{"id":11486,"date":"2022-04-18T08:34:38","date_gmt":"2022-04-18T08:34:38","guid":{"rendered":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/?p=11486"},"modified":"2023-12-20T17:37:56","modified_gmt":"2023-12-20T17:37:56","slug":"project-management-vs-program-management-vs-portfolio-management","status":"publish","type":"post","link":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-program-management-vs-portfolio-management\/","title":{"rendered":"Project Management vs. Program Management vs. Portfolio Management \u2013 How Do They Differ?"},"content":{"rendered":"

Let’s begin this with a scenario. You own a <\/span>construction firm<\/span><\/a> that has bagged several projects such as building shopping complexes, malls, housing societies, townships, etc.\u00a0<\/span>\u00a0<\/span><\/p>\n

If you carefully observe, constructing a township and society entails a similar objective, such as developing a residential haven for the client. So, if you group them together, it will be easier to manage their <\/span>resources<\/a>, budget, etc., as they are interrelated and share a common purpose.\u00a0<\/span>\u00a0<\/span><\/p>\n

Similarly, another program can be building a shopping complex or mall as they share a similar goal of constructing a recreational and shopping facility for the client.\u00a0<\/span>\u00a0<\/span><\/p>\n

The next hierarchy is the portfolio, where you group the construction programs together as they all serve the same strategic goal. This grouping mechanism led to the development of the 3 Ps- Project, program, and portfolio.\u00a0<\/span>\u00a0<\/span><\/p>\n

Now that we have set the stage, let us understand the difference between <\/span>project management<\/span><\/b>, <\/span>program management<\/span><\/b>,<\/span> and <\/span>portfolio management<\/span><\/b><\/a>.<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

Let\u2019s begin.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"Maximize<\/a><\/p>\n

Project vs. program vs. portfolio<\/h2>\n

A project is a part of a program, while a program is a part of a portfolio.\u00a0<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

It implies that a<\/span> project is at the lowest level in the hierarchy of the 3Ps (project, program, portfolio), while a portfolio is at the topmost level.<\/span>\u00a0<\/span><\/p>\n

Let\u2019s understand the definitions,\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Project<\/h3>\n

A project is a <\/span><\/span>temporary endeavor<\/span><\/span> with a<\/span> fixed start date and end date <\/span>undertake<\/span>n<\/span> to create a product or service. It is <\/span>performed by people an<\/span>d bound by <\/span><\/span>budget<\/span><\/span><\/a>,<\/span> t<\/span>imeline, and scope. For example, the construction of an apartment can be considered a project.<\/span><\/span>\u00a0<\/span><\/p>\n

Program<\/h3>\n

A program is a group of similar or <\/span><\/span>interrelated projects<\/span><\/span> managed together i<\/span>n a coordinated <\/span>manner<\/span>. Th<\/span>e ai<\/span>m is to<\/span> r<\/span>egulate<\/span> projects<\/span> that have a common goal <\/span>and <\/span>would<\/span> yield better results and p<\/span>rofitabilit<\/span>y when <\/span>manage<\/span>d<\/span> to<\/span>geth<\/span>e<\/span>r<\/span>.\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n

Portfolio<\/h3>\n

A portfolio is a group of<\/span> different programs<\/span><\/b> and\/or projects within the same organization. These programs or projects may not necessarily be related to one another. Taking the initial example, all the individual townships, societies, or malls, when grouped together, can be considered a portfolio.<\/span>\u00a0<\/span><\/p>\n

From the KPI standpoint, most of them are common to these three, but differ in the calculation. These are return on investment, utilization rates, <\/span>earned value<\/span><\/a>, etc.\u00a0<\/span>\u00a0<\/span><\/p>\n

Based on the organizational strategy, the operations are usually carried out by the PMO at all three levels to reduce the administrative burden on managers.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"The<\/a><\/p>\n

What does project management comprise?<\/h2>\n

Project management is limited to managing a single project, its resources, budget, and other aspects to deliver it successfully.\u00a0<\/span>\u00a0<\/span><\/p>\n

It comprises the following elements.<\/span>\u00a0<\/span><\/p>\n

Defining project scope<\/h3>\n

A <\/span><\/span>project <\/span><\/span>scope document<\/span><\/span><\/a> gives a comprehensive account of goals and deliverables, schedule and budget, acceptance criteria, key processes, risks, and constraints. This document <\/span>ensures alignment between the client\u2019s requirements and final deliverables and fosters transparency. <\/span>It also se<\/span>rves as a reference point for any future changes needed during the project execution, helps assess their repercussions, and assists in informed decision-making accordingly. So, d<\/span>efining and documenting the project scope is the first element of project management.<\/span><\/span>\u00a0<\/span><\/p>\n

