Project portfolio management and project management – what’s the difference?
We talk often about project portfolio management and project management but what’s the difference between the two?
Project portfolio management and project management
Project management: project management is known as the practice of using skills, knowledge and experience to complete a project that adds value to a business or organisation. This typically involves 1 person leading – or managing – a team of people, allocating and overseeing specific tasks & objectives that contribute to the completion of projects.
As such, collaboration, communication, task allocation and risk management are key components of project management; Project Managers being the leaders and Project Teams completing specific tasks.
Project portfolio management: project portfolio management is the management of all projects run within an organisation from a high-level perspective. This includes overseeing the processes used in project management and is considered to be a more strategic measure; where a portfolio is a collection of projects linked to specific objectives.
What’s the difference?
Essentially, the difference between project management and project portfolio management is this:
Project management focusses on the management & completion of a specific project, whereas project portfolio management oversees multiple projects from a high-level and strategic viewpoint.
Project portfolio management helps organisations work on the right projects at the right time, ensuring all projects positively contribute to an organisation’s business goals & objectives.
To find out more about our PMO and how it can support your project portfolio management and project management efforts, please book a free demo or contact us.
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