Portfolio Review and Adjustments

1
2
3
4

Project Management Professional(PMP) I am learning to improve on my project management skills to design and build Web Apps.

PROJECT, PROGRAM, PORTFOLIO, AND OPERATIONS MANAGEMENT

Effective project management Absence of project management may
Meet business objectives Missed deadlines
Satisfy stakeholder expectations Cost overruns
Be more predictive Poor quality
Increase chances of success Rework
Deliver the right products at the right time Uncontrolled expansion of the project
Resolve problems and issues Loss of reputation for the organisation
Respond to risks in a timely manner Unsatisfied stakeholders and
Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule) Failure in achieving the objectives for which the project was undertaken
Identify, recover or terminate failing projects  
Manage constraints (e.g., scope, quality, schedule, costs, resources)  
Optimize the use of organizational resources  
Manage change in a better manner  

Organizational Project Management

Projects Programs Portfolios
Definition A project is a temporary endeavour undertaken to create a unique product, service or result. A program is a group of related projects, subsidiary programs and program activites that are managed in a conordinated manner to obtain benefits not available from managing them individually. A portfoilio is a collection of projects, programs and subsidiary portfolios and operations managed as a group to achieve strategic objectives.
Scope Projects have defined objectives. Scope is progressively elaborated throughout the project life cycle. Programs have a scope that encompasses the the scope of it's program components. Programs produce benefits to an organization by ensuring that the outputs and outcomes of program components are delivered in a coordinated and complementary manner. Portfolios have an organizational scope that changes with the strategic objectives of the organization.
Change Project managers expect change and implement processes to keep change nmanaged and controlled. Programs are managed in a manner plans that accepts and adapts to change as necessary to optimize the delivery of the benefits as the program's component deliver outcomes and/or outputs. Portfolio managers continuously monitor changes in the broader internal and external environments.
Planning Project managers progressively elaborate high-level information into detailed plans throughout the project life cycle. Programs are managed using high-level plans that track the interdependencies and progress of program components. Program plans are also used to guide planning at the component level. Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio.
Managment Project managers mange the project team to meet the project objectives. Programs are managed by program managers who ensure that program benefits are delivered as expected, by coordinating the activities of a program's components. Portfolio managers may manage or coordinated portfolio management staff, or program and project staff that may have reporting responsibilites into the aggregate portfolio.
Monitoring Project managers monitor and control the work producing the products, services, or results that the project was undertaken ot produce. Programs are managers monitor the progress of program components to ensure the overall goals, schedules, budget, and benefits of the program wil be met. Portfolio managers monitor strategic changes and aggreste resource allocations results, and risk of the portfolio.
Success Sucess is measured by product and project quality, timeliness, budget complianc, and degree of customer satisfaction. A program's success is measured by the program's ability to deliver it's intended benefits to an organization, and by the program's efficiency and effectiveness in the delivery those benefits. Success is measured in terms of the aggregate investment performance and benefit realization of the portfolio.

Project Management Body of Knowledge