...a company and defines ways of achieving those goals. Project management takes one of the goals and manages costs, schedules and resources to give the desired result. When small businesses use projects to make progress toward their strategic goals, they have to be aware of the differences between the two processes. While both corporate strategy and project management share planning and control characteristics, the details of their implementation and execution are not the same. Goals: The goals of corporate strategy and project management are different. Those of corporate strategy define the direction of the company and are not usually time limited. A strategic goal of excellent customer service is a continuous process. A project is designed to achieve its goals within a certain time frame. Its goals are to produce the desired result within budget and according to the schedule. Once the goals are met, the project is complete. Corporate strategy may use projects to further its goals, but the projects are steps in the overall process while the corporate strategy carries on. A project is “a temporary endeavor undertaken to create a unique product, service, or result.”Operations, on the other hand, is work done in organizations to sustain the business. Projects are different from operations in that they end when their objectives have been reached or the project has been terminated. A program is “a group of related projects managed in a coordinated way to obtain benefits and control...
Words: 1049 - Pages: 5
...interest in project management. In the past, project management primarily focused on providing schedule and resource data to top management in just a few industries, such as the military and construction industries. Today’s project management involves much more, and people in every industry and every country manage projects. New technologies have become a significant factor in many businesses, and the use of interdisciplinary and global work teams has radically changed the work environment. 2.) A project is a temporary endeavor undertaken to create a unique product, service, or result. a. The attributes of a project are unique purpose, temporary, developed using progressive elaboration or in an iterative fashion, requires resources, often from various areas, should have a primary customer or sponsor, involves uncertainty. b. A project is different from what most people do day to day in that a project has a beginning and an end. c. The triple constraints are scope, time and cost. d. Other factors might include quality, risk and resources. 3.) Project management is “the application of knowledge, skills, tools and techniques to project activities to meet the project requirements. a. Framework is to help you understand project management. Key elements of this framework include the project stakeholders, project management process groups, knowledge areas, tools and techniques, project success, and the contribution of a portfolio of projects to the...
Words: 1207 - Pages: 5
...How Strategic Portfolio Management relates to Project Management Derilene McCloud CPMGT/301 January 11, 2016 Michael Koma How Strategic Portfolio Management relates to Project Management Strategic portfolio management is the centralized management of one or more portfolios. A portfolio is a collection of programs, projects and operations managed as a group. These programs, projects, and services may not necessarily be related or interdependent, however, they are managed together as a group to achieve the strategic objectives of the organization. Strategic portfolio management includes selecting the right programs and projects, prioritizing the work, assigning resources, authorizing, managing, and controlling other related work to achieve the organization's strategic business objectives (Kerzner, 2013). Conversely, project management develops and implements plans to achieve a particular scope that is driven by the goals of the program and portfolio that aligned to the specific organizational strategy. While both strategic portfolio management and project management need to align with the organizational goals and objectives, it is important to understand the similarities and differences between the two disciplines, and how each one contributes significantly to the organization's strategic objectives. Project management is focused solely on achieving specific deliverables that support key organizational objectives. The deliverables could be to create a unique...
Words: 667 - Pages: 3
...Management Control of Project Portfolio Uncertainty: A Managerial Role Perspective Tuomas Korhonen, Cost Management Center (CMC), Department of Industrial Management, Tampere University of Technology, Tampere, Finland Teemu Laine, Cost Management Center (CMC), Department of Industrial Management, Tampere University of Technology, Tampere, Finland Miia Martinsuo, Department of Industrial Management, Tampere University of Technology, Tampere, Finland PAPERS ABSTRACT ■ This article presents empirical results on different managers’ viewpoints regarding the sources and management of project portfolio uncertainty. As a key result, this study demonstrates the versatility of uncertainties experienced by managers, the limited degree of perceived control over them, the use of an almost complete management control package in managing uncertainties, and the necessity of managers’ cooperation in the skilled use of the management control package when managing uncertainties. In addition, a further research agenda is proposed. KEYWORDS: project portfolio management; uncertainty; managerial roles; management control systems; product development INTRODUCTION ■ n their product development, large companies have adopted project portfolio management (PPM) as a means for prioritizing and selecting product development projects among various options as well as allocating resources with the value maximization, balance, and strategic alignment of the portfolio in mind (Cooper, Edgett, & Kleinschmidt...
