Project vs. Portfolio Management
Within the Project Management Office there are two different levels of management, project and portfolio. Project management is usually defined as the management of a specific set of goals and objectives to occur within a defined time period. Projects can vary widely in terms of duration and budget. Portfolio management can be defined in a couple of ways. A portfolio can be a group of similar projects that achieve an overall goal. An example might be implementing several pieces of technology in an infrastructure modernization intuitive. In this type of portfolio there may be multiple projects leading to a common outcome. Another definition for portfolio management is the overall management of all projects within a department or company. Companies as well as project management offices have found business intelligence particularly useful at this level. Metrics that can be measured across an enterprise include financial status, resource planning / allocation and ensuring that individual projects are being completed in the correct order based on a company’s tactical and strategic goals.
-Dan Thompson, PEI