L1.01 Projects, Programs, and Portfolios Flashcards
What is Program Management
Managing related projects, coordinated controls
What is OPM?
Organizational Project Management - it drives strategy and advances capabilities.
It is a Strategy execution framework that serves as Organizational enablers, and is accomplished by linking management principles with strategy
What is project management?
the application of knowledge, skills, tools and techniques to project activities to meet project objectives.
What is program management?
The application of knowledge, skills, tools and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing a project individually
Why do we need program management?
Because there are related projects, which have a common outcome, or a collective capability - main reason is to increase the benefit and control by working them all together.
One of the primary gains is the aligned direction and coordination.
What is Portfolio Management?
The centralized management of one or more portfolios to achieve strategic objectives.
Managing Project, operations, and program investments as a strategic group - all the investments are within portfolio management
What does Planning look like across Project, Programs, and Portfolios?
Project - progressively elaborated
Program - overall plan and guide components
portfolio - Maintain processes and communicate
What does Planning look like across Project, Programs, and Portfolios?
progressively elaborated
overall plan and guide components
Maintain processes and communicate
What does change look like across project, program, and portfolio management?
Project - Expect Change and manage it
Program - Expect from inside & outside
Portfolio - Always Monitoring environments
There are several projects in your organization working on the same product. Which management method would be used to best coordinate these related projects?
Program Management