Words: 11185 - Pages: 45
...Tektronix Portfolio: Bringing Innovation and Satisfaction Week 7 Course Project Final Draft PROJ 587 Advanced Program Management Contents 1.0 Executive Summary 4 2.0 Organization’s Strategic Plan 5 3.0 Organization’s Strategic Capacity Plan 6 3.1 Defend the Core 6 3.2 Expansion of Sales and Products 6 3.3 Balance the Portfolio 6 4.0 Portfolio Management Process 7 4.1 Portfolio Strategic Plan 7 4.2 Portfolio Charter 7 4.3 Portfolio Management Plan 7 4.4 Portfolio Roadmap 8 4.5 Portfolio 9 5.0 Project Selection Criteria 9 5.1 Project Definition 9 5.1.1 Project Categorization 9 5.1.2 Project Prioritization 9 5.1.3 Weighted Scoring Method 10 5.2 Project Acceptance 11 5.2.1 Business Criteria 11 5.2.2 Logistical Criteria 11 6.0 Program Management Plan 11 6.1 Setup of Program Management Office (PMO) 11 6.1.1 Responsibilities: 11 6.2 Phase Gate Review Team 12 7.0 Plan to Identify/Resolve Triple Constraints Conflicts 12 8.0 Change Management Plan 14 8.1 Controlling Scope Change 14 8.2 Change Control Process 15 9.0 Resource Utilization Plan 16 9.1 Network Diagram 16 9.1.1 Utilization 16 9.1.2 Background Activities 16 9.1.3 Single-Tasking and Mulit-Tasking 16 9.1.4 Cross-Training 17 9.1.5 Identify Time-Critical Activities 17 9.1.6 Schedule Based on Deliverables 17 9.2 Requirements Plan 17 10.0 Works Cited 19 1.0 Executive Summary The primary purpose and goal of this report is to explain in detail the Portfolio Management...
Words: 4607 - Pages: 19
...Chapter 1 An Introduction to Project, Program, and Portfolio Management LEARNING OBJECTIVES After reading this chapter, you will be able to: Understand the growing need for better project, program, and portfolio management Explain what a project is, provide examples of projects, list various attributes of projects, and describe project constraints Describe project management and discuss key elements of the project management framework, including project stakeholders, the project management knowledge areas, common tools and techniques, and project success factors Discuss the relationship between project, program, and portfolio management and their contribution to enterprise success Describe the project management profession, including suggested skills for project, program, and portfolio managers, the role of professional organizations like the Project Management Institute, the importance of certification and ethics, and the growth of project and portfolio management software 2 OPENING CASE Doug Milis, the Chief Executive Officer (CEO) of Global Construction, Inc., was summarizing annual corporate highlights to the board of directors. Like many other large construction companies, they had a very difficult year. They had to scale down operations and let some employees go. When one of the board members asked what he was most proud of that year, Doug thought for a few seconds, and then replied, “Excellent question, Gabe. Honestly, I think the main reason we survived this...
Words: 12765 - Pages: 52
...Project Managment Summary Stacy F. Vincent CPMGT/301 December 22, 2014 Dr. Jeff Atkinson Project Management Summary Project Management, the process by which all components of a project are brought together, moving toward the end result of a successful endeavor. From inception; planning, organizing, resource management and the implementing of policy and procedures, the project manager is responsible for the entire process. Strategic Portfolio Management is the necessary prioritization methodology (Rouse 2012) actively engaged in managing the resources; budgetary, human, etc. in concert with any other component involved in the complete scope of a project. This component may oversee several different projects within an organization, moving them forward based on the company’s needs. Project Managers are responsible for the scope of the entire project, including the portfolio and program management outcome; however these all must work in concert to have a successful completion to all projects. Portfolio management (managers) can oversee several different projects concurrently, ensuring the necessary resources are available within the scope of the organization’s needs. Project managers, operating under the authority of their position, utilize the information compiled and made available by portfolio management. It is important to note that not all programs have end dates, such as a project may, and those program resources will require ongoing evaluation as budgets change...
