A project is a
temporary in nature, create a unique product, service or result. Project have a
clear beginning and end. Project can be closed when objectives are met,
objectives cannot be met and the project is terminated or when the need for the
project no longer exists. Some projects may take years to complete but they are
still temporary.
Project task can
be new to the project team which need more dedicated planning than other
routine work. Projects are undertaken at all organizational levels. A project
can involve a single person, a single organizational unit or multiple
organizational units.
What is Project Management?
Project
Management is the application of knowledge, skills, tools and techniques to
project activities to meet the project requirements.
Project
Management comprises 5 process groups and 9 knowledge areas and in total consists
of 42 logically grouped project management processes.
5 process groups
are:
i.
Initiating.
ii.
Planning
iii.
Executing
iv.
Monitoring and Controlling
v.
Closing.
Relationships among Project management, program management and
portfolio management.
Project
Management exists in broader context governed by program management and
portfolio management.
Projects,
Programs and Portfolio have different approaches.
Program Management:
A program is a
group of related projects and managed in a coordinated way to obtain benefits
Program is defined as a group of related to projects managed in coordinated to
obtain benefits and control. This coordination may provide decreased risk, economies
of scale and improved management that could not be achieved if the projects
were not managed.
Programs include
elements of related work outside of the scope of the discrete projects in the
program. A project may or may not be part of a program but a program will
always have a projects. When you discover that you have more than one project,
you can manage them as separate projects or you can manage all the projects as
programs.
Portfolio Management:
Portfolio is a
collection of projects or programs that are grouped together to facilitate
effective management of that work to meet strategic business objectives.
Portfolio
Management refers to centralized management of one or more portfolios. It
focuses on ensuring that projects and programs are reviewed to prioritize
resource allocation and that the management of the portfolio is consistent with
and aligned to organizational strategies.
Portfolio, Program & Projects:
Difference
between Portfolio, Program & Projects are:
Portfolios are
active at the conception of work components and are responsible for allocating
resources to them. Portfolios have a business scope and continual in change.
Portfolio managers are leaders and may or may not manage staff and monitoring
overall performance.
Program interacts
between project & portfolio to ensure that benefits align to the portfolio’s
strategic goals are implemented through projects. Programs are wide in scope
and expected to change. Program managers are leaders and manage project
managers and manage relationship and resolving conflicts.
Projects are the
end result of this allocation process. Projects have narrow scope. Project
managers are team players and manage resources.
Operations Management:
Operations are
an organizational function performing the ongoing execution of activities that
produce the same product or provide a repetitive service.
Organizations
sometimes change their operations, products, or systems by creating strategic
business initiatives. Operations require business process management or
operation management.
2 Comments
Yeah its a good article. According to you what we project managers do is communicating. And a lot of this communication is done during project meetings. It can sometimes feel like you are running from one meeting to another and that your time is often wasted. Meetings don’t start on time, the issues aren’t dealt with, there is no agenda, there is no focus, nobody assigns any follow ups or tasks and of course then they also don’t end on time. An efficient project manager is required for the good management of a project. I think a project manager should PMP certified. Looking forwards to apply what I learned in PMP classes in my company
ReplyDeletePRINCE2® is a well-regarded project management methodology adopted by numerous countries worldwide, including Western European countries and the UK. PRINCE2® stands for Projects In Controlled Environments 2nd edition, offering an introductory level of expertise in project management. The project brief is usually short and can be modified as needed at the start of a PRINCE2 project.
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