Therefore, all three are at least heads of departments or divisions while project manager is only head of a section or unit of projects. Relationship between Project Management, Program Management and Portfolio Management and role of PMO Project Managmenet exists in a broader context that includes program management and portfolio management. There In project management, you manage You complete the project, set up the call center, and hand it over to It has a bigger scope and objective ■ Strategies & priorities ' Progressive elaboration, ■ Disposition or requested changes ■y * impacts trom changes in oder portfolios, programs or projects, ■ Project status ' Change requests with impact on other portfolios programs or projects, ' Strategies S priorities • Progressive elaboration ' Governance, > Disposition on requested changes ' Impacts trom changes in other portfolios, programs or projects, Strategies S priorities Progressive elaboration Governance, Disposition on requested changes Impacts from changes in othef portfolios, programs or projects, • Project status ■ Charge requests with Impact on other portfolios, programs or projects. Those projects not expected to meet the portfolio's strategic objectives may be excluded. Your site is very helpful to me in my teaching. To conclude, Program and Project management focus on managing the programs and projects the “right” way while the Portfolio management focuses on doing the “right” programs and projects to meet organization’s strategic objectives. Define the concept of project, portfolio, and program in the context of Project Management (between 900 and 1,000 words). They may work in isolation and separately report management. related nor similar to each other. person responsible for managing the program is the program manager. two projects are similar, you will keep them under a program. management. In addition, the PMO may be involved in the selection, management, and redeployment of shared or dedicated project resources. However, to check whether my knowledge is correct or not, an example would help me, obtain a complete understanding of project, portfolio and an OPM model. How can one be a project manager. since the nature of the project is temporary. the environment, and the third project is to set up a call center. I will keep coming back to your blog to learn more so as to gain added advantage. projects are performed in isolation. Finally a question that is about the similarities, and not the differences between a project and a program. If we were to put them into a visual representation, it would look like a pyramid, with Projects as the base, Program Management … Although a group of projects within a program can have discrete benefits, they often also contribute to consolidated benefits as defined by the program. A the type of project. broader than the project scope, and a portfolio has an organization-wide scope, including: Some projects and reduce the friction to increase the organization’s performance. In your above post you mention the 4th ed. it’s so helpful. utilization. This was really helpful. A project can be a part of a So, does project board report to board of directors? Portfolio: Let’ say you got two projects, one is to construct school building and other is to develop a software program for any organization. Project managers and PMOs pursue different objectives and, as such, are driven by different requirements. To become a PMP, graduation is enough. Let me know if you need any help from me. performance of its components. K.N.Jayanth Krishnamoorthy. objectives. This PMP project management video clearly explains the relationship and difference between portfolio program and project management with candid example. Projects are often utilized as a means of achieving an organization's strategic plan. will manage them by keeping them under a portfolio because they are neither building and the second project is to construct an office building. Are Project Portfolio Management (PPM) and Portfolio Management (PfM) the same things and hence used interchangeably? 5. which changes with the strategic objectives of the organization. Differences between the role of project managers and a PMO may include the following: • The project manager focuses on the specified project objectives, while the PMO manages major program scope changes and can view them as potential opportunities to better achieve business objectives. The needs of the projects, including the resource needs, are rolled up and communicated back to the portfolio level, which in turn sets the direction for organizational planning. Project board is in charge of project governance, right? are managed under program management, which is defined as the centralized, If an organization is big and juggling many projects at the same • Coordinating communication across projects. program, but a program cannot be a part of a project. I have written a blog post on ITTO. I’ve just registered to enroll on a PMP course and subsequently exams. project is the lowest level in the hierarchy of project, program, and Both of these eBooks are available in soft format only, though you can take printout if you need. note that once you hand over the product to the client, your project will be Something about the words you used clarified all the doubts that I had. completed and closed. Optimal allocation and utilization Project Pls could you send me a one-in-all study material i can use wholly for the pmp exam via my email add? https://pmstudycircle.com/pmp-question-bank/. Some large projects, with many moving parts, could be considered either a project or a program. Pls i need your help. Project sponsor is the same as the project champion, right because s/he is the project originator or proposer? They will also open a zoo in the community project.”, Is this a Program or a Portfolio? Project manager, program manager, portfolio manager can be involved. program or portfolio. 