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Introduction to project, program & portfolio management
1.
2013 Introduction to Project, Program & Portfolio Management www.bizhotline.com BizHotline 4327 South Hwy 27, Suite 331 Clermont (Orlando), FL 34711 Toll Free Tel: 800.617.5586 (407.656.2277) Toll Free Fax: 877.557.3064 e‐mail us at: salesinfo@bizhotline.com Copyright © 1996‐2013 BizHotline.com 1/10/2013
2.
www.bizhotline.com BizHotline 4327 South Hwy 27, Suite 331 Clermont, FL 34711 Copyright © 1996-2013
Bizhotline.com Table of Contents DEFINITION OF A PROJECT ............................................................................................................................ 2 DIFFERENCE BEWTEEN OPERATIONS AND PROJECTS .................................................................................. 3 . DEFINITION OF PROJECT MANAGEMENT ..................................................................................................... 4 Cumulative Effect of Four Application Areas ............................................................................................ 5 PROCESS GROUPS ......................................................................................................................................... 5 Initiation .................................................................................................................................................... 5 Planning .................................................................................................................................................... 5 Execution .................................................................................................................................................. 5 . Monitoring and Control ............................................................................................................................ 6 Closing ....................................................................................................................................................... 6 REQUIREMENTS OF MANAGING PROJECTS .................................................................................................. 7 Identification of requirements .................................................................................................................. 7 Addressing stakeholder’s issues ............................................................................................................... 7 Project constraints .................................................................................................................................... 7 RELATIONSHIP BETWEEN CONSTRAINTS .................................................................................................. 8 CREATING BALANCE BETWEEN CONTRAINTS ........................................................................................... 8 PROGRAM MANAGEMENT ........................................................................................................................... 9 PORTFOLIO MANAGEMENT .......................................................................................................................... 9 PROJECT, PROGRAM AND PORTFOLIO MANAGEMENT ............................................................................. 10 . FUNCTION OF PORTFOLIO MANAGEMENT............................................................................................. 10 FUNCTION OF PROGRAM MANAGEMENT .............................................................................................. 11 FUNCTIONS OF PROJECT MANAGEMENT ............................................................................................... 11 OVERVIEW OF PROJECT, PROGRAM AND PORTFOLIO MANAGEMENT ................................................. 11 . PROJECT MANAGEMENT .................................................................................................................... 11 PROGRAM MANAGEMENT ................................................................................................................. 12 PORTFOLIO MANAGEMENT ................................................................................................................ 12 PROJECT MANAGEMENT OFFICE ................................................................................................................ 13 BASIC FUNCTIONS OF PROJECT MANAGEMENT OFFICE......................................................................... 13 Difference between Role of Program Management Office and Project Manager ................................. 14 Role of a Project Manager .................................................................................................................. 14 January 10, 2013 1
3.
www.bizhotline.com BizHotline 4327 South Hwy 27, Suite 331 Clermont, FL 34711 Copyright © 1996-2013
Bizhotline.com INTRODUCTION TO PROJECT MANAGEMENT Since Early 1980’s Project Management was recognized as a profession and need of dedicated Project Managers was felt. Now a day, Project Management is one of the most rapidly growing professions in the world and the demand for Project Managers and Project staff is increasing with every passing day. This is so because the complexities and risks of the projects are increasing and the stakes and money involved is getting higher. To cater for the risks and to minimize the chances of failure, one needs better trained staff to handle the situation and make the project successful. Today Project Management is a vast field and it has been divided into areas of specialization like Construction Project Management, Software Project Management, Research Project Management and Telecommunication Project Management etc. This is so because every field has different technicalities and should be dealt differently. For the basic understanding, we’ll discuss the basics of Project Management. DEFINITION OF A PROJECT Firstly we must define what a project is and how it can be defined. The project has the following characteristics It is