Words: 356 - Pages: 2
...------------------------------------------------- What is a Project? Learning Objectives After completing this topic, you should be able to * recognize examples of a project * identify the characteristics of a project 1. Project characteristics Projects make up almost half of the work that most organizations do. Organizations use projects to help meet their strategic goals. In terms of strategic goals, projects may help an organization meet changes in market demands, customer requests, or organizational requirements. They may also help an organization make the most of technological advances or meet legal requirements. Select each strategic goal for examples. ------------------------------------------------- Market demands ------------------------------------------------- The goal of a project may be to respond to increases or decreases in market demands. For example, car manufacturers research and design fuel-efficient cars to meet market demands for greener products. ------------------------------------------------- Customer requests ------------------------------------------------- Projects may help organizations satisfy customer requests. A call center may use a project to upgrade its computer systems based on requests for faster response times. ------------------------------------------------- Organizational requirements ------------------------------------------------- Projects can help meet changes in organizational requirements. So a company...
Words: 26957 - Pages: 108
...|Projects|Programs|Portfolio| Definition|(ISO) A project is a unique process consisting of a set of co-ordinated and controlled activities with start and finish dates, undertaken to achieve an objective conforming to specific requirements including the constraints of time, cost and resources. (PMI) A temporary endeavor undertaken to create a unique product, service or result.|(PMI) A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside of the scope of discrete projects in the program.|(PMI) A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. | Example|Integration of HR system with Oracle apps|IT Transformation program|NASA’s space program| Scope|Have defined objectives and scope is progressively elaborated during the project life cycle.|Wider scope compared to projects and more focused on the benefits|The scope is driven by the strategic business objective that the portfolio is created to address.| Success criteria|Success is measured by the product and project quality, timeliness, budget compliance, and degree of customer satisfaction.|Success is measured by the degree to which the program satisfies the needs and benefits...
Words: 400 - Pages: 2
...IMPLEMENTING PORTFOLIO AND PROJECT MANAGEMENT SYSTEMS IMPLEMENTING PORTFOLIO AND PROJECT MANAGEMENT SYSTEMS In the recent years organizations with variety of projects require complete management therefore, project and portfolio management is one of the most discussed topics in the area of project management. Portfolio and project management (PPM) system is a tool that assists in managing projects. Project portfolio management is focused on aligning projects with the organizational strategies that will enable them to grow profitability. The following information examines the usefulness of a PPM system, and shows the impact of utilizing it at organizational level. It will point out the effective approach for PPM implementation. Our department lacks a single system of records. Instead we rely on spreadsheets, Microsoft Project plans, and unrelated systems, resulting in significant efforts to produce reports and differing views on the status of project commitments. To manage a project manually is feasible, but impractical for an organization that needs the capability to manage multiple projects, programs, assets, resources, and to produce different reports, track financials, etc. In order to do things more efficiently there is a need for automation. In the current business environment more valuable and highly recognized by the customers are organizations with a centrally managed PPM system. It helps streamline and enhance project execution while at the same IT brings...
Words: 1526 - Pages: 7
...Tesla Motors Portfolio, Program and Project Management Course Project Contents Introduction 3 Organization’s Strategic Plan 3 Organization Strategic Capacity Plan 4 Portfolio Management Process 8 Project Selection Process 15 Program Management Plan 17 Risk Management Plan 20 Change Management 21 Resource Utilization Plan 24 Personnel 24 Production Line 25 Inventory 25 Charts and Graphs 26 Organizational Influence Chart 26 Project Selection Process Flowchart 27 Conclusion 27 Reference: 29 Introduction Tesla Motors designs and manufactures the most advanced electric vehicles and electric power trains in the world. Tesla Motors do not compromise on innovation, performance, or appeal. Nor does Tesla Motors compromise commitment to hiring and developing the best from around the world. Tesla Motors work in small, focused teams, which much like our products are agile, efficient, and focused on excellence. Tesla Motors are driven by work that contributes to a global impact and are passionate about our future in the automotive industry. The pace is fast, the work is stimulating, structure is limited, and innovation is expected. Tesla Motors is headquartered in Palo Alto, California, runs satellite offices in Los Angeles and Maidenhead, UK, and operates retail locations around the world. Whatever location you choose, you'll be surrounded by the best of the best, working together to impact the future of transportation. Tesla Motors is committed...
