2.1.2 Project, Programme & Portfolio Management

Question 1

What is a project?

Answer 1

A unique, transient endeavour to bring about change and achieve planned objectives. These can be defined in terms of outputs, outcomes or benefits.

A project is deemed a success if it’s met its planned objectives as outlined in the acceptance criteria, usually within planned timescales and budgets.

Question 2

What are the differences between projects and business-as-usual (BAU)?

Answer 2

BAU - an organisations normal day-to-day operations or ‘steady state’

Projects - contrast with BAU, objective is to deliver outputs. Project team transitions the outputs to client (internal or external) to deliver the desired outcomes and benefits.

• *P**urpose
• *T**imescale
• *O**utcome
• *P**eople
• *M**anagement

Question 3

What is scope?

Answer 3

All projects trade the triple constraints of scope:

Time

Cost

Quality

Project managers myst understand the relative priorities of time, cost and quality as an important part of the decision as to which life cycle approach will suit best.

Question 4

Differences between project, programme and portfolio management.

Answer 4

All concerned with managing discrete packages of work to achieve objectives.

The scale, significance and complexity of work are factors to determine how work is managed (but are not the only factors).

Nature of objectives eg.

• *Outputs** - new HQ building
• *Outcomes** - staff being relocated
• *Benefits** - reduced travel time or facility costs
• *Projects** - typically work of a lesser scale & complexity leading to an output.
• *Programmes** - combines projects with change management to deliver benefits (sometimes new deployment with elements of BAU)
• *Portfolio** - collection of projects and programmes to achieve strategic objectives.

Question 5

When is programme management more appropriate?

Answer 5

More appropriate if organisation wishes to achieve:

1. More effective delivery of change
2. Increased responsiveness to strategic initiatives
3. More effective management of resources
4. Better management of risk in wider business context
5. More efficient coordination and control
6. Increased focus on obtaining strategic benefits

Question 6

When is portfolio management more appropriate?

Answer 6

Used to select, prioritise and control an organisations programmes and projects in line with it’s strategic objectives and capacity to deliver.

Goal is to balance implementation of change initiatives & the maintenance of BAU whilst optimising return on investment.

Used to structure investment decisions.