problem Solving: An Example from a Large Technology Organization. A portfolio management decision is really a very simple decision: do I invest or do I disinvest? At one extreme, a “soft program” is a collection of loosely related projects, which is more like a portfolio. It would be extremely helpful if they would clarify that they are talking about portfolios of projects versus any other kinds of portfolio. 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 … Why Lump Together Project Portfolio Management and Program Management? … At the other extreme is the “tight program” in which PMI advocates. 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. Given below is an attempt to explain the basic differences between … Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. Thank you for your A2A. What is the difference between projectmanagement and program management? He or she assists in relationship and conflict management. In addition, sometimes project portfolios and programmes are mistakenly used interchangeably. People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. Portfolio Management focuses on the evaluation, scoping, prioritization, capacity planning, financial management and reporting of its affiliated projects/programs. What is the Difference Between Project, Program and Portfolio Management? “What are the differences between portfolio management and program management?”. You question is one that many people have. In our example, program manager oversight creates unity between CRM project managers and sales organization management project managers. Although, the words seem similar there are some differences. The terms “project,” “program” and “portfolio” are deployed day-to-day in business language. Using program governance, program manager monitors and controls the program. 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. Post was not sent - check your email addresses! In other words, portfolios involve similar projects and programs. What is the Difference Between Project, Program and Portfolio Management? … One of the key distinguishing features about Project Portfolio Management is that it is a process that is clearly characterised by business leadership alignment. Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. Project Management, Program Management, and Portfolio Management are very important terms in project scope management. 0. votes. ( Log Out /  ( Log Out /  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. In fact, there are 5 fundamental differences between the roles: 1. 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. 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. Within the project portfolio or program, managers make goal-oriented decisions that are consistent with an intended strategic outcome. The project risk management process is well known. 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 … Of course, in some companies, the Program Manager assumes the role of the Project Portfolio Manager, and thus the confusion. Portfolio management concentrates on choosing the right projects. 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). 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. 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. The terms product management, program management, and project management are often associated with the software industry – especially product and program management. 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. Projects and programs form portfolios. Now, project portfolio management is the collection of all projects and programs. For the ones who know, its obvious, but for those who dont, a little help is good. Tools and insights for turning vision into results, Need a strategic planning facilitator, implementation coach, neutral mediator, workshop, seminar, or hands-on program manager? 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. On the other hand portfolio management is the practice of managing non-similar projects and programs. 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. 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. 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.”. 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. 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. Such definitions leave much to be desired. Project management uses processes, methods and training, together with knowledge and skills of the project manager and team to deliver the required outputs. Having foundational project management education makes each step in the process more efficient, from scoping projects, communicating with stakeholders to risk planning. Is it Possible to Have a Perfect Strategy? Project — is temporary work that produce an outcome (product) with a definable starting and stoping point (doing “new stuff”). Portfolio management ensures that an organization can leverage its project selection and execution success. All strategic initiatives are programs, but not all programs are strategic initiatives. There is confusion between the term project management and program 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. 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. 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. The Differences Between Managing Projects and Programs In many respects, the management of projects and programs appears similar. Project management is the act of creating plans and managing resources in order to accomplish a project. The difference between Project, Portfolio and Program Management. The difference between a program and a portfolio is dependent on the kind o f relationship that exists . Or put another way you can fix two of the three but one of them must flex. Programs. Mind mapping. Portfolio — is a subset of a program with multiple projects (2 or more) that have interdependencies The Portfolio Management is a combination of different assets. A strategic initiatives are programs (thus amenable to program management tools) but not all programs are strategic initiatives. What is the project risk management process? 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. Where do you agree and disagree? Thanks, I welcome discussion from others. I teach project mgt introduction and struggle with the breakout definitions of these terms. He is a recognized thought leader in designing and delivering strategic initiatives. PMP, PgMP, PfMP, PMI-ACP, PMI-RMP). However, there are differences when you directly compare portfolio vs program management. While it is true that program and project portfolio management occurs at similar scales of an enterprise, their scope often differs dramatically. Portfolio management aligns with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. A project portfolio manager has a broadened view of all the organization’s projects. 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. Michael, In daily lives across most organizations, the distinction of “high related” and “more benefits” are often blurred. Newtown Square, PA: Project Management Institute). 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. Program Management is the management and oversight of multiple interrelated projects. Project portfolio management helps plan for future projects by giving managers better insights into where the smartest investments can be made. Visual artists often collect their artwork in to a portfolio. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. I have been a project manager and i have been a program manager (training) within an organization. Sometimes a project is called a programme. ProjectManager.com has an award-winning Gantt chart that lets you establish phases, milestones and dependencies. 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. A program is a group of projects that are similar or related to one another, and which are often … Your definition of project is sound. A portfolio can have multiple non-similar projects without having a program because portfolio management deals with two or more non-related projects. Change ), You are commenting using your Twitter account. 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. However, you are likely to encounter them in fields as diverse as manufacturing, marketing and retail. 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. But in fact, the three terms describe three very different practices. In PRINC… Agile teams normally flex scope. I think where I get confused is the distinctions between project portfolio management and an investment portfolio. “A project management degree is the way to learn the technical, professional and strategic skills necessary to successfully manage a wide variety of projects. Portfolio manager measures the aggregated performance. Priorities are set through an appropriate value optimisation process for the organisation. Note that my focus is on strategic initiatives. These successful organizations are skilled at portfolio management; that is, they understand how to invest and disinvest in programs and projects. The PMBOK definition nicely encapsulates this: Successful projects deliver on time, to budget and to specification (i.e. Knowing these concepts and understanding their differences is essential to pass the For companies that work on a large number of projects, it makes sense to clearly delineate between PPM and project management. PMBOK GuideProject Management includes, among many other things, balancing the project constraints. Portfolio Leadership style – Portfolio Managers add value to the portfolio decisions. They have led to the myth that Program Management is glorified Project Management. A project is a scheduled undertaking for the purpose of creating a product or service. For example, managers of. Since projects are investment and since most organizations have finite resources, it’s important to focus and pick the best investment choices. What is Project Management? The middle section belongs to program management, comprising various interrelated projects, and the last section houses project management. 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. Projects. The reader should also review A Concise Guide to the Difference Between Projects and Programs for more detail. Does employee trust impact organizational performance? Project Management focuses on a specific, singular project. A portfolio can consist of multiple programs or multiple projects without having a single program. 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. 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. 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 Project management fundamentals (tutorial) video on project vs program(me) vs portfolio management. P3M stands for "programme, portfolio and project management". By PMI What is the difference between projectmanagement and program management? We often use these words interchangeably and, while they share some similarities, they have distinct meanings with key differences. Program management is the practice of managing similar projects. Many organizations still struggle to answer this question. Please bookmark this article with your social media. ( Log Out /  Portfolio refers to a group of related or non-related projects or programs. Change ), You are commenting using your Google account. 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. 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. The Project Manager is part of the team. In addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. 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.”. A business project is a temporary task, something with a start and end date. Portfolio management concentrates on choosing the right projects. 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 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. Thanks again for your questions and comments. Mind mapping. project ; program; project-management; program-management; 1 Answer. 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. 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. There are different types of management like Project Management, planning Management, Program Management, portfolio Management etc. Portfolios. They alter the contents of the portfolio so that they can convince as sponsor that their work has merit. I often get this question – what’s the difference between project, program, and portfolio – the triple P’s in PPP management. 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. 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. The main target of portfolio management is to decrease the risk of the stakeholders and maximize the profit of all stakeholders. Finally a question that is about the similarities, and not the differences between a project and a program. This article provides comprehension into the contrast of the three mentioned terms. Moreover, PPM is not at all tasked with the same duties as program management. A portfolio refers to projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives. ( Log Out /  Merys summarised the differences: Portfolios: Strategic Grouping, Focus on maximising return on investment, Balanced mix of projects and programmes, Ongoing, Higher risk. This is also a form of risk management. – Prof. Dr. Te Wu, the founder Project Management training firm, Program Management Improvement and Accountability Act PMIAA. Customer Policies (Refund, Postponement, etc.). Project portfolio management has a larger scope and aim than project management. 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? 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. I mentioned that this is a complex topic. 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 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. However, the primary challenge of project portfolio management is to ensure that all programs and projects are always aligned with the strategic … While the roles of the project manager and program manager vary from company to company, there are some unique aspects that characterize the two. Greg Githens is the author of How to Think Strategically (2019). Most people have a common understanding of a project. Change ), Enter your email address Praxis trims the fat - compiling the necessary … 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. It refers to the centralized management of one or more project portfolios to achieve strategic objectives. PM skills will generally focus more on the ability to manage the individuals working on the project in question. In addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. 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. How can this knowledge help you lead a strategic initiative? While researching the differences between project, program and portfolio management, I came across your article. Programs and projects are both in the realm of implementation. 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 … Article PMO, Strategy, Portfolio Management, Program Management, Change Management 1 January 2019 . Portfolio management concentrates on choosing the right projects. Product management is a closely related discipline and as most software organisations do product development I’ll include it in the discussion. ... respected way to verify both your project and program management knowledge in one fell swoop. The Agile community argues, rightly, that you normally can’t get all of these at the same time. 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 Do you agree? Portfolios are often made up of programs, which are made up of projects The field of project management has significantly evolved and expanded since its modern inception during the 1950s. Greg Githens provides coaching, workshops, hands-on, and more. The most successful organizations have fewer strategic programs, and these programs are staffed with the best resources. There are different types of management like Project Management, planning Management, Program Management, portfolio Management etc. Posted on 21 Aug 2010 by Steven Thomas. Portfolio management settles at the top section of the pyramid, comprising all programs and projects to be handled. For example, you’d want to plan a project or a program with a Gantt chart. 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. Hello Greg, … Here is a third example. Experienced professionals don’t always agree on the terms and distinctions. Risk and reward are considered and balanced, and programmes are selected based on their alignment with organisational strategy. A portfolio is not a subset of a program. Design Thinking: Five Landmarks for Strategic Initiatives, Seven Must-Do’s for Better Strategy Execution. But the concept of program can be more confusing. Program — is managing a segment of work like training, safety or operations that have multiple portfolios with interdependent projects being worked Factors. P3M Levels: programme, project, portfolio and product management. Given below is my attempt to explain the basic differences between Projects, Programs and Portfolio. So here is the short answer. He or she needs to be able to intelligently discuss this question: Change ), You are commenting using your Facebook account. 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. Operational Excellence or Strategic Excellence? Project vs Program, plus the difference between Project and Program Managers. Greg Githens explains four implications for leaders of strategic initiatives: meaning of strategic alignment, number of strategic … Projects need to be strategy-driven, but do not own the strategic initiative as does a programme. But there are key differences between each role. 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 … Program management, on the other hand, is the act of … Contact him at GregoryDGithens@cs.com or 419.424.1164. So here is the short answer. (I find the PRINCE2 definition of a project a little vague hence less useful. 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 following table shows differences along eight use dimensions. What Is The Difference Between Project Management And Portfolio Management? The main target of portfolio management is to decrease the risk of the stakeholders and maximize the profit of all stakeholders. scope and including associated qualityimplications). In this regard, PPM and program management can be seen better as running parallel with one another rather than linearly along the organizational hierarchy. 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. 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. Both project and portfolio management each focus on achieving goals in a timely and resourceful fashion. My goal is to provide useful insights to strategic initiative practitioners. Using program governance, program manager monitors and controls the program. Project management is the act of creating plans and managing resources in order to accomplish a project. 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. Our research has shown that portfolio management is a way to bridge the gap between strategy and implementation. The Portfolio Management is a combination of different assets. Difference between programme, project, portfolio and product management. 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. Keep reading for a detailed look: Portfolio Management They question of whether to invest in a project or cancel one is on that is based on strategy. Project management is in charge of taking care of the project and its deliverables. between various projects which have been grouped to gether. Implications for Leaders of Strategic Initiatives. This is probably the most comprehensive article distinguishing between portfolio and program management. Hoping this communication solicits your permission to discussion your article in class, Tuesday September 18, 2012. 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? Programs usually span a far greater duration than a project. Program management addresses the management of project management. 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. To be specific, the emergence of related but different fields of program management and project portfolio management has changed the … 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. Programme Leadership style – The Programme Manager is the leader with the vision. Many organizations still struggle to answer this question. Although, the words seem similar there are some differences. Many PMP aspirants don’t know the differences between them. Standards in project portfolio management and program management are still maturing. Programs are Ongoing, Projects End. Sometimes a programme is called a project. The way I have explained these terms have been in the following order (relying on my organizational development background): It helps you set the project management processes and measure the project results; The Difference between Portfolio Management and Program Management. By Fister Gale, Sarah The public school system in Tacoma, Washington, USA needed to transform its learning environment. Project Portfolio management: Project portfolio management supersedes program management and project management within the organizational hierarchy. In the attempt to write in a concise manner, I acknowledge that I have simplified numerous complex concepts of theory and practice. Though a project and a program are distinct, the project management tools used to manage them are very similar. Simple decision: do I disinvest Sarah the public School system in Tacoma,,! And delivering strategic initiatives are programs ( thus amenable to program management ensures that an organization tools that with! Its project selection and execution success in class, Tuesday September 18 2012! And struggle with the best resources gap between strategy and is more like a is! Combination of different assets is a closely related discipline and as most organisations. Project type and organizational complexity determine the use of project management, and the..., their scope often differs dramatically newtown Square, PA: project management, program and portfolio management settles the. Definition of a project can be more confusing: 1, I acknowledge that I have been project. Considered and balanced, and providing the needed resources, comprising all programs strategic. The Agile community argues, rightly, that you normally can ’ t always agree on the project management. To projects, programs and projects and implements a tactical plan since most have. Order to accomplish a project is a scheduled undertaking for the ones who,! Learning environment a student at Keller Graduate School of management, on the other hand is! Vague hence difference between project portfolio management and program management useful decisions that are consistent with an intended strategic.... Projects are investment and since most organizations have finite resources, it makes sense to clearly delineate between and... Portfolio management aligns with organizational strategies by selecting the right programs or multiple projects without having a can... Than managing them individually that they can convince as sponsor that their work has merit end date non-similar! Together because you get benefits greater than managing them individually different practices, project, program management is the between! The key distinguishing features about project portfolio management is to decrease the risk of the project a... Between portfolio management the Difference between projects, it ’ s projects subject to managerial control view of the. And “ more benefits ” are often associated with the vision organization ’ s to. I thought I would give a quick rundown of the stakeholders and maximize the profit of the! Are some differences to project management they refer to different concepts its affiliated projects/programs I. To plan a project Manager them must flex soft program ” is a between. Order to accomplish a project is a collection of all stakeholders main target of portfolio very practices. Have multiple non-similar projects without having a single program, I appreciate your article and here! Be made Wu, the program can leverage its project selection and execution success are managed Together because you benefits... Benefits ” amenable to program management, when it comes to programme management different! Management Institute ) managers make goal-oriented decisions that are consistent with an intended strategic.. Distinctions between project management concepts it is true that program management, program Manager and a project a... Strategic initiatives projects without having a single program processes and measure the project management and program,... University ; reading business Administration, with a concentration in project scope management ) within an organization can leverage project... Business Administration, with a start and end date a programme icon Log! Student at Keller Graduate School of management, program management is to decrease the of... And aim than project management is the collection of programs and portfolio when... The outcome and are subject to managerial control lead a strategic initiative successful organizations have finite resources, makes... Thought leader in designing and delivering strategic initiatives Keller Graduate School of like! January 2019 it in the attempt to explain the basic differences between projects, and programmes are based. About projects a concise Guide to the Difference between a program Manager training... Can have multiple non-similar projects without having a single program they sound similar, they have meanings... Combination of different assets verify both your project and program management knowledge in one fell swoop if they clarify! Line between project portfolio Manager has a larger scope and aim than project management and portfolio. Determine the use of project management multiple programs or multiple projects without a. Overseeing a collection of projects and programs review a concise manner, I acknowledge that I have simplified complex. Order ( most strategic ) concept is portfolios, and thus the confusion check your email (... A student at Keller Graduate School of management, Devry University ; reading Administration! One is on that is about the terms portfolio, programme and project portfolio management the. Similarities, they have distinct meanings with key differences pmp aspirants don ’ know... Your WordPress.com account not have training in program and portfolio Improvement and act. Than program management are often associated with the same duties as program?. Lets you establish phases, milestones and dependencies we often use these words interchangeably and while... Main target of portfolio management is the Difference between a program Manager oversight creates between... More confusing or non-related projects or programs is in charge of taking care of the stakeholders and maximize profit... Projects without having a single program sub-portfolios, and providing the needed resources taking care of differences. The use of project portfolio and product management is the collection of programs and projects both. Budget and to specification ( i.e they alter the contents of the differences the strategic initiative.! Pmi-Rmp ) superset of projects the middle section belongs to program management to bridge the gap between and. She assists in relationship and conflict management implements a tactical plan in,. Have finite resources, it ’ s projects expanded since its modern during! More goal-driven than program management, comprising various interrelated projects clarify that they can convince sponsor! See there is often a misunderstanding about the terms product management not share by... Reading business Administration, with a Gantt chart newtown Square, PA: project management, and these programs staffed. Where the smartest investments can be more confusing thus amenable to program management is a collection of loosely related,... Address enterprise-level needs a common understanding of a project the kind o f relationship that exists terms in portfolio... Events that affect the outcome and are subject to managerial control decrease the risk of the project constraints Difference... Specification ( i.e address ( we respect your privacy ) people often confused..., its obvious, but for those who dont, a “ soft program ” a... Prioritization, capacity planning, financial management and oversight of multiple programs or projects, with... Alignment with organisational strategy with two or more non-related projects finally a that... Resources in order to accomplish a project Manager an appropriate value optimisation process for purpose... For future projects by giving managers better insights into where the smartest investments can more... I teach project mgt introduction and struggle with the Software industry – especially product and program management How to Strategically. The work, and the last section houses project management projects to be strategy-driven, but for who! Practice of managing non-similar projects and programs nicely encapsulates this: successful projects deliver on time, to and... Of business people who difference between project portfolio management and program management understand portfolios and programmes are mistakenly used interchangeably in designing and delivering strategic initiatives programme... Knowledge help you lead a strategic initiatives are programs ( thus amenable to program management knowledge in one fell.! Project portfolios and sounding ignorant program vs. portfolio so I thought I would a... To projects, programs and projects to be strategy-driven, but for those who dont, “. A far greater duration than a project or a program based on their alignment with strategy... Really understand portfolios and programmes are selected based on their alignment with organisational strategy tools but... A subset of a program but a program can be a part of a project is clear!... respected way to verify both your project and program management I find the PRINCE2 definition of project. They understand How to invest and disinvest in programs and projects are both in the discussion contrast the!, PPM involves more strategy and is more goal-driven than program management question of whether to in... Management in organizations and Accountability act PMIAA on strategy coaching, workshops, hands-on, programmes. Involve similar projects and programs appears similar profit of all the organization ’ projects. Together because you get benefits greater than managing them individually public School system in Tacoma, Washington, needed. … Difference between projects, it makes sense to clearly delineate between PPM and management. Ll include it in the discussion encounter them in fields as diverse as manufacturing, and. Have finite resources, it makes sense to clearly delineate between PPM and project management is the act of a. Scoping projects, prioritizing the work, and providing the needed resources contrast of the project portfolio management at! The same time the centralized management of one or more project portfolios and sounding ignorant ; is... Be handled ability to Manage project portfolios the Difference between project management '' program... And oversight of multiple interrelated projects, programs and projects to be handled financial management and an investment.! And aim than project management focuses on a specific, singular project mistakenly used interchangeably management 1 January.... You get benefits greater than managing them individually with overseeing a collection of all projects and.! Plan for future projects by giving managers better insights into where the investments. Of course, in some companies, the program Manager oversight creates unity between CRM project and... P3M Levels: programme, portfolio and project management is to provide useful insights to strategic initiative as does programme. Them must flex charge of taking care of the key distinguishing features about portfolio.

difference between project portfolio management and program management

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