Project planning<\/h3>\n

After the project objective is understood and agreed upon, the next critical element <\/span>is<\/span> project planning.<\/span>\u00a0<\/span> It <\/span>implies <\/span>deciding how<\/span> to<\/span> execute<\/span>, monitor<\/span>, control<\/span>, <\/span>and <\/span>close<\/span> the project<\/span>. <\/span>A <\/span><\/span>work breakdown<\/span><\/span><\/a> structure<\/span><\/span> is an integral part of pro<\/span>ject p<\/span>lanning<\/span> as it hel<\/span>ps simplify the project into manage<\/span>able tasks. <\/span><\/span>Projec<\/span>t <\/span>planni<\/span>ng<\/span><\/span> is an iterative process and<\/span> is never complete <\/span>until a project <\/span>is <\/span>c<\/span>losed.\u00a0 T<\/span>he <\/span>complexity of a pr<\/span>oject determines the length of the project pl<\/span>anning stage in project management.<\/span><\/span>\u00a0<\/span><\/p>\n

Resource scheduling and optimization<\/h3>\n

After creating the work breakdown structure and estimating skill requirements, the project manager raises resource requests. Once the resource manager fulfills them, the project manager assigns them to different tasks based on their skill sets, experience, capacity, etc.\u00a0<\/span>\u00a0<\/span><\/p>\n

After allocating resources, tracking <\/span>utilization levels<\/span><\/b> and optimizing their schedules is essential to ensure that no one is overutilized or burnt out.<\/span> Resource <\/span><\/b><\/a>optimization<\/span><\/b> is a comprehensive technique that helps align the project implementation and completion dates with resource availability.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"perfect<\/a><\/p>\n

Regular status updates<\/h3>\n

Informing the <\/span>concerned authority<\/span> about the project\u2019s progress is crucial to keeping<\/span> them on the same page<\/span>. Therefore, <\/span><\/span>s<\/span>tatus updates<\/span><\/span> form an integral<\/span> part of <\/span>project <\/span>management. <\/span>Th<\/span>e project man<\/span>ager s<\/span>ha<\/span>res the status of the <\/span><\/span>project\u2019s<\/span> constraints<\/span><\/span><\/a> with stakeholders, sponsors, and team members reg<\/span>ul<\/span>arly <\/span>thro<\/span>ugh<\/span>ou<\/span>t the pro<\/span>ject\u2019s lifecycle. <\/span>They also inform <\/span>clients<\/span> or stakeholders about any<\/span> major<\/span> is<\/span>sues<\/span> or challenges to seek their <\/span>buy-in <\/span>for remedial measures.<\/span><\/span>\u00a0<\/span><\/p>\n

Risk management<\/h3>\n

Risk management<\/span><\/span><\/a> is <\/span>the process of<\/span> iden<\/span>tifying, assessing,<\/span> and<\/span> prep<\/span>aring for <\/span>any potential proje<\/span>ct r<\/span>isks that could<\/span> turn in<\/span>to issues <\/span>l<\/span>ater.<\/span> It also invol<\/span>ves prioritiz<\/span>ing <\/span>ri<\/span>sks<\/span> based on<\/span> their <\/span>likeliho<\/span>od and <\/span>impact. <\/span>Various methods like risk matrix, assumption analysis, etc., can help with <\/span>the <\/span>same<\/span>.<\/span> For example, the<\/span> manager c<\/span>an plan for prolonged absences\/unplanned attritions <\/span>by keeping<\/span> some similar-skilled resources in buffer, especially for critical roles.\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n

Regulating project lifecycle<\/h3>\n

Project management encompasses tracking a project at various stages of its <\/span>life cycle<\/span><\/b>, which helps identify and mitigate possible roadblocks, discrepancies, or issues that can later disrupt the project. Suppose you notice any variance from the initial budget, you can take proactive measures to control it before it derails the entire project.\u00a0<\/span>\u00a0<\/span><\/p>\n

This is how projects are managed. Whereas, the<\/span> regulation of a program looks at a broader perspective and ensures the shared goal of individual projects is achieved.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"Ensure<\/a><\/p>\n

Let\u2019s understand what it entails.<\/p>\n

What does program management comprise?<\/h2>\n

Program management refers to managing all the interrelated projects together and ensuring they are well-coordinated and strategically aligned.\u00a0<\/span>\u00a0<\/span><\/p>\n

It comprises the following elements:<\/span>\u00a0<\/span><\/p>\n

Supervising resource allocation at a program level<\/h3>\n

Program management involves managing and supervising resources in individual projects. It includes identifying and assigning the right team members for each job and moving them between projects to address<\/span> ramp-up and ramp-down<\/span><\/b><\/a> processes across the program efficiently.<\/span>\u00a0<\/span><\/p>\n