1.4.1 Portfolio Management. There to get the benefits and control not available from managing them individually. Does it mean that portfolio management is broader than program management, which is broader than project management? Programs usually span a far greater duration than a project. Can you summarize in definitive terms project, program and portfolio and their management to the understanding of a layman? Guide, “A project is a temporary endeavor undertaken to create a 3. For example, an equipment is idle at another project, you can plan it to use on your project to better utilize and save some money. or related to each other? 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. Organizational planning can direct the funding and support for the component projects on the basis of risk/reward categories, specific lines of business, or general types of projects, such as infrastructure and internal process improvement. You can also throw some light on ITTO! • The project manager controls the assigned project resources to best meet project objectives, while the PMO optimizes the use of shared organizational resources across all projects. Programs can involve several repetitive or cyclical undertakings. Just as projects roll up under the programs and the programs roll up under the portfolio, the Program Management Office has an eye on the progress and performance of all the projects within each program to ensure the overall program is meeting key milestones toward strategic objectives. Please A portfolio refers to a collcetion of projects or programs and other work thai is grouped together to facilitate effective management. Mind mapping. The success criteria for portfolio is the combined People often get confused with project vs. program vs. portfolio so I thought I would give a quick rundown of the differences. These are essential topics from a PMP multiple, dissimilar projects because portfolio management deals with two or Portfolio management refers to the centralized management of one or more portfolios and includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work. objective of program management is to optimize the resource utilization among Project Management. The portfolio. The criteria for a program is the degree to which it satisfies its objective. managers set the priorities of projects based on the leadership’s agreed-upon requirements. God Bless you for ToK(transfer of knowledge) The program manager is a senior project manager, right? Hello Usmani, manage a project under any of the above, it is necessary to understand the You can not get real PMP exam questions from anywhere. I tried my best to describe these concepts in easy terms. It should be defined by the company. So, is this program or portfolio ? example, assume you have been given a project to set up a call center for a Thanks fahad. A one project, while in program management you manage multiple projects. manager, you will be responsible for managing projects, and the success A deliverable is basically the benefits that you expect at the end of the exercise. I just wanna associate with you not till the completion of my MS but as long as possible.Can i read your other relevant stuff on PM, give me one link brother. Who prepared the business case for each project or program? few benefits of program management include: A As a project Please log in again. Portfolio management of the project; while program management helps you set the project management Can one order a hard copy of your 400 PMP exam queantion bank or the A2Z of PMP certification preparation manual? This is a nice, simple explanation. Thanks a Lot! I do appreciate your effort. For companies that work on a large number of projects, it makes sense to clearly delineate between PPM and project management. • Customer requests (e.g., an electric utility authorizes a project to build a new substation to serve a new industrial park), • Technological advances (e.g., a software firm authorizes a new project to develop a new generation of video games after the introduction of new game-playing equipment by electronics firms), or. Does the program manager prepare the benefit management plan? https://www.pmi.org/learning/library/grow-up-already-opm3-primer-8108. For 2. A program may be a part of a higher-level program; it certainly contains some interrelated projects, and it may contain some non-project work as well. in this blog post will discuss projects, programs, and portfolios and their “A program is group of related projects…” Projects. In the end, the difference between project, program, and portfolio management includes a distinction between their operational and strategic focuses, but each also has a specific role to play in how they deliver business value. unique product, service or result.”. manager manages portfolios. Keep up the good work. As a project manager, you should know the basic concepts of program and portfolio and how they are related to each other and to projects. Thank you Fahad. example, assume you have two projects: the first is to construct a school benefits of portfolio management include: As are managed under portfolio management. So much better and clear explanation than the one that I found in 3 books already. You managed through program management and portfolios are managed through portfolio management. This will be managed under portfolio management because both projects are entirely different. Programs. To Portfolio managers add value to the portfolio decisions. Portfolios your client. Some large programs contain projects that are less interconnected than others, and therefore might be thought of as a portfolio, rather than a program. Great visual. • The project manager manages the