Temporary This means that projects are not a permanent feature. It doesn’t matter how long the project is, it has some starting date and some ending date. It is important to mention here that its finish must be specified; otherwise it’s not a project. It is Unique Every project is unique. No matter how similar a project is, still it is unique as there must be some difference. For example two similar towers (in shape) are to be constructed adjacent to each other. Although it looks similar but still the area of construction is different, planned inhabitants of the building are different and so on. Must have a Deliverable All the projects must have a deliverable, means that it must have a target, objective that has to be achieved. The deliverable can be a specified product (this can be a part of a bigger project), a service or a result. The project is declared closed once the objectives of the project have been accomplished or it is felt that the deliverables of the project are no more needed. January 10, 2013 2
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Bizhotline.com Some of the examples of the projects are as follows 1. Construction of a new building (A product) 2. Creating/ changing a procedure, process. (Service) 3. Undertaking Organizational change with respect to Human Resource. (Result) DIFFERENCE BEWTEEN OPERATIONS AND PROJECTS Broadly there are two major differences between Operations and Projects 1. Operations are of permanent feature and remain there until they are changed. The change in the operations will be brought about by a project and the new procedure will be the output of that project. 2. The second difference between Operations and Project is that Operations are repetitive in nature E.g. Processing of milk is a continuous activity and is repeated with every batch of milk that has been processed. On the other hand, a project is a unique and one time activity and has no repetition in it. January 10, 2013 3
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www.bizhotline.com BizHotline 4327 South Hwy 27, Suite 331 Clermont, FL 34711 Copyright © 1996-2013
Bizhotline.com DEFINITION OF PROJECT MANAGEMENT There is no specific definition of Project Management. Different authors and experts of Project Management have defined it differently. For the sake of understanding, its simple definition has been evolved which is accepted internationally. Project Management can be defined as the application of tools, techniques, skills and knowledge to project activities (Project activity is small activities that when combined give the desired result), so that the requirements of the project can be met. It is important to mention here that the basic idea of Project Management is the application and the application of anything is in the hands of an individual or group of people. This is the reason why the Project Management is done primarily by the Project Managers or the Project staff and they are the key players in managing a project. All the stuff on Project Management gives guidelines to the Project Staff but as there is no specific way to handle or execute a project, at the end of the day it is the Project Manager and Staff that has to have the decision power and the ability to take corrective decisions. There are 4 important words that should be looked into to understand the definition of Project Management. The four words their explanation is as follows Tools There are different tools developed to help Project Managers/Staff to use and make Project Management easier. They are generic and all projects need these tools. For example PERT, Gantt charts, Microsoft Project Management, Primavera etc. Techniques There are different techniques that the Project Manager/Staff should have to manage projects more effectively and efficiently. For example Risk Analyzing techniques, Conflict Management techniques etc. Techniques required for a complex project of each field/area will be different. That is why now field specific Project Managers are required by companies/firms as this is a specialized field now. Skills As mentioned above, different skills are required for the Project Managers and staff to manage the project and make it successful. The skills required again vary with the project type and project field. For instance skills required to manage a research project are different from managing a construction project. For example communication skills, planning skills, managing people skills. Knowledge The project manager and staff should have knowledge of the specific field and project management. For example technical knowledge, organizational knowledge, stakeholder knowledge etc. January 10, 2013 4
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Bizhotline.com Cumulative Effect of Four Application Areas All these four application areas have a specific order. The knowledge that the Project staff has is refined by the skills that they have and enhances the chances of a successful project. By having better skills the application of the knowledge will get better. The skills can further be refined and cause better project management by applying different techniques to it. The application of effective and handy techniques supports the skills. Finally, by applying tools for project management, techniques can be made more effective and that all cumulatively results in better project management. This is why, application of these areas are the pillars of Project Management. PROCESS GROUPS For simplicity of understanding, project management has been divided into five different stages called process groups. These five stages are further divided into forty two categories logically integrated known as project management processes. Again it is emphasized that it is not necessary to exactly follow these project management process groups and processes, these are just for the guidance of the project manager and staff. The five process groups are as follows Initiation Initiation stage mentions the purpose of the project and its feasibility. All the