Analysing Program And Portfolio Management For Projects
A program is a group of related projects that have a common objective. It offers great control over constituent projects and deliver benefits that the organisation can use to meet it’s goals.
A Program is managed by a program manager , and individual projects are managed by project managers who work for the program manager .
However, all projects need not always be part of a program. Projects that do not have a common objective , but still are managed in a group, are generally known as multiple projects.
A computer servicing firm launched a new program that aims at expanding it’s servicing firm. This expansion program consists of many projects such as market research to establish demand, construction of new branches , franchise selection, designing the marketing campaign , and consolidation of customer base by establishing loyalty programs.
A Portfolio is a collection of projects , programs and operational work to achieve the strategic business objectives of an organisation. The projects in a portfolio may or may not be interdependent ,but they are grouped to give management a broader view of the organisation’s projects and their adherence to organisational objectives.
For a project too be part of a portfolio , it’s attributes such as cost, resource requirements , timelines, strategic goals , and benefits should be in line with other projects in the portfolio.
Portfolios are generally managed by a senior manager or senior management teams.
An alternate energy producing designed a breakthrough technology capitalising on solar energy. The company’s s strategy is to exploit the technical know how in all possible areas to generate revenue and become a trend seller.
It initiated a portfolio that contains various programs and independent projects to identify the potential use of this technology in power generation , transportation in power generation , transportation , and domestic and industrial markets.
The portfolio also included other operational work such as administration and logistic related activities . It is essential for the company to ensure that the operational work continuously supports the projects and programs.
Program management includes related and Interdependent projects, while a portfolio may include several otherwise unrelated projects if they all support major goals or a significant product line.
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