Project Portfolio Management Vs. Programme Management
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==== Definition ==== | ==== Definition ==== | ||
| − | Defined, a '''Portfolio''' represents a collection of projects and/or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The | + | Defined, a '''Portfolio''' represents a collection of projects and/or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The Projects or Programs of the portfolio may not necessarily be interdependent or directly related. [1] '''Portfolio Management''' is defined as a dynamic decision process, which constantly update and revise active projects. [2] Thus '''Portfolio Management''' enables the organization to align the Portfolio to strategic objectives, approve only components that directly support business objectives, and consider the portfolio risk as a result of the mix of components in a Portfolio at any time. [3] |
==== Key Factors ==== | ==== Key Factors ==== | ||
Revision as of 13:06, 24 November 2014
Both Project Portfolio Management and Programme Management are mentioned as two common extensions of today´s project management practice. It can be confusing to understand the differences.
This article will wrap up distinctions according to existing literature and best practices, by the determination of fundamental key factors.
Contents |
Project Portfolio Management
Definition
Defined, a Portfolio represents a collection of projects and/or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The Projects or Programs of the portfolio may not necessarily be interdependent or directly related. [1] Portfolio Management is defined as a dynamic decision process, which constantly update and revise active projects. [2] Thus Portfolio Management enables the organization to align the Portfolio to strategic objectives, approve only components that directly support business objectives, and consider the portfolio risk as a result of the mix of components in a Portfolio at any time. [3]
Key Factors
Programme Management
Definition
Key Factors
1. What are the differences between Project Portfolio Management and Programme Management according to best practices?
This part will sum up on research about the differences between Project Portfolio Management and Programme Management in existing literature and various articles.
2. Summing up the results
Determination of gaps in the literature and perspective, according to best practices.
3. Field study
Recognition of the overall terms Project Portfolio Management and Programme Management is studied within the industry.
4. Discussion
The results of point 2 and 3 are compared and discussed. How does the findings fit into the body of literature.
References
[1] Project Management Institute. The Standard for Portfolio Management: The Portfolio Management Framework. Project Management Institute, Inc, 2006.
[2] Cooper et al., 1998a, b; Griffin, 1997; Graves et al., 2000; Ringuest et al., 1999; Roussel et al., 1991
[3] Project Management Institute. The Standard for Program Management: The Relationship between Program Management and Portfolio Management. Project Management Institute, Inc, 2006.
