Difference between project management and project portfolio management?
PM vs. PPM. What's the difference between project management and project portfolio management? This is a frequently asked question. If you are reading this blog, then you've probably asked this question yourself.
Directing the individual project correctly will ensure it is done correctly. Addressing all the project's success will provide we're doing the right Projects.
If you put project management and project portfolio management collectively that would finally mean doing the right projects right. That sounds good, doesn't it? But let us go a little deeper to understand what's involved in both. While we're at it, we'll also briefly discuss program management and the way it fits into this film.
Project management put is a series of tasks that are done to create a specified product, service, or outcome usually within a designated time frame. It includes work collaboration and task management. A project manager can handle several projects as long as he or she has enough capacity.
A project manager has the following jobs:
• Clarifying job objectives, and delegating tasks and responsibilities
• Assessing the progress of the job and its adherence to the deadline, budget, and prerequisites
• Tracking the risk portfolio
• Managing the team to success
This entails beating conflicts on the reduced level, communication with team members and linking in critical stakeholders
A project manager needs to have not only technical skills, but also many soft skills, such as team management, social proficiency, self-management, and anxiety management.
What Is Project Portfolio Management?
Project portfolio management (PPM) is the management of all projects in a company from a high-risk standpoint. The PMO is the central hub for many projects in the company, forcing PPM on a mostly strategic level.
Simply put, the purpose of PPM is to prioritize projects, staff and plan them practically with qualified and available employees, monitor them, and maintain all involved parties informed about their status.
When a company doesn't utilize project portfolio management, they often run into the frequent problem of implementing too many, insignificant, projects.
This practice causes workers to be continuously overloaded. It also leads to jobs being stopped due to low quality or only as they're not feasible. This bottom-up approach consumes additional resources, neglects the business plan, and puts projects against each other in a competition where there is only has one winner.
This guarantees that important, less risky projects are implemented first and that they also have the required resources. Remaining capacities are subsequently used for further initiatives.
PPM puts an excellent value on resource preparation and resource conflict resolution, which in turn increases value production in a small business.
Project portfolio management jobs include:
- Strategic orientation: selecting and prioritizing projects that align with strategic objectives
- Resource management: planning, staffing and managing human resources of projects Including keeping up with workers' abilities as well as taking into account project dates and cost.
- Rough goal planning: initiating, planning, implementing, and completing the jobs
- Training project managers and teams
- Introduction and upgrading of PM methods, tools, and technology
- Project portfolio controlling: monitoring and assessing project progress
- Project assistance: communication and support for project teams
- Program assistance: communication and support for program supervisors, particularly when it comes to risks, problems, and dependencies to find answers to keep the program in good condition. The uniqueness between project management and project portfolio management is frequently blurred because individuals try to accomplish each of the jobs we discussed under the heading of project administration.
For companies that operate on a high number of projects, it makes sense to delineate between PPM and project administration. Project management concentrates on the execution of individual projects (performing the projects right). Many companies have a great project direction but have more trouble when it comes to project portfolio management.
When implemented effectively, project portfolio management will help to improve project management procedures and methods, reducing project failures and enhancing client satisfaction.
Project portfolio management solution to assist you to concentrate on the high-tech, strategic choices for the whole project portfolio (doing the ideal projects). Benefits of Microsoft Project Solutions for project management:
- Rapid Development: Get you and your team up and running with Microsoft Project Online quickly.
- Improve Collaboration: Customized project workspace for better tracking, information sharing, and collaboration
- Sharpen Project Visibility: Quick access to all relevant project information and summarized project status for informed decision making
- Simplify Best Practices: Standard and custom process templates and best practices across all your projects
- Automate Project Processes: Built-in workflows for standardizing project management phases
- Gain Deeper Insights: Click to deploy BI dashboards for team members, project managers, and executives to easily track metrics.
While every tool will accommodate unique Features which you can tailor to your company, you should not select software based on performance independently. Sometimes, it may introduce additional issues. Alternatively, you have to first make certain you have the inner bandwidth to implement and maintain a software application of the gravity and size.
The fundamental frame for Selecting a Tool is easy in concept, but often complicated in training. To locate the ideal PPM applications for your organization, you should consider two important variables: organizational match and price .
Concerning this first measure, Organizational match, you have to ascertain the particular demands of your organization and when and how a software tool can satisfy these requirements.
Here's a listing of queries, which could direct your investigation to PPM applications match:
- How can you want on using the tool?
- What functions and features are important for you?
- Is the company using a specific PM methodology (like Agile or Scaled Agile)?
- If yes, will the instrument work in this environment?
- Is workflow a significant consideration?
- In the event the groups are dispersed in numerous places, does the instrument provide appropriate alliance skills?
- Does the application provide various degrees of accessibility and data . job resources?
- Regarding the next crucial Factor of price, expenses move far past the sticker price of their new applications. Since Pusz and Zucker clarify, there are lots of qualitative and hidden prices which take your company's budget, assets, and wellness into consideration.
Examine the Entire cost of ownership?
- What's the hard work and expense of configuring the program for your surroundings?
- Which will be the per-seat or licensing expenses?
- What are the continuing costs for keeping the program? How large of a staff are you going to want to keep and improve the program?
- Which will be the organizational instruments, such as job scheduling, accounting alternatives, or reporting alternatives? What (continuing or intermittent) instruction will be essential?
A comprehensive evaluation into Organizational match and price is crucial for a tool which will be suitable for your organization's requirements, particularly with time. Since PPM is inherently procedure oriented, you're going to require a tailored, strong, and flexible program which also fits inside your business's constraints.