Relationship Between Portfolios, Programs, and Projects | Invensis Learning
Get to know what exactly are portfolios, programs and project and understand the exact differences between them in various parameters such. The basic difference between plan, project and program is that a plan details a course of action; a project is short-term and designed to deliver a specified output . We frequently receive emails enquiring into the difference between projects and The table below highlights the key differences between projects vs programs: to facilitate and manage political aspects, relationships, and conflict resolution.
But in order to understand the difference we need to begin by understanding the definition of projects and programs. The table below highlights the key differences between projects vs programs: Programs Projects Program success is measured in terms of business benefit, ROI, or new capabilities.
The difference between projects and programmes
Benefits outcomes are managed using a benefits realisation plan. Project success is measured in terms of producing specific deliverables in terms of time, quality, and cost. Programs have a wide scope, focussing on benefits, and may have to change scope dramatically during their execution to meet the changing needs of the organisation.
The scope of projects is tight — they are limited to producing deliverables. Programs will typically span multiple functional units within an organisation.
Projects are typically confined to a single functional unit vertical unit within an organisation. Programs are typically executed over a much longer timescale than projects, often several years. Projects are typically of a shorter duration than programs, often just a few weeks, and by definition have a finite duration.
Another way to understand the difference between projects and programs is to look at how the roles of a Project Manager and Program Manager differ. Again, this is broken down by project vs program: Program Manager Project Manager Program Managers create high-level plans used to provide guidance to projects.MS Project: Links and Dependencies: FS, SS, FF, SF - Part 18 of 55
Detailed plans are created from this guidance by the Project Managers. Project Managers perform detailed planning to manage delivery of the products of the Project. Program success is measured in terms of business benefit, ROI, or new capabilities.
Project success is measured in terms of budget, time, and scope delivered. Focus is on leadership, as Program Managers manage managers.
Programmes and Projects
Program Managers need to facilitate and manage political aspects, relationships, and conflict resolution. Focus is on management of the people specialists and technicians involved to deliver the product. Program Managers manage managers.
Project Managers manage technical people. Program managers monitor and control projects. Project Managers monitor and control tasks. Programs and Projects and Portfolio The diagram below shows a simplified view of how projects and programs fit within the hierarchy of a business. Think of diagram as showing the people running the business at the top of the triangle — the CEO and board.
At the bottom of the triangle we have the individual specialists who are working as part of a project. The project is managed and monitored by the project manager and is terminated when the target is achieved, cannot be achieved, and when there is no need of achieving the target.
The target and impact of projects can be tangible or nontangible. Program Programs are grouped within a portfolio and are comprised of subprograms, projects, or other work that are managed in a coordinated fashion in support of the portfolio.
Programs are so large that they have to be broken down into smaller units projects or subprogram to distribute the responsibilities and ease the work thereof. The process of breaking down the overall work and distributing it to individual project team means multiple brains in a single program.
The Difference Between a Project and a Program
When several teams and managers present ideas for their projects, it works well for the different projects but not for the initiative as a whole. For example, an anonymous automobile company manufactures different types of cars. The design and manufacturing of one particular type of car would be called a program and of the parts like bonnet, panel, or engine would be a project.
The integration of all the parts projects would make a complete automobile program. The objective of a program is to offer central management and control over a set of underlying projects that are set to deliver a common solution. It allows an organization to achieve the benefits individual projects cannot achieve alone. To understand the concept better, take help of diagram given below.