Project program and portfolio management is the component of process excellence that enables and drives execution of breakthrough opportunities. It provides the discipline and structure to launch the right projects with outcomes delivered on time, in budget and of the required quality.
In Project program and portfolio management, portfolio management takes care of:
Business is about maximising the output from scares resources, and projects are no different. Not only in terms of all inputs to projects, but particularly when it comes to human resources.
To successfully deliver projects, individuals with appropriate project management skills are required. In addition, when the project is focussed on developing new solutions for breakthrough improvements, specialised, and often even scares, resources are required.
Portfolio management is as much about ensuring
the right projects are launched, as ensuring the right resources are available
and involved. This without overburdening or underutilisation any resources.
This is often the greatest challenge for portfolio managers.
In Project program and portfolio management, program management is about clustering several projects under one umbrella. Typically, these projects form part of a particular initiative and may take place in parallel, in sequence or a combination of both.
Some of the main program management activities include:
In Project program and portfolio management, project management is the application of resources equipped with the appropriate knowledge, skills, tools, and techniques to carry out project activities to deliver defined projects.
Project management is accomplished through the appropriate application of knowledge, skills, tools, and techniques in the project management process contained in 5 stages. These 5 stages are:
3. Carrying out the project
4. Tracking and Controlling
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