This helps minimize bench time and utilize resources within the program instead of hiring new candidates. Further, managing finances or non-human resources and adjusting them between projects to avoid budget or schedule overruns also comes under program management.<\/span>\u00a0<\/span><\/p>\n

Tracking individual projects’ progress<\/h3>\n

Program management involves tracking individual projects\u2019 progress and ensuring that they all are on the right path and aligned with the program\u2019s objective. It also includes identifying and mitigating any issues hindering an individual project.\u00a0<\/span>\u00a0<\/span><\/p>\n

The manager can then help the respective project manager eliminate the roadblocks and hindrances through guidance and resources as required. In addition, administering various ongoing <\/span>operational activities<\/span><\/a> and their outcomes also comes under the umbrella of program management.<\/span>\u00a0<\/span><\/p>\n

Program-level risk management<\/h3>\n

Program-level risk management involves identifying and understanding various possible threats and risks to the program and implementing an appropriate mitigation strategy.\u00a0<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

For example, if the manager notices a budget overrun in a single project, they can intervene to control costs proactively. They can take measures like revising the other projects\u2019 budgets to retain the balance.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"Enterprise<\/a><\/p>\n

Managing project interdependencies<\/h3>\n

Multiple projects within a program can have several <\/span>interdependencies<\/span><\/a>. They can be internal, including knowledge-based, resource or technology related, etc., or external, including market interdependencies. Let\u2019s say, an apartment and bungalow under the same township project require the same equipment for their construction.\u00a0<\/span>\u00a0<\/span><\/p>\n

The manager can assess various parameters like the deadline, budget, profitability, etc., to determine the priority level of projects and provide the equipment accordingly. Further, they can treat this equipment as an asset for not just these two projects but also for future similar projects. This way, creating and preserving assets (prototypes, code snippets, tools, templates, etc.) can help manage <\/span>project interdependencies<\/span><\/b> better and save time and costs for similar future projects.\u00a0<\/span><\/p>\n

Stakeholder management<\/h3>\n

A program manager acts as a primary point of contact for various <\/span>stakeholders<\/span><\/b><\/a> and maintains effective and healthy communication with them throughout the program.\u00a0<\/span>\u00a0<\/span><\/p>\n

For that, communicating with them on a regular basis and keeping them up-to-date with the milestones achieved and overall progress is vital. It is also crucial to be transparent about the issues and challenges at any point in time and implement corrective measures only after seeking their feedback, suggestions, and buy-in.\u00a0<\/span>\u00a0<\/span><\/p>\n

Change management<\/h3>\n

Sometimes, clients may request changes to one or more projects. <\/span>Change management<\/span><\/a> is the process of creating a framework to handle these change requests and ensure timely project delivery. For example, if a client requests the addition of two more functionalities in an application, it may affect the program\u2019s overall budget and timeline.\u00a0<\/span>\u00a0<\/span><\/p>\n

In this case, the program manager coordinates with concerned stakeholders, senior management, and the<\/span> Change Control Board <\/span><\/b>(CCB) to discuss these requests. After thoroughly analyzing and determining the feasibility of the two functionalities, the board either accepts or denies the request.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"change<\/a><\/p>\n

Now that program management is clear, let\u2019s discuss what portfolio management entails.<\/p>\n

What does portfolio management comprise?<\/h2>\n

As discussed above, portfolio management is about looking at the projects from a broader perspective and managing them for strategic alignment.\u00a0<\/span>\u00a0<\/span><\/p>\n

The following are its components.<\/span>\u00a0<\/span><\/p>\n

Project selection and prioritization<\/h3>\n

Effective portfolio management involves creating a list of potential <\/span>pipeline <\/span><\/a>projects<\/span> or ideas for new projects. After that, the portfolio manager selects the projects according to predefined standardized<\/span> selection criteria<\/span><\/b> in terms of business value, ROI, resource efforts and requirements, competitiveness, alignment with the strategic goals, etc.,\u00a0<\/span>\u00a0<\/span><\/p>\n

Following that, the portfolio manager evaluates and prioritizes them as per standardized criteria. Accordingly, they can initiate allocating resources (human and non-human) to high-value projects, followed by other endeavors.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Validating project feasibility before initiation<\/h3>\n

Several bottlenecks, constraints, or issues can render even the most balanced and judiciously created portfolio infeasible. Therefore, portfolio management doesn\u2019t restrict itself to selecting and prioritizing projects.\u00a0<\/span>\u00a0<\/span><\/p>\n

Instead, it also involves discussing dependencies, skill requirements, capacity, budget, and other constraints with concerned stakeholders and team members. Only after validating all the projects, the manager eventually initiates them.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Continuous management and monitoring<\/h3>\n

