( Log Out /  At one extreme, a “soft program” is a collection of loosely related projects, which is more like a portfolio. 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. 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. Q1: How do project type and organizational complexity determine the use of project portfolio and program management in organizations? 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. Given below is an attempt to explain the basic differences between … Within the project portfolio or program, managers make goal-oriented decisions that are consistent with an intended strategic outcome. 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). Project portfolio management has a larger scope and aim than project management. P3M Levels: programme, project, portfolio and product management. Product management is a closely related discipline and as most software organisations do product development I’ll include it in the discussion. In addition, sometimes project portfolios and programmes are mistakenly used interchangeably. This article provides comprehension into the contrast of the three mentioned terms. scope and including associated qualityimplications). Such definitions leave much to be desired. Greg Githens provides coaching, workshops, hands-on, and more. 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 middle section belongs to program management, comprising various interrelated projects, and the last section houses project management. Project — is temporary work that produce an outcome (product) with a definable starting and stoping point (doing “new stuff”). It would be extremely helpful if they would clarify that they are talking about portfolios of projects versus any other kinds of portfolio. What is the Difference Between Project, Program and Portfolio Management? 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. 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. Michael, Sorry, your blog cannot share posts by email. Greg Githens is the author of How to Think Strategically (2019). A project is a scheduled undertaking for the purpose of creating a product or service. … between various projects which have been grouped to gether. The Agile community argues, rightly, that you normally can’t get all of these at the same time. 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. A portfolio can have multiple non-similar projects without having a program because portfolio management deals with two or more non-related projects. Having foundational project management education makes each step in the process more efficient, from scoping projects, communicating with stakeholders to risk planning. Monitoring and Control. Using program governance, program manager monitors and controls the program. Mind mapping. A business project is a temporary task, something with a start and end date. Rather, the project takes inputs and develops and implements a tactical plan. Program management is the practice of managing similar projects. Contact him at GregoryDGithens@cs.com or 419.424.1164. The Portfolio Management is a combination of different assets. Many organizations still struggle to answer this question. Change ), You are commenting using your Twitter account. Does employee trust impact organizational performance? Project management is the act of creating plans and managing resources in order to accomplish a project. I have been a project manager and i have been a program manager (training) within an organization. The highest order (most strategic) concept is portfolios, and portfolios are investment tools that align with the strategy. Difference between programme, project, portfolio and product management. He or she assists in relationship and conflict management. Now, project portfolio management is the collection of all projects and programs. 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. Strategy as Problem Solving: An Example from a Large Technology Organization. 0. votes. Program management, on the other hand, is the act of … What Is The Difference Between Project Management And Portfolio Management? This is also a form of risk management. PM skills will generally focus more on the ability to manage the individuals working on the project in question. 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. 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. So here is the short answer. Programs usually span a far greater duration than a project. While the roles of the project manager and program manager vary from company to company, there are some unique aspects that characterize the two. 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. We often use these words interchangeably and, while they share some similarities, they have distinct meanings with key differences. 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. Knowing these concepts and understanding their differences is essential to pass the There is confusion between the term project management and program management. Merys summarised the differences: Portfolios: Strategic Grouping, Focus on maximising return on investment, Balanced mix of projects and programmes, Ongoing, Higher risk. 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. 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. Greg Githens explains four implications for leaders of strategic initiatives: meaning of strategic alignment, number of strategic … Hoping this communication solicits your permission to discussion your article in class, Tuesday September 18, 2012. Our research has shown that portfolio management is a way to bridge the gap between strategy and implementation. 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. Priorities are set through an appropriate value optimisation process for the organisation. They should never use the term portfolio management when they really are talking about projects. Experienced professionals don’t always agree on the terms and distinctions. I appreciate your article and table here. It refers to the centralized management of one or more project portfolios to achieve strategic objectives. 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. 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. Project management is in charge of taking care of the project and its deliverables. Best in Class. As you can see there is a different between program and project management. Keep reading for a detailed look: Portfolio Management Do you agree? A portfolio management decision is really a very simple decision: do I invest or do I disinvest? Projects need to be strategy-driven, but do not own the strategic initiative as does a programme. ... respected way to verify both your project and program management knowledge in one fell swoop. 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. While it is true that program and project portfolio management occurs at similar scales of an enterprise, their scope often differs dramatically. 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. Design Thinking: Five Landmarks for Strategic Initiatives, Seven Must-Do’s for Better Strategy Execution. Does my answer make sense? There are different types of management like Project Management, planning Management, Program Management, portfolio Management etc. People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. Thanks, I welcome discussion from others. As you can see there is a different between program and project management. PM Network. 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. 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. Here is a third example. 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. 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.”