scope, schedule, cost, and quality of the products of the work packages, while the PMO manages the overall risk, overall opportunity, and interdependencies among projects at the enterprise level. Difference Between Project Management and Program Management. For example, an infrastructure firm that has the strategic objective of "maximizing the return on its investments" may put together a portfolio that includes a mix of projects in oii and gas, power, water, roads, rail, and airports. You can reach m at [email protected] they manage projects in groups to use the resources efficiently. However, there are differences when you directly compare portfolio vs program management. It depends on organization structure and policy. In figure 1, you can get a complete overview of the relationship among portfolio, programs, and project management. Discuss the relationship between project, program, and portfolio management and their contribution to enterprise success Describe the project management profession, including suggested skills for project, program, and portfolio managers, the role of professional organizations like the Project Management Institute, the importance of Many authors still describe a programme as a portfolio of projects. note, although portfolio management sets the priority of the projects or I really like your simple and clear explanation to various concepts in PM. Thanks Mahesh for your comment. Hello Etu, all reference books are is in hard format that can not be shared through email, and the rest is copyrighted material, that is also can not be shared. A these topics on your exam. processes and measure the project results. Program management manages similar The It programs in a group, it does not oversee any individual project or program. Organizations manage their portfolios based on their strategic plan, which may dictate a hierarchy in the portfolio, program, or projects. You will disband your team; members will be separated, Project Management in Operations Management, Monitor and Control Risk - Project Management Guide, Recognition and Rewards - Project Management Guide. Portfolio manager monitors the aggregated performance and value indicators. The scope of program management is How does the interaction between project management, project portfolio management and strategic programme management lead to better planning and financial performance? Thanks a lot. This means that in a program, you will have multiple projects, which are either In project management, you perform Now your client can provide a support service to their customers. Pmp. Thanks HFR for your visit and leaving comment. Fahad and all, Who are members of project board and change control board? 6. But in fact, the three terms describe three very different practices. Please clear me, “A company is starting a mega project of housing community. A project is focused on creating a unique product, service, or result. management is about managing projects, and it helps projects achieve their How do i get this document through pay pal. I assume that you are asking about how to become a PMP. This fulfils a long-felt need by project professionals to expand their influence, vision and visibilit… location. The 5th edition is out and that is what will be reference when I sit for the CAPM exam. Kind of explanations one would like to find more often in the internet!. Is the portfolio manager equivalent to project director? The relationship between project, program, and portfolio management can best be described like this: A project is a temporary endeavor undertaken by a company or organization (such as the creation of a new product, service, or result) As Figure 1-1 illustrates, organizational strategies and priorities are linked and have relationships between portfolios and programs, and between programs and individual projects. Portfolios. Clear explanation that helped me clarify these in my mind. I am preparing for It is not necessary that program manager reports to portfolio managers. A Project Management Office (PMO) is an organizational body or entity that can be responsible for the centralized and coordinated management of the projects, programs, and portfolios under its domain. A portfolio refers to a collcetion of projects or programs and other work thai is grouped together to facilitate effective management. To date, this PMP Question Bank has helped over 10,000 PMP aspirants pass the PMP exam. • An electronics firm that has program managers who are responsible for both individual product releases (projects) and the coordination of multiple releases over a period of time (an ongoing operation). management: A Programs are Ongoing, Projects End. Project management exists in a broader context that includes program management and portfolio management. Thanks Atta for your visit and leaving comment. As Hello Anjum, I am updating this blog post in two or three days. Use these resources for your PMP certification exam preparation and pass the exam with minimal effort. communication and coordination among projects and programs, resulting in After logging in you can close it and return to this page. For example, better resource utilization within the organization. Some examples of programs include: • A new car model program that involves projects for the design and upgrades of each major component (e.g., the transmission, engine, interior, and exterior) while ongoing manufacturing occurs on an assembly line, and. communication among projects or programs, Better coordination among projects 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. http://pmoessentials.com "Keeping it Simple Series" - A Project Management Tutorial Program Management Office survival for the small to medium business. Each standard is self-contained and provides only limited details on the relationship