Project portfolio management is a senior leadership discipline that drives strategic execution and maximizes business value delivery through the selection, optimization, and oversight of project investments which align to business goals and strategies Portfolio Management Definitionsįirst, project portfolio management must be defined. PROJECT: a temporary endeavor undertaken to create a unique product, service or result with defined scope resources, and schedule.PROGRAM: a program is a collection of related projects and other work that share common objectives and are better managed collectively.PORTFOLIO: a portfolio is a collection of projects and programs.What is the different between a project, program, and portfolio? …With projects playing such a pivotal role in future strategies, senior managers must approve and maintain surveillance over these projects to determine which ones can make a contribution to the strategic survival of the company”.ġ0 An Overview of PPM The Distinction Between Project, Program, and Portfolio Managementīefore diving into the details of project portfolio management, let’s provide a brief overview of the difference between projects, programs, and portfolios. The pathway to change will be through development and process projects. Projects are a direct means of creating value for the customer in terms of future products and services. The greater the use of projects in accomplishing organizational purposes, the more dependent the organization is on the effective and efficient management of those projects. Failure in project management in an enterprise can prevent the organization from accomplishing its mission. Pennypacker that “projects are essential to the survival and growth of organizations. Furthermore, David Cleland states in the book Project Portfolio Management: Selecting and Prioritizing Projects for Competitive Advantage by Lowell D. In fact, projects are “the true traction point for strategic execution”. According to Mark Morgan, “there is simply no path to executing strategy other than the one that runs through project portfolio management”.
Project portfolio management (hereafter referred to as “PPM”) is a critical component for executives and senior managers to execute strategy. What is Project Portfolio Management (PPM)?
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