Saturday, March 14, 2015

Key Difference Between Program Manager and Portfolio Manager

Purpose
  • Project Management - Provide delirables by executing a network of tasks
  • Program Management - Deliver benefits executing a network of projects
  • Portfolio Management - Support strategy formulation and execution from an investment perspective
Duration
  • Project Management - Temporary has a finite start and end
  • Program Manager - Longer time frame (compared to projects)
  • Portfolio Management - Enduring process, with regular balancing of investments

What is aggregated?
  • Project Management - Collection of related tasks or deliverables
  • Program Manager - Collection of projects and other things
  • Portfolio Management - Collection of assets (things of value)

Strategic Goal
  • Project Management - Accomplishing specific requirements and objectives
  • Program Manager - Accomplishing specific requirements and objectives, typically on a grander scan than projects
  • Portfolio Management - Adjusting the balance of investments to increase probability of achieving financial and business outcomes

Success is defined by
  • Project Management - Meet narrowly defined objectives, typically metrics quality, cost and timing
  • Program Manager - Meet broadly-defined objectives, typically metrics are stream of benefits to different stakeholders
  • Portfolio Management - Focus on long-term value to investors and other stakeholders

Risk Management Approach
  • Project Management - Risk are typically regarded as threats
  • Program Management - Risk are often framed as opportunities, but threats are also important
  • Portfolio Management - Risks are deviation from investor expectations that are managed through portfolio balance

Decision
  • Project Management - Made continually and more focused on uncertainty rather than ambiguity
  • Program Management - Made continually and more abmbiguity is addressed first, then uncertainty
  • Portfolio Management - Made a specific decision events with primary outcome being to invest or disinvest

Key Competencies
  • Project Management - Management skills
  • Program Management - Leadership Skills
  • Portfolio Management - Analysis and decision making