Sep 14 2014
Portfolio Management comes into effect when there are multiple programs & projects that can be standalone or interlinked and there is too much work to be effectively managed by one program manager. Portfolio managers guide and oversee the processes and procedures (also known as methodology) that govern the programs and projects. The program manager manages their program of projects while the project managers manage the projects within their responsibility. Portfolio management is typically seen in only the largest of organizations with dozens of active projects.
The purpose of portfolio management is to reduce the risk of related & non-related projects and programs of projects introducing something new into an existing system or systems.
Key Role Distinctions
- Portfolio Managers are responsible for methodology development/improvement as well as training, support and oversight (audit and compliance) of the programs and projects.
- Program Managers are responsible for supporting the projects within their programs while ensuring they stay in step with the project methodology.
- The Project Manager is responsible for all delivery activities of their project.