stakeholders (All the people who are involved in the project either directly or indirectly) are identified and judged whether the project is needed and is viable or not. For example viability of construction of a five star hotel in remote hilly area and also how to stakeholder issues will be addressed and settled etc. Planning In the planning phase, all the plans for the implementation of the project are identified and all the Standard Operating Procedures (SOP’s) are defined. This is the most important phase and all the SOP’s does and Don’ts of the project are defined during the planning phase. For example financial plan, execution plan, timelines of the project etc. Execution Execution is the generally the most lengthy portion of the project. In this physical work on the project is done and is generally very complex. Most of the cost of the project is spent on this portion of the project. The majority of the problems is faced during this stage. For example construction of a building, developing a code of the software etc. January 10, 2013 5
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Bizhotline.com Monitoring and Control Monitoring and Control goes parallel with the Execution. It is a check on whether the execution is being done according to the plan and the specifications. Generally for big projects, there is a separate Monitoring and Control department which regularly checks as per the SOP different parameters of the project being executed which includes but is not limited to the cost, time and quality of the executed portion of the project. For example one storey of the building has been completed out of five. The monitoring and controlling team will check its cost incurred against planned cost, time taken against planned time and also the quality of the work done. Closing When the execution of the project is completed, the closing phase starts. In this phase all the remaining issues like payments, stock entries and observations during execution are settled. Once all the parameters of the project are complete and data from all the departments is gathered and compiled, reports on completion of the project are generated, the project is declared closed and this is the end of the project. Else, if it is felt at any stage of the project that the project is no more viable or needed, then the project can be closed in midway without getting the desired deliverables from the project. January 10, 2013 6
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Bizhotline.com REQUIREMENTS OF MANAGING PROJECTS Following are the very basic requirements for managing projects successfully Identification of requirements The most important thing for a successful project is to identify the requirements of the target population. If the requirements of the target population are not met, then the project is most likely to fail. This needs extensive research and analysis because this is one of the most crucial stage of the project. For example before launching of the studios or single room flats, it should be analyzed and identified that whether the target population prefers studios or single room apartments. The wrong decision can cause the project to fail or to be less effective and profitable. Addressing stakeholder’s issues Identifying and addressing the issues, needs and expectations of the stakeholders are extremely important. Failing to address the issues of even a single stakeholder can cause the project to fail and delayed. For example, the effectees of Mangla Dam raising projects were not settled in a timely manner, due to this the project got delayed by whole one year and the water could not be stored in the dam as planned. Similarly needs should be addressed if the needs of your project manager are not fulfilled, the project can be negatively affected or if the product is not according to the expectations of the consumer, chances of failure of the project get very high. Project constraints In a project there are different constraints which are to be managed effectively to make the project successful. Following are some of the major project constraints Scope What is the periphery of the project and it defines what is included in the project. Due to other factors, the scope becomes a constraint which has to be managed properly. Quality It defines the quality of the deliverable of the project. One cannot give best quality every time due to various reasons e.g. Budget issues, human resource issues. Therefore, one has to settle for a certain level of quality and that should not be compromised. Schedule It defines the schedule or timelines of tasks and sub tasks of the project. As every project has limited time, therefore it is a constraint that needs to be managed. January 10, 2013 7
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Bizhotline.com Budget/Resources As there are limited budget and resources in the hands of the project manager and staff, therefore its management is very important. Risks Every project has different risks associated with it. The risks are to be identified and mitigated to make the project successful. As some risks are very difficult to mitigate or are very expensive, risks should be analyzed and managed accordingly. RELATIONSHIP BETWEEN CONSTRAINTS It is very important to note and is also very visible that all constraints are interconnected and if one changes at least one of the constraints changes. For example, if I change the budget of the project, then all the other constraints including scope, quality, schedule and risks might change. With changes in the quality of the deliverable again all the constraints might get changed. CREATING BALANCE BETWEEN CONTRAINTS It is very important to create a balance. One must identify what are the resources at disposal and what minimum quality, scope and time is required to make the project successful. There are always compromises that one has to make during the project and one must keep the project flexible enough that if some constraint has to be changed, the project can still be controlled and made successful. Therefore, at the planning stage all these constraints should be looked into very deeply because all the projections, planning can go wrong if one of the constraint goes out. January 10, 2013 8
