PROGRAM or PORTFOLIO ? Which approach do i go through?
Tareq A. Al BehairiProject Management Consultant| Independent Consultants and TrainerGcc, Kuwait
Hi,Distinguished Members
Greeting
I wonder ,
What are the main factors that would direct your mind toward managing a group of projects as a PROGRAM or as a PORTFOLIO ? Saving Changes...
Projects and their relation = Program
Projects and their independent nature = Portfolio or even based on Verticals (Finacial, Heathcare etc..) Saving Changes...
A set of project deliverables enabling an organization to
deliver a desired outcome. They can be a service, function or operation that enables the organization to exploit opportunities. Capabilities exist
prior to transition.
Benefits can be both tangible and intangible, and are often interconnected and stakeholder-specific. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Portfolio is a group of programs, projects and other options for investment. So, if you have projects only then you have a program if you can consider that based on the program term definition. Saving Changes...
I have a very simple explanation for that. All the projects within a program must be aligned to program strategy and must contribute towards the program benefits. The purpose of a program is benefit realization and in the process meeting organizational objectives. Projects do not specifically deliver benefits but the deliverables so produced contribute towards the program benefit realization.
In a portfolio, the constituents could be projects as well as programs but they need not be related except for the fact they could be categorised as similar in certain characteristics. Portfolios deal with high end investment decision making and monitoring and control of projects and programs to decide the fate of constituent ingredients. Portfolios do not get involved in micro level details of projects and programs but base their decisions on certain KPIs they have established for the whole portfolio. Saving Changes...
Mike FrenetteManager, IT PMO| Halifax Water (retired)Halifax, Nova Scotia, Canada
I agree with Suhail. Portfolios are a group of projects and programs which are not necessarily related, in fact most are probably not.
Programs deliver business benefits, and comprise projects which must all be executed to deliver the expected benefits. For example, a project to delivery a health record system may have three related projects: one to install, configure and customize the software, another to install servers upon which the software will run, and a third to manage the change within the organization to ensure appropriate communication, training and so on. Unless all three of these projects are executed successfully, the expected benefit of the health record system will not accrue.
A portfolio of projects comprise a list of suggested projects with many sources, some with deep justification, some rather shallow on detail and everything in between, depending on how the organization is structured to allow contributions for suggested projects. Selection of the projects and programs that will be addressed in a fiscal period is usually based on defined business strategy alignment, budget, priority based on this and other factors, etc. Based such analysis by the business, some projects may be totally removed from the portfolio (a rejection), some may be shelved for a subsequent fiscal period (a delay), and some may be scheduled for action in the current fiscal (projects the business can afford that align with business strategy). Saving Changes...
