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Understanding Project Portfolio Management

Project management involves managing individual temporary projects to create unique products or services. Program management coordinates related or similar projects together to achieve benefits not available when managing projects individually. Portfolio management groups both related and unrelated projects and programs together under centralized management to achieve organizational strategic objectives.

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Daniyal Aslam
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14 views3 pages

Understanding Project Portfolio Management

Project management involves managing individual temporary projects to create unique products or services. Program management coordinates related or similar projects together to achieve benefits not available when managing projects individually. Portfolio management groups both related and unrelated projects and programs together under centralized management to achieve organizational strategic objectives.

Uploaded by

Daniyal Aslam
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Assignment # 1

Topic: Project Management vs Program Management vs


Portfolio Management

Subject: Strategic management

Submitted by : Sobia Khan, Daniyal Aslam, Safia Younis, Huma Ayaz


and Shujat

Semester: BBS IV

Department of management sciences


Project

“A project is a temporary endeavor undertaken to create a unique product,


service or result.”

Example

You have been given a project to set up a call center for a company that they can
use to provide support service to their customers. You start the project, set up the
call center, and hand it over to your client. Now your client is ready to provide
support service to their customers.

Project Management

Project management is the application of knowledge, skills, tools, and techniques


to project activities to meet the project [Link] management is the
process that helps projects achieve their objectives.

Program

A program is a group of related or similar projects managed in a coordinated way


to get the benefits and control not available from managing them individually.
This means that in a program you will have multiple projects which are either
similar or related to each other.
Example

You have two projects: the first project is to construct a school building and the
second project is to construct an office building. Since these two projects are
similar, you will keep them under a program.

Program Management

Program management is defined as the centralized, coordinated management of a


program to achieve its strategic objectives. In program management, you only
manage the interrelated or interdependent projects as a group to accomplish the
desired result.

Portfolio

Portfolio refers to a group of related or non-related projects or programs. A


portfolio can consist of multiple programs or multiple projects without having a
single program.

Example

Assuming, you have three projects: the first project is to construct a building, the
second project is to conduct research to find the impact of motor pollution on the
environment, and the third project is to set up a call center.

 You will manage these projects by keeping them under a portfolio because
all three projects are neither related nor similar to each other.

Portfolio Management

There is centralized management in portfolio management, whose job is to


identify, prioritize, and authorize the projects or programs. This centralized
management controls and manages the projects or programs to achieve the
organization’s strategic business objectives.

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