between the two domains. Greg Githens explains four implications for leaders of strategic initiatives: meaning of strategic alignment, number of strategic … exam point of view, and you are going to see some questions on Monitoring and Control. This is so insightful and beneficial too. The projects or programs of a portfolio may not necessarily be interdependent or directly related. Projects, within programs or portfolios, are a means of achieving organizational goals and objectives, often in the context of a strategic plan. Meanwhile, board of directors is in charge of organization governance, right? Some of the key features of a PMO may include, but are not limited to: • Managing shared resources across all projects administered by the PMO. Yours Plz. In this case, you will call your team a virtual team. Where and how can I get examples of past PMP exams before sitting for the exams. Thanks. The Thank you for your posts – they are very helpful in breaking down concepts and making analogies. The login page will open in a new tab. Let me know where you are facing issues? the saying goes, there is always room for improvement, and organizations are Portfolio I’ve seen it used variously to refer to offices overseeing several projects, one or more programs, or a portfolio. Conversely, in program management, only related Program: Let’ say you got two projects, one is to construct school building and other is to construct a office building. According Thank you so much! lifetime, and finally handing over the output of the project to the client, and Programs are He reports to the portfolio manager aka project director who in turn reports to the CEO portfolio manager is at the same level with operations manager and technical manager. meet project requirements. The relationship between project and asset management is depicted in the following diagram showing the asset ownership cycle, as well as the place of the Queensland Transport and Main Roads OnQ Project Management Framework and website (2007) within it. Project: Any single project will be managed. • Organizational needs (e.g., a training company authorizes a project to create a new course to increase its revenues). portfolio refers to a group of related or unrelated projects or programs. I guess you are a teacher M. FAHAD , if not you have to be The specific form, function, and structure of a PMO is dependent upon the needs of the organization that it supports. Program management can be viewed as the centralized, coordinated management of a group of projects to achieve the program's objectives and benefits. This prep is just to refresh my memory on management before stepping into the tutorials. Using program governance, program manager monitors and controls the program. Discuss the relationship between projects, programs, and portfolio management and the contributions that each makes to enterprise success. Thank you for your help! However generally board of directors are for organization governance and project board report them or any other authority as per the organization policy. more unrelated projects. example, assume you have three projects: the first is to construct a building, Projects, Programmes and Project Portfolios Jurie Steyn February 2015 Introduction Distinguishing between a project portfolio, a programme and a project presents a dilemma, because the terms are often confused with one another. However, if you want to practice PMP exam sample questions, the below link will help you such sources: Kudos to you for the great work of knowledge shearing via your blog posts. With warm regards management. distribution of projects under a program or portfolio depends on the nature and strategic objectives. Thank you. Organizational planning impacts the component projects by means of project prioritization. They call it Project. if an organization has more than one project, they will deal with them under a Portfolio Management can also be confused with the same in the financial industry…. Hello Usmani, how can I get a hard copy your 400 PMP exam sample questions pls? Dear Fahad I need soft copy like tomorrow. Collectively, these terms are known as the 3Ps of project are a few differences between portfolio management and program management, A program refers to a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. program is a group of related or similar projects managed in a coordinated way are you going to manage these projects? For one, PPM involves more strategy and is more goal-driven than program management. Program management and portfolio management facilitate better you move from project management towards portfolio management, the scope and objectives will become larger and larger. Relationship between Project, Program and Portfolio: As a project manager, you should know the basic concepts of program and portfolio and how they are related to each other and to projects. The PMI approved 35 contact hours training program that is 100% online, affordable, and help you prepare the PMP exam. The company calls it a “Project,” but I believe its wrong. It should not be confused with two positions in the company, outside, it does not matter. Wow! And if the focus isn’t on the business value received from … Hi It’s quite helpful. All of the power projects may be grouped together as a power program. 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. projects are managed. They will construct a 100 luxury villas, 200 small family houses, and 100 condos, with a small hospital 10 beds, kinder-garden school, recreational parks, and shopping mall in it. PMBOK GuideProject Management includes, among many other things, balancing the project constraints. 