A program is defined as group of related projects, subprograms and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
Programs may include elements of related work outside the scope of the discrete projects n the program.
Program management focusses on
a) Resolving resource constraints and/or conflicts that affects multiple projects with the program
b) Aligning organizational/strategic direction
c) Resolving issues and change management.
Portfolio Management
A portfolio refers to the projects, programs sub portfolio and operations managed as a group to achieve strategic objectives.
Let's take an example of an IT giant who is looking after various client projects based on the domains they are working.
While Banking sector may have different needs to oil sector or automobile sector.
Hence the IT giant created a portfolio of its programs so that it could cater to the domain needs. This is called a strategic initiative. Hence portfolio management will always be involved in strategic objectives.
Strategic objectives can be obtained via program management objectives. Taking the example forward, banking sector will have many clients.To have focussed approach to cater to various projects for each client may have. For example a banking sector may have core banking system as one project, employee management system as another and so on. To cater this a program management is created.
Each program is now catering to various projects.
Programs may include elements of related work outside the scope of the discrete projects n the program.
Program management focusses on
a) Resolving resource constraints and/or conflicts that affects multiple projects with the program
b) Aligning organizational/strategic direction
c) Resolving issues and change management.
Portfolio Management
A portfolio refers to the projects, programs sub portfolio and operations managed as a group to achieve strategic objectives.
Let's take an example of an IT giant who is looking after various client projects based on the domains they are working.
While Banking sector may have different needs to oil sector or automobile sector.
Hence the IT giant created a portfolio of its programs so that it could cater to the domain needs. This is called a strategic initiative. Hence portfolio management will always be involved in strategic objectives.
Strategic objectives can be obtained via program management objectives. Taking the example forward, banking sector will have many clients.To have focussed approach to cater to various projects for each client may have. For example a banking sector may have core banking system as one project, employee management system as another and so on. To cater this a program management is created.
Each program is now catering to various projects.
No comments:
Post a Comment