Project Program Portfolio Management from Organization point of view
Project Program Portfolio in any organization plays a vital role towards overall strategic implementation of the organization’s vision. Right prioritization and action by executive management leads to better overall engagement.
Across the large organizations, you will find often these interconnections of the entire functioning of the management as depicted here in the organizational chart.
Develops and implements plans to achieve a specific scope that is driven by the objectives of its program and, ultimately, organizational strategy. It is largely concerned with achieving specific deliverable’s that support specific organizational objectives.
Project is a temporary endeavor with a beginning and end, undertaken to create a unique product, service or result. Project management is a science and art to apply the knowledge, skills, tools & techniques to activities to meet project requirements.
Harmonizes its project and program components, and manages their inter-dependencies in order to realize specified benefits. It focuses on achieving the cost, schedule and performance objectives of the projects within the program or portfolio.
Program is a collection of projects managed /coordinated to achieve strategic objectives of program and gain benefits & control which would not be possible with management of them individually.
Program management refers to the centralized coordinated effort to manage the program to meet the strategic objective.
Aligns with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. It balances conflicting demands between programs and projects, allocates resources based on organizational priorities and capacity, and manages so as to achieve the benefits identified.
Portfolio refers to collection of programs and projects grouped to meet a common strategic objective. Portfolio management is the management of portfolios to deliver the strategic objectives in line & prioritized with the Organization’s objectives.