Portfolio – Program – Project and Operation Management (P3O)
A project can be managed in three different scenarios: as a standalone project management (outside a portfolio or program), within a program management, or within a portfolio management.
Relationship of P3O
Portfolio Management:
A portfolio is a group of projects, programs, and other related operational work that is prioritized, implemented, and interlinked to achieve a specific strategic business goal. Portfolio managers prioritize doing business in such an environment with limited budgets, risk tolerance, resources, and many other assumptions and constraints for the success of a portfolio.
Program Management:
A program is a group of related projects that can be managed jointly for some benefit. Projects in a program are often interdependent; the efforts of the program manager to coordinate and manage the interdependent project activities that are produced with the same resource pool or budget, and to ensure that projects and programs achieve the benefits for which they were initiated.
Project Management:
A project is any work that produces a particular outcome, is temporary in nature, and always has a start and end date. Projects can be part of programs or portfolios, but programs and portfolios cannot be part of a project. Use the project manager’s skills such as influences, organizing, interpersonal strategies, and teamwork to focus the team on business value and ensure that the project work is done according to the project management plan.
Operation Management:
Operational management is an ongoing process that lies outside of formal project management.
Organizational Project Management (OPM):
Portfolio, program, and projects are aligned with and driven by organizational strategies and differ in ways that enable strategic business goal to be achieved. It is a framework for maintaining the organization as a fully focused organization on overall strategy. OPM provides direction and support to ensure that all levels, i.e. portfolio, program, project, and other operational work, are prioritized, managed, executed, and measured to understand the objectives and visions of achieving strategic goal and desired benefits.
OPM Environment
Understand the company’s big picture:
