Project, Program and Portfolio , What you need to know for the PMP Exam ?
Managing a project can be done through three separate scenarios : as a standalone project , within a program , or within a portfolio .
Project and Project Management
- It’s a temporary endeavor with a beginning and end , it creates a Unique Product , Service or Result , Project Management is the application of knowledge , skills , tools and techniques to project activities to meet the project requirements , It’s accomplished through the appropriate application and integration of the project management processes identified for the project , Effective project management will enable organizations to :
- Tie project results to business goals .
- Compete more effectively in their markets.
- Sustain the organization.
Program and Program Management
- Program is a group of related projects ,subsidiary programs and program activities managed in a coordinated manner to obtain benefits not available of managing them individually , and this should be only done when the program approach adds value , by grouping related projects into a program , an organization can coordinate the management of those projects , Program Management is defined as the application of knowledge , skills , and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually , It focuses on the interdependencies between projects and between projects and the program level to determine the optimal approach for managing them .
Portfolio and Portfolio Managemen
- Portfolio is a group of programs , individual projects , and other related operational work that are prioritized and implemented to achieve a strategic business goal , this approach will help optimizes the use of resources , enhances the benefits to the organization and reduces risk , Projects and programs that make up a portfolio may not be related , other than the fact that they are helping to achieve a common strategic goal , Portfolio management is defined as the centralized management of one or more portfolios to achieve strategic objectives .
- Below Graph will show you the relation in between Portfolio , Program and project , a portfolio contains 2 projects , 2 programs and other activities , one of the programs within the portfolio
|Definition||A Temporary endeavor undertaken to create a unique product , result or service .||A group of related projects , subsidiary programs , and program activities that are managed in a coordinate way to obtain benefits not available from managing them individually .||A collection of projects , programs , subsidiary portfolios , and operations managed as a group to achieve strategic objectives .|
|Scope||Projects have defined objectives .scope is progressively elaborated throw-out the project lifecycle .||Programs have a scope that encompasses the scopes of its program components , programs produce benefits to an organization by ensuring that the outputs and outcomes of program components are delivered in a coordinated and complimentary manner .||Portfolios have an organizational scope that changes with the strategic objectives of the organization.|
|Change||Project managers expect change and implement processes to keep change managed and controlled .||Programs are managed in a manner that accepts and adapts to change as necessary to optimize the delivery of benefits as the program’s components deliver outcomes and/or outputs .||Portfolio managers continuously monitor changes in the broader internal and external environments.|
|Planning||Project managers progressively elaborate high level information into detailed plans throughout the project lifecycle .||Programs are managed using high-level plans that track interdependencies and progress of program components , program plans are also used to guide planning at the component level .||Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio .|
|Management||Project managers manage the project team to meet the project objectives||Programs are managed by program managers who ensure that program benefits are delivered as expected , by coordinating the activities of a program’s components .||Portfolio managers may manage or coordinate portfolio management staff , or program and project staff that may have reporting responsibilities into the aggregate portfolio .|
|Monitoring||Project managers monitor and control the work of producing the products , services , or results that the project was undertaken to produce .||Program managers monitor the progress of program components to ensure the overall goals , schedules , budget and benefits of the program will be met.||Portfolio managers monitor strategic changes and aggregate resource allocation , performance results , and risk of the portfolio .|
|Success||Success is measured by product and project quality , timeliness , budget compliance , and agree of customer satisfaction .||A prgaram’s success is measured by the program’s ability to deliver it’s intended benefits to an organization , and by the program’s efficiency and effectiveness in delivering those benefits .||Success Is measured in terms of the aggregate investment performance and benefit realization of the portfolio .|
- The table content Have the Copy Rights of the PMBOK 6th edition