Projects, Programmes and Portfolios Flashcards
What is the definition of Programme management
the co-ordinated management of a group of inter-related projects contributing to a common strategic objective. Used for achieving significant strategic change overseen by CEO and board
What are 5 benefits of Programme management
- ensures projects are aligned with strategy aims and are best prioritised
- ensures that interfaces and interdependencies between projects are monitored so changes that may affect other projects can be understood and communicated
- endures projects are focused on the strategic benefits rather than individual deliverables
- ensure resources are optimised for overall programme performance
- efficiency improved with common processes, procedures and reporting
What are 5 responsibilities of a programme manager
- initiate, prioritise and terminate projects.
- managing the interdependencies between projects
- define and realise strategic benefits and intervene if necessary
- ensure resources are prioritised across projects for maximum benefit - manage conflicts
- managing risks, issues and controlling change
what are 4 key differences between project and programme managers
- PM’s direct day to day activities - PRM have no direct control over resources
- PMs are concerned with own projects - PRM are concerned with overall programme objectives
- PMs have limited view of projects - PRM must be aware of all projects and how they interact
- PMs carry out detailed planning, monitoring and controlling of their project - PRM manage coordination between projects
What are 3 challenges of working within a programme
- lack of sponsor - in single project there is a sponsor and board who can support PM - in programme this is PRM so no same level of support
- interdependency - projects in a programme can be affected by external influences as needs of programme have priority. this may affect budget, scope, timing, deliverables or resources.
- delegation of responsibility - remoteness of PRM places more responsibility on PM for decisions. PRM is theoretically responsible for interdependencies but PMs must ensure projects are aligned
what is the definition of Portfolio management
selection and management of projects and programmes to facilitate strategic objectives with due regard for BAU. it can be done at organisational and functional levels
What are 4 scenarios for using portfolio management
- when projects/programmes will significantly impact current/future operations. PFM should ensure projects don’t jeopardise ongoing operations of organisation
- when capacity/capability (HR, facilities, finance) to carry out multiple projects is limited selecting projects/programmes which optimise resources is vital
- when there is a high level of risk within the portfolio the balance of risk/reward should be understood and managed so there’s not an excessive amount of high risk projects
- when there’s a need to enforce standardised methodology having projects under a single portfolio should ensure methodology is uniformally applied
what are 5 main characteristics of managing a portfolio
- project selection - they should align to corporate strategy and contribute to goals, they should also have a balance of risk and return
- resource allocation - there may issues occur between projects due to be limited resources and capacity bottlenecks. the PFM must decide on optimum allocation of resources
- monitoring & reporting - all projects/programmes must be monitored and senior management provided all the information needed to make decisions with assistance from PFM
- portfolio reviews - the PFM must constantly review the balance within the portfolio of cost, benefit, risk and reward. they must be prepares to close projects/programmes if not viable
- manage interdependencies - the PFM must be aware of all interactions and interdependencies between all portfolio elements including:
- between individual programmes
- between programmes and BAU
- between project not part of programmes and BAU
- between project not part of programmes
what are 6 benefits of managing projects as a portfolio
- there is a strategic link between programmes, projects and BAU operations ensuring all activities support corporate objectives
- reduction of costs by ending unprofitable or non-strategically aligned projects/programmes
- the same governance is applied to all organisational activities
- resource allocation considers all requirement so can be balanced across projects and BAU
- risks/returns can be optimised across entire portfolio
- there will be efficient integration of output of projects into operations
what are 4 key differences between programmes and portfolios
- projects in a programme and always inter-related/dependent - projects in portfolio can have no dependencies other than resource conflicts
- projects in a programme all contribute to the same defined strategic goal - a portfolio can support several strategic objectives
- in a programme all projects should succeed for programme success - in a portfolio failures can be compensated by other successes
- as all elements of programme have same strategic goals the PRM can switch resources/priorities between projects - this is less true in portfolios
What are the 4 core programme management processes
- Project co-ordination - identification, initiation, acceleration, deceleration, redefining and terminating of projects within the programme. managing the interdependencies between the projects and between projects and business as usual activities.
- Transformation - The outputs of the projects create outcomes to deliver the agreed benefits. They must encompass business change management and this may include taking temporary responsibility for some BAU activities.
- Benefits management - Benefits come from the effective use of the outputs of the projects to satisfy strategic goals. Effective benefits management (defining, quantifying, measuring, monitoring) ensure that the management of projects and the management of business change are both fit for purpose.
- Stakeholder management and communications - It is vital and a key element of the governance of project management that stakeholders relationships are developed and maintained. This will generate trust and commitment to the project and aid effective decision making.
what is the Distinction Between Project and Programme Management
Projects typically produce or change something and are then disbanded. The benefits are likely to be accrued after the project is completed.
Programmes are typically used to help transform organisations. Therefore, the temporary programme organisation tends to have a lifespan that covers the realisation of the benefits – which could be several years.”
what is the key responsibilities of a programme sponsor
Aligns the programme with strategic aims. Manages business risk and delivers the business benefits
what is the key responsibilities of a programme manager
Delivers the programme objectives. Ensures uniformity and optimum use of resources across the projects. Ensures that the benefits are realised, manages project risks and stakeholders.
what are the main tasks of a programme sponsor
Scopes the programme; supplies funding; sets programme success criteria; reviews progress and priorities. ‘Champion’ for the programme objectives
