Understanding Programs And Portfolio In Project Management
In my previous articles, I have tried to throw more light on what a project is. I also try to highlight some of the features that can actually distinguish a project from a normal day to day operation in an organization. One of the things I said is that a project is unique. You might have done something similar before but this particular one is clearly different. Let’s say as a Real Estate firm, we are trying to construct some buildings in a particular location in the city. If we now decided to have something similar in another location. Then it is clearly different entirely. In this article, I want to focus more on Portfolio and Project in Project Management.
Also, another thing that understanding The Real Importance Of Project Management you will observe about a Project is that a project has a beginning and an end. It is clearly different from your normal day to day operation. It is very possible that this particular project will be ON for five to seven years. As far as you have set a particular day that you expect the project to be completed, then you need to understand that it is no longer a normal day to day operation. You need to take it as a project if you really want to succeed.
Let’s talk about Programs…
At a bigger level, a project is bigger than a Program. There are times that you have to run more than two or three projects at the same time in order to achieve your Project goals, when this happens, we normally referred to it as a Program. A Program is a group of projects that have common goals. When you are running more than two projects together and they are interrelated, we normally referred to it as a Program.
Take, for example, a particular new generation bank is trying to set up a new branch for their business. Under that, they will have to hire many contractors and assign tasks to them.
A contractor will handle the main construction of the building, another contractor will handle the painting, while another contractor will handle furniture supplies. We also have the iron bender and the carpenter among others who are going to work on the set up of the new branch office. We can easily classify these major tasks as projects on their own.
Let’s talk about Portfolio…
Also, at a bigger level, we have what we can refer to as a Portfolio. A Portfolio is a group of Projects and Programs, that are either related or not related but are being managed together in order to achieve the strategic goals of the organization.
Every organization have their strategic goals or what we can call Visions which always determine what project an organization is going to pursue at any given time.
They are also going to have a Portfolio Manager who will manage other Projects and Program Managers in order to ensure that the strategic goals are achieved.
Most times, we can have the role of the Portfolio Manager being performed by the Project Management Office. They will be assigned the responsibility of managing shared resources among the different Project Managers.
They are also responsible for ensuring that quality is being maintained as the organization embark on that project. Their overall concern is to ensure that the strategic objectives of the organization are achieved at the end of the project.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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