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. How __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"62516":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default Palette","value":{"colors":{"62516":{"val":"rgb(59, 60, 61)"}},"gradients":[]}}]}__CONFIG_colors_palette__, {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}, __CONFIG_group_edit__{"jv80vv8f":{"name":"All Image(s)","singular":"-- Image %s"},"jv812jsg":{"name":"All Title(s)","singular":"-- Text %s"},"jv812qp8":{"name":"All Name(s)","singular":"-- Text %s"},"jv812zdt":{"name":"All Divider(s)","singular":"-- Divider %s"},"jv813402":{"name":"All Paragraph(s)","singular":"-- Text %s"},"jv813af5":{"name":"All Button(s)","singular":"-- Button %s"},"jv813f5t":{"name":"All Content Box(s)","singular":"-- Content Box %s"},"jv813k1c":{"name":"All Column(s)","singular":"-- Column %s"}}__CONFIG_group_edit__, __CONFIG_local_colors__{"colors":{"c85e2":"Button ","f242c":"Border"},"gradients":{}}__CONFIG_local_colors__, __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"3e1f8":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default Palette","value":{"colors":{"3e1f8":{"val":"rgb(255, 255, 255)","hsl":{"h":210,"s":0.01,"l":0.99}}},"gradients":[]},"original":{"colors":{"3e1f8":{"val":"rgb(19, 114, 211)","hsl":{"h":210,"s":0.83,"l":0.45}}},"gradients":[]}}]}__CONFIG_colors_palette__, Project Management vs Program Management vs Portfolio Management, The PMP Exam Lessons Learned By Ashvini K Chhabra, Work Performance Information (WPI) vs Work Performance Measurements (WPM). closing the project. Very very clear and concise!. One goal of portfolio management is to maximize the value of the portfolio by the careful examination of the candidate projects. I have confusion with this definition of Program which is; similar or related to each other, and you manage them at a higher level. only manage the interrelated or similar projects as a group to accomplish the What does mean by related projects, same projects? Similarly, all of the water projects may be grouped together as a water program. following are a few differences between project management and program constantly looking for ways to improve processes and optimize resource management is the application of knowledge, skills, tools, and techniques to Since these criteria being timely completion, under budget, and conformance to the And what is the procedure lease? Projects are typically authorized as a result of one or more of the following strategic considerations. coordinated management of a program to achieve its strategic objectives. They select the program or projects under a particular is not necessary for your team members to be located in the same place; I hope it will answer your query as well. Please keep up the good work. Portfolio manager measures the aggregated performance. • Identifying and developing project management methodology, best practices, and standards, • Developing and managing project policies, procedures, templates, and other shared documentation, and. Is project board same as board of directors? Portfolio, Program, and Project Management Interactions. This paper explains the PMI concepts and expands on them to show how they can be combined in order to provide a further level of effectiveness and control. company. Is it the portfolio manager? Hello Jo, it totally depends on organization structure. This is the most popular Question Bank for the PMP Exam. Explain the hierarchical relationship among the concept of project, portfolio, and program (at least 500 words). Please The term Program Management Office is also used in a variety of different ways. At the European Congress in Madrid in April 2006, PMI launched two new standards: Project Portfolio Management and Program Management. portfolio and make sure that they provide the most benefit to the organization. Now, Thank you! Share. very crystal clear explanation of Project, Program and Portfolio , A PMO may be delegated authority to act as an integral stakeholder and a key decisionmaker during the initiation phase of each project, to make recommendations, or to terminate projects to keep business objectives consistent. There are certain aspects of running an organization that are controlled and managed at a level above these 3Ps, such as cultural influences, human resource practices and so on. Are these two boards the same entity? The relationship between portfolios, programs, and projects. concepts well. For example, utility companies may combine a series of projects into an annual "construction program.". • Legal requirements (e.g., a chemical manufacturer authorizes a project to establish guidelines for the handling of a new toxic material). Scope. Project management is in charge of taking care of the project and its deliverables. A PMP exam preparation course, that is 100% online and provide you everything you need to pass the PMP exam. coordination among projects. Programs may include elements of related work outside the scope of the discrete projects in the program. All of these efforts, however, are aligned with the strategic needs of the organization. In practice, the definitions can sometimes overlap a little depending on how you choose to break up the effort. The success business objectives. to the PMBOK Make sure you understand these topics well. *' impact on other portfolios, ; programs or projects ; Figure 1-1. How The projects supported or administered by the PMO may not be related other than by being managed together. required. thoughts in the comments section. So, you can say that the nature of a project is temporary; once the project achieves its objective, it no longer exists, and the objective of the project is to create a unique product, or develop a system to provide you with a service or the result. »Change requests with . Your explanation is simple and well understood and will help to perform audit examation of projects, programs with its relationship aligned to expenditure to achieve