Question

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Q1: Portfolio management, program management, project management and organizational project management are key disciplines associated with the modern project management. Discuss relationships among these disciplines by recognizing their similarities and differences.

Answer 1

Organizational project management (OPM) is the framework used to align project, program, and portfolio management practices with organizational strategy and objectives, and customizing or fitting these practices within the organization’s context, situation, or structure. This Standard for Organizational Project Management (OPM) provides guidance to organizational management, PMO staff, and practitioners on these topics. It spans the value delivery landscape and can be used with all approaches to project delivery—including waterfall, agile, hybrid and next practices. OPM helps organizations deliver value through the following principles:

• Alignment with organizational strategy

• Integration with organizational enablers

• Consistency of education and delivery

• Organizational integration

• Value to the organization

• Continuous development

• Project Management

Project management is the process that helps projects achieve their objectives. These processes include initiating the project, developing the plan to execute the project, executing the project according to the approved plan, controlling the project activities throughout its lifetime, and finally handing over the output of the project to the client, and closing the project.

Project portfolio management (PPM), also known simply as portfolio management, involves managing a company’s proposals, projects and programs to accomplish broader business initiatives.

Program management is very similar to project management, but instead of one project, this discipline involves managing several ongoing projects at once. Overseen by a program manager as opposed to a project manager, program management focuses on how a group of projects affects the organization’s strategic goals and objectives. This approach takes projects out of their silos and avoids the pitfalls associated with them.

Differences and managing all together:

Project, program, and portfolio management aren’t the same. It’s key that they work together, however. To be effective, for example, a portfolio manager should understand what project management is. This allows the portfolio manager to ask the right questions of the program and project managers and interpret the information in the most effective way, so that the portfolio strategy is well thinitiative. With portfolio management, the organization is making sure that projects align with business strategies so it’s clear why particular work being done. To remain objective, it’s key that standards are developed for how projects are moved into and out of the portfolio. FromFrom the project and program management perspective, it’s key that the plans are correct and communicated clearly to enable effective decision-making within the portfolio.

From a high level, projects are part of programs and portfolios, and programs are part of portfolios. Each are different, but most effective when managed as one.