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Bizhotline.com PROGRAM MANAGEMENT The program can be defined as the group of interrelated projects to get benefit collectively. All these interrelated projects may or may not be managed separately but at a certain stage they are joined and managed as a single entity. This is done for better management and to achieve strategic goals of the organization. The management of a program is called as Program Management. All the projects can have their separate project manager and staff, separate set of resources and separate deliverables. But the deliverable of a particular project will not be of significance until it is linked to the other related projects. For example, there is a program to construct a car manufacturing facility. The program is subdivided into three projects namely Assembly line construction, Body shop construction and paint shop construction. If all the projects are complete, only then a car can be manufactured, completion of any of the projects alone or any two projects will not be of significance. For managing multiple projects, programs are identified and a Program Manager is generally the head of Program Management. PORTFOLIO MANAGEMENT The portfolio can be defined as the collection of projects and programs and other related work and are grouped together for the sake of better management and to meet strategic objectives of the organization. The projects and the programs grouped together may or may not be interdependent or related. Portfolios can be further divided into sub portfolios, programs and projects. For example there is a company whose main objective is to maximize its profitability and is involved in infrastructure development business. It may invest in any of the infrastructure areas like development of roads, power houses, water reservoirs, sea ports oil and gas etc. This becomes the portfolio of the company. Now it is at the discretion of the company that it may join interrelated projects like water reservoir development and power generation projects and make a program or all the power projects can be joined to make a powerful program. It is also important to mention here that of the relationship is based only on sharing of clients, seller or technology etc, the effort then, should be managed and treated as a portfolio rather than a program. Also both program and portfolio management minimizes the external and internal risks of projects as resources can be shared. January 10, 2013 9
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Bizhotline.com PROJECT, PROGRAM AND PORTFOLIO MANAGEMENT Project, Program and Portfolio management is not just the same. It is not like that the Program and Portfolio can be imagined just like a bigger or a huge project. The dynamics of all the three are different from each other and each one has to be looked separately and distinguished from each other to understand and manage effectively and successfully. The Program and Portfolio Management is seen in relatively mature and well established organizations. Only those organizations which have well defined systems for project management can have and adapt to the Program and Portfolio Management as if one doesn’t have the basics right, getting into complex issues is not advisable. The quantum of the organization to have Program and Portfolio Management should be big. It is very important to draw lines and decide if Programs and Portfolios are to be created or not. Is the function of the organization big and diverse enough to create programs and portfolios is one of the most important decisions. Generally if the organization is big enough to have a portfolio or even multiple portfolios, it is at that level that the portfolio managers along with the head of the organization takes the strategic decisions. Decisions that determine the action plan of the organization. Based on the strategic objectives and goals of the organization, the programs and projects can be determined. It is important to mention that the roles of all three management are different and their functions are elaborated below FUNCTION OF PORTFOLIO MANAGEMENT Following are the guidelines that trickle down to the level of programs and projects from portfolio managers 1. Strategies and priority areas are defined and communicated. 2. During the course of implementation, the strategies and priorities are further elaborated on the lower level. 3. The governing methodology of the organization is communication 4. Take decisions on changes that are requested from programs and projects during the course of projects and programs 5. Communicate the impacts if any due to the changes made in one project or program to other projects or programs. January 10, 2013 10
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Bizhotline.com FUNCTION OF PROGRAM MANAGEMENT Program Managers are managing things themselves and are a communication channel between the project managers and portfolio managers. Although this is not the only channel of communication available (to be discussed later) but most of the time is being used by managers. Generally the functions performed by Program Managers are as follows 1. Collecting performance reports from projects and submitting performance reports of programs and projects to portfolio managers. 2. Analyzing requests of changes in projects or programs and submitting it to the portfolio managers. FUNCTIONS OF PROJECT MANAGEMENT Project Managers are generally the people who are at the base of the events and are the providers of the first hand information. Their functions are as follows 1. Collect and analyze reports. 2. Communicate information to program management and make sure that the information is correct 3. Identify the changes that are required in the project by giving reasons and its expected outcome of the project. OVERVIEW OF PROJECT, PROGRAM AND PORTFOLIO MANAGEMENT Now to make it more clear let us define what are the basic differences in Project, Program and Portfolio management by having a comparison of these three with respect to different parameters. PROJECT MANAGEMENT Scope: As defined earlier, projects have clearly defined deliverables and objectives. The scope of the project is constantly explained in detail during the course of the project. Change: As this is the implementation phase, changes in the projects are being constantly looked at as the circumstances are always changing. Planning: Project Managers have to continuously make adjustments and changes in planning with changing situation Management: Project Manager has the project team at his disposal to manage and make the project successful. January 10, 2013 11