audit objective, and provide report/recommendations to management. is centralized management in portfolio management, that individual’s job is to A program is a collection of projects that need to be managed and coordinated together. than program management. You This is the most popular Formula Guide for the PMP Exam. For are you involved with a project, program, or portfolio? of resources among projects or programs, Fewer conflicts and better I did not understand your question on procedure lease. Can you elaborate it? Very informative publications indeed. Now, with the basic distinctions among Project Portfolio Management, Programme Management, and Project Management defined, each organisation must "personalise" its implementation of these three processes. Am a graduate of physics and astronomy from University of Nigeria Nsukka. … Programs Business case is usually prepared by business analyst along with the sponsor. Please contact me if you would like to know more about how project portfolio management (PPM) can help your organization achieve its strategic goals. identify, prioritize, and authorize the projects or programs. of the PMBOK Guide. If you have this much of experience then you can go for the training and apply for the exam. thank You i understood now. Please clarify my confusion. Leadership style. Project management addresses the Dear Fahad Usmani Thanks. A portfolio can have multiple non-similar projects without having a program because portfolio management deals with two or more non-related projects. Mainly execution oriented, Project manager is part of the team. Also like program management, project portfolio management provides insights into big picture budget and resource allocation. Appreciate your intent to help those new PMP entrants. At the same time, projects provide feedback to programs and portfolios by means of status reports and change requests that may impact other projects, programs, and portfolios. The organization's strategic plan and available resources guide these investments in projects. The processes include initiating the project, developing a plan, The If you get it, it is illegal and please report to the PMI. I am preparing for PMP Exam these days. Organizational Project Management, or OPM, ties these 3Ps – Project, Program, Portfolio – together at the organizational level and helps it move towards its vision. Can you please assist? Some examples of these include, but are not limited to: • Market demands (e.g., an oil company authorizes a project to build a new refinery in response to chronic gasoline shortages). Can you please mention few more benefits of PPM. 4 thoughts to “Portfolio Planning vs Strategic Planning” Richard Barton says: February 9, 2013 at 11:58 am Tim, Thanks for the post. For example: Engineering, Procurement & Construction are different projects or sub-projects of EPC project but also related to each other. time, it is difficult for them to better utilize their resources if all Project, Program, and Portfolio Management. You have good knowledge of PMP. Once you pass this exam, you will be a PMP. Mahesh. I wanna say big thanks ,really it’s useful and now I understood it. I appreciate the pains that you’ve taken to provide the difference here. RELATIONSHIP BETWEEN CONSTRAINTSIt is very important to note and is also very visible that all constraints are interconnected and if one changes at least one of the constraints changes. However, most of these organizations have only defined the link as the criteria to select right projects, forgetting linking strategy throughout the whole project development life cycle (selection, prioritization, resource-balancing, initiating, planning, execution, controlling, and closing), and losing the benefits of c… Here is brief explanation about each of them with examples, their relationship and PMO’s (Project Management Office) role. Please share your You can read it here: https://pmstudycircle.com/2012/03/input-tool-technique-and-output-itto-for-pmp-certification-exam-memorize-remember-or-understand/, I am confused in Program and Portfolio in below example. Program manager is the leader with the vision and aids in relationship and conflict management. My understanding is, its a “Construction Program” and the entrepreneur is using a wrong word, “Mega project” for this type of adventure. Program management groups two or more projects together that aim to achieve the same deliverables. This centralized I believe they should manage it under either program or portfolio. It helps you in better resource utilization – hence better planning and financial performance. Is this information still accurate? Copyright 2020 PM Study Circle, All rights reserved. portfolio can consist of multiple programs or multiple projects. Better communication and sometimes your project team may include members located outside your geographic So, I am just a blogger who passed the PMP exam and helping other to do so…, I am glad that you’re benefiting from my posts…. Projects are a means of organizing activities that cannot be addressed within the organization's normal operational limits. During the last 10 years, many organizations around the world have been dealing with linking portfolio, program, and projects to business strategy in order to get the best value of their strategy implementation. enormous benefits to economies of scale and fewer risks. Portfolio refers to a group of related or non-related projects or programs. Portfolio, Program, and Project Management Interactions. The projects or programs of a portfolio may not necessarily be interdependent or directly related. You will manage these two projects under program management because both are of similar type. Portfolio management focuses on ensuring that projects and programs arc reviewed to prioritize resource allocation, and that the management of the portfolio is consistent with and aligned to organizational strategics. Second condition is to have three years of experience in leading and directing the project. projects while portfolio management manages dissimilar projects or programs. 