Relationships Among Portfolio Management, Program Management, Project Management, and Organizational Project Management
In order to understand the portfolio, program, and project management, it is important to recognize the similarities and differences among these disciplines. It is also helpful to understand how they relate to organizational project management. (Organizational project management OPM)
Portfolio, program, and undertaking the board are lined up with or driven by authoritative systems. Then again, portfolio, program, and undertaking the executives contrast in the manner in which each adds to the accomplishment of key objectives. Portfolio the board lines up with hierarchical procedures by choosing the correct projects or activities, organizing the work, and giving the required assets, while program the executives orchestrates its ventures and program parts and controls interdependencies so as to acknowledge indicated benefits. Undertaking the executives creates and actualizes plans to accomplish a particular extension that is driven by the targets of the program or portfolio it is exposed to and, eventually, to authoritative methodologies.
OPM advances organizational capability by linking project, program, and portfolio management principles and practices with organizational enablers to support strategic goals. An organization measures its capabilities, then plans and implements improvements towards the systematic achievement of best practices.
Program Management :
A program is defined as a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. Programs may include elements of related work outside the scope of the discrete projects in the program. A project may or may not be part of a program but a program will always have projects.
Program the board is the utilization of learning, abilities, devices, and methods to a program so as to meet the program prerequisites and to acquire advantages and control not accessible by overseeing ventures independently. Tasks inside a program are connected through the normal result or aggregate capacity. On the off chance that the relationship between undertakings is just that of a mutual customer, dealer, innovation, or asset, the exertion ought to be overseen as an arrangement of tasks instead of as a program.
Program the board centers around the task interdependencies and decides the ideal methodology for overseeing them. Activities identified with these interdependencies may include:
- Resolving resource constraints and/or conflicts that affect multiple projects within the program,
- Aligning organizational/strategic direction that affects the project and program goals and objectives,
- Resolving issues and change management within a shared governance structure
A portfolio refers to projects, programs, sub-portfolios, and operations managed as a group to achieve strategically
The ventures or projects of the portfolio may not really be associated or legitimately related. For model, a framework firm that has the vital target of "expanding the arrival on its ventures" may set up together a portfolio that incorporates a blend of undertakings in oil and gas, control, water, streets, rail, and air terminals. 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 become integral components of the enterprise portfolio of the infrastructure firm. Portfolio the executives refer to the unified administration of at least one portfolio to accomplish key destinations. Portfolio management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation and that the management of the portfolio is consistent with and aligned to organizational strategies.
Projects and Strategic Planning
- Projects are often utilized as a means of directly or indirectly achieving objectives within an organization’s strategic plan. Projects are typically authorized as a result of one or more of the following strategic considerations:
- Market demand (e.g., a car company authorizing a project to build more fuel-efficient cars in response to gasoline shortages);
- Social need (e.g., a nongovernmental organization in a developing country authorizing a project to provide potable water systems, latrines, and sanitation education to communities suffering from high rates of infectious diseases)
- Customer request (e.g., an electric utility authorizing a project to build a new substation to serve a new industrial park)
- Strategic opportunity/business need (e.g., a training company authorizing a project to create a new course to increase its revenues)
- Environmental consideration (e.g., a public company authorizing a project to create a new service for electric car-sharing to reduce pollution);
- Legal requirement (e.g., a chemical manufacturer authorizing a project to establish guidelines for proper handling of new toxic material)
- Technological advance (e.g., an electronics firm authorizing a new project to develop a faster, cheaper, and smaller laptop based on advances in computer memory and electronics technology)