. Project Portfolio management: Project portfolio management supersedes program management and project management within the organizational hierarchy. Projects and programs form portfolios. Agile teams normally flex scope. For example, you’d want to plan a project or a program with a Gantt chart. Projects. ( Log Out /  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. It helps you set the project management processes and measure the project results; The Difference between Portfolio Management and Program Management. Newtown Square, PA: Project Management Institute). These successful organizations are skilled at portfolio management; that is, they understand how to invest and disinvest in programs and projects. The same principle applies: a portfolio decision is to invest or disinvest (that is, charter or cancel) a project or a program. Portfolio refers to a group of related or non-related projects or programs. “A project management degree is the way to learn the technical, professional and strategic skills necessary to successfully manage a wide variety of projects. 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. 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? People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. Project Management is most concerned with delivery of capabilities, typically as defined within a programme. … What is PPM? 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. For companies that work on a large number of projects, it makes sense to clearly delineate between PPM and 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. 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 addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. Anyone care to list them? 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. In other words, portfolios involve similar projects and programs. The PMBOK definition nicely encapsulates this: Successful projects deliver on time, to budget and to specification (i.e. P3M stands for "programme, portfolio and project management". 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. (I find the PRINCE2 definition of a project a little vague hence less useful. 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 You question is one that many people have. Factors. What is the project risk management process? He or she needs to be able to intelligently discuss this question: They alter the contents of the portfolio so that they can convince as sponsor that their work has merit. The most successful organizations have fewer strategic programs, and these programs are staffed with the best resources. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Though a project and a program are distinct, the project management tools used to manage them are very similar. 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. 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. Or put another way you can fix two of the three but one of them must flex. Although, the words seem similar there are some differences. 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 … Programs are Ongoing, Projects End. It is noticed and appreciated! What About the Distinctions with Project Management? For one, PPM involves more strategy and is more goal-driven than program management. Project Management, Program Management, and Portfolio Management are very important terms in project scope 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. So the buzz words are “highly related” and “more benefits”. Strategic initiatives are transformative and involve stakeholders that do not have training in program and project management concepts. Thank you for your A2A. “What are the differences between portfolio management and program management?”. Portfolio manager measures the aggregated performance. What is the difference between projectmanagement and program management? Risk and reward are considered and balanced, and programmes are selected based on their alignment with organisational strategy. To be specific, the emergence of related but different fields of program management and project portfolio management has changed the … In addition to project management, organizations are embracing program and portfolio management to address enterprise-level needs. Programs. 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. 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. Visual artists often collect their artwork in to a portfolio. What is the difference between projectmanagement and program management? … 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. Customer Policies (Refund, Postponement, etc.). Of course, in some companies, the Program Manager assumes the role of the Project Portfolio Manager, and thus the confusion. How can this knowledge help you lead a strategic initiative? 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. In daily lives across most organizations, the distinction of “high related” and “more benefits” are often blurred. 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. It is essentially involved with overseeing a collection of programs and projects. 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. Otherwise, people take a risk of walking into the office of business people who really understand portfolios and sounding ignorant. My goal is to provide useful insights to strategic initiative practitioners. Mind mapping. Portfolio management concentrates on choosing the right projects. Project vs Program, plus the difference between Project and Program Managers. – 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. Although they sound similar, they refer to different concepts. Finally a question that is about the similarities, and not the differences between a project and a program. A strategic initiatives are programs (thus amenable to program management tools) but not all programs are strategic initiatives. Using program governance, program manager monitors and controls the program. So here is the short answer. But there are key differences between each role. asked 9 years ago by anonymous. What is the Difference Between Project, Program and Portfolio Management? Project Management. However, you are likely to encounter them in fields as diverse as manufacturing, marketing and retail. At the other extreme is the “tight program” in which PMI advocates. Portfolio management concentrates on choosing the right projects. Portfolio management concentrates on choosing the right projects. Thanks to you, knowledge was enhanced. The reader should also review A Concise Guide to the Difference Between Projects and Programs for more detail. The project risk management process is well known. Tools and insights for turning vision into results, Need a strategic planning facilitator, implementation coach, neutral mediator, workshop, seminar, or hands-on program manager? PMP, PgMP, PfMP, PMI-ACP, PMI-RMP). I am a student at Keller Graduate School of Management, Devry University; reading Business Administration, with a concentration in Project Management. Project Management focuses on a specific, singular project. 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. Portfolio Leadership style – Portfolio Managers add value to the portfolio decisions. project ; program; project-management; program-management; 1 Answer. The terms product management, program management, and project management are often associated with the software industry – especially product and program management. Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. Moreover, PPM is not at all tasked with the same duties as program management. Related: How Program Managers Use Software to Manage Project Portfolios The Difference Between a Program Manager and a Project Manager. Portfolio Management focuses on the evaluation, scoping, prioritization, capacity planning, financial management and reporting of its affiliated projects/programs. Note that my focus is on strategic initiatives. Programs and projects are both in the realm of implementation. Since projects are investment and since most organizations have finite resources, it’s important to focus and pick the best investment choices. Program management addresses the management of project management. Posted on 21 Aug 2010 by Steven Thomas. 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 is the management and oversight of multiple interrelated projects. For example, managers of. A project is a scheduled undertaking for the purpose of creating a product or service. The difference between a program and a portfolio is dependent on the kind o f relationship that exists . 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 …
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