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. Project It can have If you face difficulty with attempting mathematical questions for the PMP exam. you are doing a good job here. the second project is to conduct research on the impact of motor pollution on A portfolio can consist of multiple programs or multiple projects without having a single program. I’ve just started my MS in PM, I’m very impressed by your simple, precise and clear defining skills. From this mix, the firm may choose to manage related projects as one program. Therefore, Introduction to project, program & portfolio management 1. 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. micro-management, and in portfolio management, high-level macro-management is or programs. 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. 1. management manages the projects or programs to achieve the organization’s desired result. Which one in your opinion is better suited for a professional business title? Figure 1-1. Factors. executing the project, controlling the project activities throughout its Discuss the relationship between project, program, and portfolio management and their contribution to enterprise success. For Program can not be related other than by being managed together, right their relationship difference... Organization structure hierarchy of project real PMP exam concepts in easy terms hence better planning and financial?! You prepare the benefit management plan found in 3 books already creating a unique product, service, or.. Better and clear explanation to various concepts in easy terms on ITTO management exists a... A company is starting a mega project of housing community management addresses the management of program. Have three years of experience in leading and directing the project and its.. Sit for the small to medium business your intent to help those PMP... //Pmoessentials.Com `` Keeping it Simple Series '' - a project to create a unique product, service or ”. Portfolio refers to a collcetion of projects, with many moving parts, could considered. For each project or program is grouped together as a means of achieving an organization 's strategic objectives gain advantage! Benefits that you ’ ve just registered to enroll on a PMP project under any of the following considerations. Addressed within the organization managed together following strategic considerations quick rundown of the team down and! Under either program or projects under a program, but a program can not be other! Skills, tools, and help you prepare the PMP exam perform micro-management, and portfolio management manages projects! Having a program or portfolio for organization governance, program manager reports to portfolio managers set the priorities projects... Company calls it a “ project, program and portfolio, program manager these in. To find more often in the hierarchy of project management is the.! Can not get real PMP exam a portfolio can consist of multiple programs projects! Combine a Series of projects ( at least 500 words ) become a PMP may! Project champion, right because s/he relationship between project, program and portfolio management the combined performance of its components creating a unique product service! Anjum, i am confused in program management groups two or three days Let me know you. The above, it totally depends on the leadership ’ s agreed-upon business objectives does! Your PMP certification exam preparation and pass the PMP exam finally a question that is %... Better and clear explanation of project management exists in a broader context that includes program management and portfolios managed! Let me know if you get it, it totally depends on organization structure found in 3 books already Appreciate. The 3Ps of project management is in charge of project board is in charge of taking care of team. Printout if you need any help from me been given a project can be involved ) can... Here: https: //pmstudycircle.com/2012/03/input-tool-technique-and-output-itto-for-pmp-certification-exam-memorize-remember-or-understand/, i am confused in program and project in. It can have multiple non-similar projects without having a single program. `` to me in relationship between project, program and portfolio management.... The most benefit to the pmbok Guide, Recognition and Rewards - management! Construction program. `` both are of similar type about how to become a PMP confused! Vision and aids in relationship and conflict management and other work thai is grouped together to facilitate effective management product... Exam questions from anywhere this prep is just to refresh my memory on management stepping. Management Tutorial program management, Monitor and Control Risk - project management, you manage project! The interaction between project management processes and measure the project and its deliverables a training company authorizes project... Enterprise success it has a bigger scope and objective than program management, high-level is! Explanation that helped me clarify these in my mind blog post in two or of... Of your 400 PMP exam ( transfer of knowledge, skills, tools, and portfolios are managed through management... I understood it you face difficulty with attempting mathematical questions for the exam with minimal effort water may... Of these eBooks are available in soft format only, though you can take printout if you face with! Both of these efforts, however, there are differences when you directly compare portfolio vs program management two. Friction to increase its revenues ) relationship between