Words: 5781 - Pages: 24
...Advance Project Management PM587, Week 3 quiz Keller Graduate School of Management Week 3 quiz covers material from Weeks 1 2 and 3 Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/28/2012 Time Spent: 58 min , 25 secs Points Received: 72 / 80 (90%) Question Type: # Of Questions: # Correct: Essay 4 N/A Grade Details - All Questions 1. Question : (TCO A) You work for company Bravo and have been asked to create a presentation for the Board of Directors to explain PPM. Your presentation is to include a comparison and contrast of project portfolio management, program management, and project management. The presentation should also include the benefits of PPM and why the company should implement this program. Below, in your own words, write the narrative for the presentation. Be sure to address all elements of the presentation. Student Answer: Bravo Board of Directors Presentation PPM A PPM stands for Project Portfolio management. It is a management process used to develop a series of projects that are grouped into a portfolio based upon similar strategic objectives of the organization. The Project Portfolio management does not actually manage the project; however the management group creates guidelines and processes, which are then enforced to select the proper projects that will allow the organization...
Words: 1392 - Pages: 6
...An Introduction to Project Management, Fifth Edition By Kathy Schwalbe Professor Emeritus, Augsburg College Department of Business Administration Minneapolis, Minnesota An Introduction to Project Management, Fifth Edition Cover Photo: Dan Schwalbe ©2015 Schwalbe Publishing ISBN-13: 978-1505212099 ISBN-10: 150521209X ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the author. Materials from Kathy Schwalbe’s Information Technology Project Management, Sixth and Seventh Editions, are used with permission from Cengage Learning. Microsoft and the Office logo are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. All screenshots from Microsoft products are used with permission from Microsoft. Information and screenshots from MindView Business are used with permission from MatchWare. Information and screenshots from Basecamp are used with permission from Basecamp. Some of the product names and company names used in this book have been used for identification purposes...
Words: 14496 - Pages: 58
...Project Management Office Summit Measures and Metrics for PMO Success 0011 0010 1010 1101 0001 0100 1011 Jim Kendrick, PMP, CMC President and Practice Leader © 2009 P2C2 Group, Inc. kendrick@p2c2group.com 301-942-7985 Also See Related Blog Articles http://jimkendrick.blogspot.com Web www.p2c2group.com Blog http://jimkendrick.blogspot.com Phone 301‐942‐7985 Email kendrick@p2c2group.com LinkedIn http://www.linkedin.com/in/jimkendrick Location Washington, DC Metro Area Measures & Metrics (c) 2009 kendrick@p2c2group.com Managing projects and portfolios without metrics is like sailing a ship without a compass! 0011 0010 1010 1101 0001 0100 1011 Measures & Metrics (c) 2009 kendrick@p2c2group.com 2 Why PMOs need measurement and metrics You already know … 0011 0010 1010 1101 0001 0100 1011 • 63% of projects have schedule delays • 49% of projects exceed budget or do not meet business objectives • 45% of projects face cost overruns • 23% of all projects FAIL Data published by Standish Group International, Inc., as reported in Computer World, February 17, 2003 http://www.computerworld.com/printthis/2003/0,4814,78517,00.html Measures & Metrics (c) 2009 kendrick@p2c2group.com 3 Most organizations have problems with their measures and metrics 0011 0010 1010 1101 0001 0100 1011 • • • • • • • • • Too much data Measures aren’t useful Too much time to collect and report data Data...
Words: 2514 - Pages: 11
...Project and Strategic Portfolio Management Portfolio management is a situation where all projects are managed from one central point to achieve the desired results (Project Management Institute, 2013). The desired outcomes are predetermined, and strategies have to be put in place to meet them. Portfolio management ensures that there is a continuous review done on projects so as to determine which area requires priority and resources are allocated to those areas on the weight of their urgency (Project Management Institute, 2013). Strategic planning plays a significant role in helping an organization put in place mechanisms that will ensure the survival of the organization. Strategic planning helps the organization to strategize accordingly so that it is not left out when other organizations are making strides towards achieving their objectives (Kerzner, 2013). A portfolio manager is mostly worried about the success of the entire portfolio instead of a single entity in the portfolio. In case of any decision, then the whole portfolio is considered and not a single entity in the portfolio. It can, therefore, be said that a portfolio acts as a link between the programs of an organization and the strategies that the organization has put in place (Kerzner, 2013). The programs and the plans need something that can link them, and that thing becomes the portfolio. Strategic considerations that would make an organization put in place measures that would ensure its survival include market...
Words: 637 - Pages: 3