Following the initiation of projects is the step of tracking the status of the projects. A discrepancy, delay, or budget overrun in one project can have a domino effect on the rest of the projects and eventually the portfolio.<\/span>\u00a0<\/span><\/p>\n

Implementing <\/span>project portfolio management software<\/span><\/b> can help them monitor every project’s progress on a centralized platform in real-time.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"project<\/a><\/p>\n

Maximizing portfolio profitability<\/h3>\n

Portfolio management includes monitoring the portfolio budget and controlling it with suitable measures. It encompasses ensuring competent and cost-effective resource allocation to avoid over \/ under allocation of tasks and maximize profitability and productivity.\u00a0<\/span>\u00a0<\/span><\/p>\n

The portfolio manager also regularly revises the program list and makes sure that only the projects with the highest business value remain the top priority. They also have the authority to remove a program or project that no longer aligns with the company\u2019s strategy. It helps save time and unnecessary expenditure and mobilize the resources to high-priority projects.\u00a0<\/span>\u00a0<\/span><\/p>\n

Portfolio-level risk management<\/h3>\n

Common types of <\/span>portfolio-level risks i<\/span><\/b>nclude: <\/span>
\n– External ones, like disruption in an industry, changes in <\/span>
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 competitors like mergers or acquisitions, recessions, environmental disasters, etc.<\/span>
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – Internal ones, including operational challenges, senior <\/span>leadership<\/span><\/a> changes, etc.<\/span>
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – Execution-related risks, including limited resource capacity, weak project management\u00a0\u00a0 <\/span>
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 standards, project dependencies, etc.<\/span>\u00a0<\/span><\/p>\n

Portfolio management entails creating a governance team with seasoned program managers, subject matter experts from various industries, financial analysts, etc. This team conducts regular audits to identify any risks and issues, assess them, and intervene to prevent or eliminate them proactively.<\/span>\u00a0<\/span><\/p>\n

Regular communication with senior management<\/h3>\n

Similar to programs, <\/span>regular <\/span>communication<\/span><\/a> with the senior management is a crucial component of portfolio management.\u00a0<\/span>\u00a0<\/span><\/p>\n

Portfolio management involves keeping the higher-ups informed of the overall progress of the portfolio and conveying any bottlenecks that need timely intervention.\u00a0<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

In some cases where the portfolio manager implements any <\/span>portfolio-level change<\/span><\/b> or in a particular project or progress, justifying it with the reason(s) to the senior management is essential. It helps retain their trust, get any assistance required, foster transparency, and ensures alignment of the portfolio with organizational goals.<\/span>\u00a0<\/span><\/p>\n

Conclusion<\/h2>\n

As already evident, when you scale up from project management to program\/portfolio management, the scope is defined on a broader range. While project management is all about monitoring an individual project\u2019s activities and ensuring its successful completion, program and portfolio management are about regulating a cluster of projects.\u00a0<\/span>\u00a0<\/span><\/p>\n

Though all the three domains are essentially different, they are complementary and interrelated to each other. Therefore, it is vital for the project managers, program managers, and portfolio managers to coordinate and ensure overall business growth and success.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Let’s begin this with a scenario. You own a construction firm that has bagged several projects such as building shopping complexes, malls, housing societies, townships, etc.\u00a0\u00a0 If you carefully observe, constructing a township and society entails a similar objective, such as developing a residential haven for the client. So, if you group them together, it […]<\/p>\n","protected":false},"author":5,"featured_media":16982,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,60],"tags":[],"yoast_head":"\nProject Management vs Program Management vs Portfolio Management<\/title>\n<meta name=\"description\" content=\"Project management, program management, and portfolio management are different yet complementary. This blog explains their differences and their contribution to business success.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-program-management-vs-portfolio-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Project Management vs. Program Management vs. Portfolio Management - How Do They Differ?\" \/>\n<meta property=\"og:description\" content=\"Project management, program management, and portfolio management are different yet complementary. This blog explains their differences and their contribution to business success.\u00a0\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-program-management-vs-portfolio-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Resources Library\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-18T08:34:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-20T17:37:56+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-2022-05-16T135221.653.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mahendra Gupta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Project Management vs. Program Management vs. Portfolio Management - How Do They Differ?\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-2022-05-16T135221.653.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mahendra Gupta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-program-management-vs-portfolio-management\/\",\"url\":\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-program-management-vs-portfolio-management\/\",\"name\":\"Project Management vs Program Management vs Portfolio Management\",\"isPartOf\":{\"@id\":\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/#website\"},\"datePublished\":\"2022-04-18T08:34:38+00:00\",\"dateModified\":\"2023-12-20T17:37:56+00:00\",\"author\":{\"@id\":\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/#\/schema\/person\/363ad412d3216940f49f43339e52883b\"},\"description\":\"Project management, program management, and portfolio management are different yet complementary. 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