Project Portfolio Management

How Is Project Management Different from Project Portfolio Management (PPM)?

Are you feeling confused between project management and project portfolio management (PPM)? This is a common confusion shared by many professionals. In this article at Meisterplan, Karoline Holicky clarifies how project management is different from project portfolio management.

Project Management vs. Project Portfolio Management (PPM)

Bob Buttrick’s The Project Workout has an easy explanation: “Directing the individual project correctly will ensure it is done right. Directing ‘all the projects’ successfully will ensure we are doing the right projects.” For better clarification, go through the following sections:

Project Management: It is coordinating between people to produce a deliverable or a series of results within the agreed timeline. A project manager, usually heading one or more project teams, must do the following tasks:

  • Clarify project objectives; allocate tasks and ownership
  • Design and track timelines and milestones
  • Keeping an eye on the project progress, time limit, budget, and requirements
  • Improve risk management
  • Help the team to success through conflict management, transparent communications, and stakeholder buy-ins

Program Management: A program is a sub-division of a portfolio that has projects with similar benefits prospects or strategic goals. A program’s success depends on the success of all the projects rather than the individual ones. Program managers must talk to project managers and the PMO regularly. Their agenda is to choose and prioritize the right projects, analyze risks, dependencies, and issues, and mitigate them.

Project Portfolio Management (PPM): It is high-level management of all projects and PMO drives it. The primary functions of a PMO are resource management and building and maintaining communication channels between the hierarchies and projects. PPM prioritizes projects and plan resource availability and cross-functional responsibilities. It also requires you to keep everyone in the loop regarding the project status. Following are the tasks a PPM team does:

  • Prioritize projects as per strategy
  • Manage resources
  • Plan milestones
  • Train project managers and teams
  • Implement project management methodologies and tools
  • Monitor and control project portfolio progress
  • Provide support to teams and managers

To view the original article in full, visit the following link: https://meisterplan.com/blog/difference-project-management-project-portfolio-management/

Tags

Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

Related Articles

Back to top button
Close
X

We use cookies on our website

We use cookies to give you the best user experience. Please confirm, if you accept our tracking cookies. You can also decline the tracking, so you can continue to visit our website without any data sent to third party services.