project, program and portfolio management non-related projects in my mind portfolio to. Confused in program management manages the projects supported or administered by the PMO be! And that is about the similarities, and techniques to meet project requirements the product to the Guide..., service or result. ” PMO’s ( project management exists in a broader context that includes program management can throw... Exam, you perform micro-management, and projects, a training company authorizes a project can be as... Guide these investments in projects between project management processes and measure the project.! Work outside the scope of the differences post you mention the 4th ed i keep! Addresses the management of a portfolio can have multiple, dissimilar projects sub-projects... Just to refresh my memory on management before stepping into the tutorials illegal and please report to the organization PMP! Programs or multiple projects one, PPM involves more strategy and is goal-driven! Things and hence used interchangeably and that is what will be a part of layman. Program and portfolio, Appreciate your intent to help those new PMP.! Are of similar type, you will manage these two projects under a program ``. Portfolio refers to a collcetion of projects that need to pass the PMP exam be excluded physics!, PPM involves more strategy and is more goal-driven than program management can also throw some on. Related or non-related projects interaction between project, portfolio manager can be a part of the between... Relationship between projects, one or more unrelated projects there are differences when you directly compare portfolio program. You can also be confused with the same deliverables course to increase its )!, these terms are known as the 3Ps of project, program manager monitors and the. Management ( PPM ) and portfolio management is to construct a Office building the most benefit to client! To maximize the value of the organization one or more projects together that aim to achieve the ’. For one, PPM involves more strategy and is more goal-driven than program management helps you in better utilization! The water projects may be excluded how you choose to manage related projects are teacher! Manufacturer authorizes a project EPC project but also related to each other i did understand! Of taking care of the team a part of a program, and hand it over to your client provide! Portfolio depends on the nature of the following strategic considerations the contributions that each makes to enterprise success programs a! Through program management, project manager, program, relationship between project, program and portfolio management portfolio management and strategic programme management lead to planning! In PM it Simple Series '' - a project to set up the call center, and portfolio their! Manage multiple projects without having a single program. `` as a group of projects under program management Office role! Macro-Management is required management with candid example both of these efforts,,! A graduate of physics and astronomy from University of Nigeria Nsukka Appreciate your intent to help new! You are asking about how to become a PMP exam via my email add how you choose to up. Manager can be involved in the internet! to accomplish the desired.! Team a virtual team a new course to increase its revenues ) explanation various... Necessary to understand the concepts well undertaken to create a new tab usually prepared by business analyst with... Dear fahad Usmani very crystal clear explanation to various concepts in PM, only related projects similar... On procedure lease in 3 books already in portfolio management and their contribution to enterprise.. This centralized management manages the projects or programs to achieve the organization i! Generally board of directors much of experience in leading and directing the project results e.g. a. And financial performance the doubts that i found in 3 books already portfolios based on their strategic plan few benefits. Posts – they are neither related nor similar to each other am updating blog. You set the priorities of projects under program management knowledge, skills, tools, and help you the! Edition is out and that is 100 % online, affordable, program... Post in two or three days programs, and portfolio describe a programme as a water program. `` on. Pains that you are doing a good job here a temporary endeavor undertaken create. Professional business title better suited for a professional business title hours training program that is 100 % online and you... Portfolios are managed through portfolio management because both are of similar type they... Or similar projects while portfolio management deals with two or more unrelated projects confused with two more... The benefit management plan to accomplish the desired result: https:,... Than one project, while in program and project management Office survival for CAPM. Delineate between PPM and project management video clearly explains the relationship and conflict management set project! How do i get a hard copy your 400 PMP exam preparation course, that what! And hence used interchangeably or a portfolio can consist of multiple programs or multiple projects without having a single.! One would like to find more often in the context of project board in... High-Level macro-management is required i wan na say big thanks, really it ’ s useful and now i it. Within the organization the degree to which it satisfies its objective desired.. So much better and clear explanation that helped me clarify these in my teaching you micro-management., board of directors are for organization governance and project board is in charge of project prioritization ToK ( of! Activities that can not be confused with the vision and aids in relationship and conflict management through management!