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Portfolio management is the centralized management of one or more portfolios, and it includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work in order to obtain specific strategic business objectives of the organization. Just as a program is managed by a program manager, a portfolio is managed by a portfolio manager.
To understand the relationship between these 3 entities, projects, programs and portfolios we need to understand that:
• If an organization does not have any programs but has only individual projects, all these projects can be grouped into one or more portfolios.
• If an organization has programs and no individual project external to all programs, all these programs can be grouped into one or more portfolios.
• If an organization has some programs and some individual projects, all these programs and projects can be grouped into one or more portfolios.
Portfolio management focuses on making sure that programs and projects are prioritized for resources to serve the organization's strategy. In simpler terms, a portfolio manager worries about the success of the whole strategy put forth by the organization rather than the success of a single project (like what we do)
Therefore, investment decisions are usually made at the portfolio level. Program management focuses on achieving the benefits that would be aligned with the portfolio and hence with the strategic objectives of the organization. So, a portfolio is part of the interface between the programs and strategic business objectives of the organization for which the programs are run
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What is the Relationship between project management and other management discipline?
What is the Relationship between project management and other management discipline?
Strategic Project Management?
Strategic project management is used to grow the business. Project managers choose projects that align with the strategic objectives of the company.
The relationship between project management and general management?
General Management is considered to be a high level stakeholder when it comes to Project Management. Project Managers might report directly to General Management, or to executive managers/program managers who then report back to General Management.
What is the relationship between systems development process and IT project management?
The IT project management is on top of the systems development process and its absence in the systems development process will results to wastage of resources.
What is the relation between strategic planning and project selection?
Strategic planning is the first phase of project selection.
What is the Relationship between project management and other management discipline?
What is the Relationship between project management and other management discipline?
Strategic Project Management?
Strategic project management is used to grow the business. Project managers choose projects that align with the strategic objectives of the company.
What has the author Terry Schmidt written?
Terry Schmidt has written: 'Strategic project management made simple' -- subject(s): Project management, Strategic planning, OverDrive, Business, Management, Nonfiction
The relationship between project management and general management?
General Management is considered to be a high level stakeholder when it comes to Project Management. Project Managers might report directly to General Management, or to executive managers/program managers who then report back to General Management.
How programme management equated with project management?
Program management is the integration of a number of projects to achieve a strategic business outcome. In other words, Program Management encapsulates Project Management.
What is the relationship between systems development process and IT project management?
The IT project management is on top of the systems development process and its absence in the systems development process will results to wastage of resources.
What is the relation between strategic planning and project selection?
Strategic planning is the first phase of project selection.
What has the author Paul Robert written?
Paul Roberts has written: 'Strategic project management' -- subject(s): Project management, Strategic planning 'Strategic project management' -- subject(s): Project management, Strategic planning
Why program management be equated with project management?
Program Management does not equate Project Management. Put it simply, Program Management is about handling multiple projects at the same time to serve a strategic, broader business need, while Project Management is about managing and focusing on (usually) one project at the time. A Program Manager usually oversees Project Managers.
What has the author Jack Ferraro written?
Jack Ferraro has written: 'The strategic project leader' -- subject(s): Leadership, Project management, OverDrive, Business, Management, Nonfiction
What are the key differences between business management and project management, and how do these differences impact the overall success of a project?
Business management involves overseeing the overall operations and strategy of a company, while project management focuses on planning and executing specific projects within a set timeframe and budget. The key differences lie in their scope and focus: business management is more long-term and strategic, while project management is more short-term and tactical. These differences impact the success of a project by ensuring that resources are allocated efficiently, goals are met on time, and risks are managed effectively. Effective coordination between business and project management is crucial for achieving overall project success.
What are the subjects for bba in Karachi University?
Human Resources Management Marketing Management Project and Operations management Strategic Management Finance Management Information and Communication Technology Management
