Projects Programs Portfolios

Question 1

What is a Portfolio?

Answer 1

A Portfolio consists of programs, projects, and sometimes operations with the same strategic objective.

Portfolios are crucial for aligning projects and programs with organizational goals.

Question 2

What is the primary purpose of Portfolio Management?

Answer 2

To ensure organizational success and to manage risks and resources effectively.

Achieving organizational success is the main focus of Portfolio Management.

Question 3

What does Program Management focus on?

Answer 3

Coordinating and managing related projects to prevent conflicts and decrease risks.

Program Management helps align projects to minimize risk.

Question 4

What is the primary purpose of Program Management?

Answer 4

To decrease the risk within a program.

While additional values like economies of scale exist, risk reduction is the main goal.

Question 5

What are the specific requirements that Projects must meet?

Answer 5

Completing within a budget, meeting scope requirements, and providing quality standards.

These requirements are essential for the successful completion of a project.

Question 6

What is the role of Project Management?

Answer 6

To ensure that project requirements are fulfilled and that the project is completed successfully.

Effective Project Management is critical for meeting project goals.

Question 7

Is Program Management a necessity?

Answer 7

No, it is only required if it adds value.

Program Management may provide benefits like better resource management and economies of scale.

Question 8

True or False: Economies of scale is the primary purpose of Program Management.

Answer 8

False - the primary purpose is to minimize risk within a program. Economies of scale is an added bonus

The primary purpose is to minimize risk within a program.