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Bizhotline.com Success: Its success can be measured quantitatively most of the time e.g. by timelines, budget of the project, quality etc. Its success can be determined as soon as the project ends. Monitoring: Project Managers consistently monitor the quality of the work done and quality of the product, result or service what ever is the deliverable of the project. PROGRAM MANAGEMENT Scope: programs have a broader perspective and result in more important benefits as compared to project management Change: Program Manager has to consider both the internal and the external changes that can affect the program. Planning: Program Managers do more detailed planning keeping in view the external factors and create high level plans for the portfolio managers to take strategic decisions. Management: Program Managers have to manage the program staff as well as the project managers of the related projects of the program Success: It is not as quantifiable as the project success can be accessed. However, it is determined by the extent to which it has achieved its objectives and has benefited the organization. In most of the cases it is on the higher management how to evaluate the success of a program. It may take some time depending on the program to get the benefits from a program. Monitoring: Program Managers monitor the different components of the program and monitor their progress with respect to cost, scope, goal etc. PORTFOLIO MANAGEMENT Scope: Portfolios have a business level scope which is attached to the strategic goals of the organization. Change: Portfolio Managers also have to look for the changes taking place from all aspects Planning: Portfolio Managers create all necessary processes to keep the portfolio intact. Communication of the planning to lower levels is also very important. Management: Portfolio Managers manage and coordinate with the portfolio staff as well as program and project managers Success: Measuring of success like of the program depends on higher management and is accessed by the cumulative performance of all related programs and projects. The benefits of the portfolio can be long term and can be accessed over a longer period of time. Monitoring: Portfolio managers monitor the cumulative performance of programs and projects, give importance to the indicators rather than going deep into the programs and projects. January 10, 2013 12
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Bizhotline.com PROJECT MANAGEMENT OFFICE As explained earlier, there is not only one communication channel between the project managers/staff and portfolio manager and even the top man of the organization. The channel of communication is the project management office that is generally a part of the office of the Managing Director or Chief Executive Officer of the organization. The project management office is an entity that is responsible for coordinated and centralized effort to manage projects falling in its domain in a better manner. The project management office generally functions as per the directions of the Chief Executive Officer of the organization. Its responsibilities can just be to monitor and collect data from projects, summarize it for the Chief Executive Officer or to directly monitor and manage a project. It is also at the disposal of the Chief Executive Officer whether to declare the Project Management Office a stakeholder in the project or not. Whether to give it rights to administer a project and be involved in the planning and approving phase of the project. Project Management Office can also be made to judge the allocation of shared resources of different projects going on simultaneously. By this there is a central body that has the list of all the shared resources and can be a better judge to allocate resources and set priorities. BASIC FUNCTIONS OF PROJECT MANAGEMENT OFFICE The basic job of the Project Management Office is to support the project managers and it can do this in different ways which may include but are not limited to 1. To manage the shared resources amongst different projects and play its role as a moderate between different projects. Its decision should be treated as final. This can decrease the conflicts between project managers and result in better management of resources. As the Project Management Office is a part of the Chief Executive Officer’s office and are constantly in touch with the CEO and the Portfolio Managers, therefore they are in a better position to set the priority between the projects. 2. To identify best practices, give guidelines and Standard Operating Procedures to project managers and most importantly develop methodology for project management which is in line with the strategic goals and objectives of the organization. 3. To monitor the progress of the project and determine the adherence to the Standard Operating Procedures and best practices described by the Project Management Office. This can be done by keeping in contact with the project managers, collecting and analyzing data and most importantly by undertaking project audits. 4. To maintaining project data, all documentation and analyzing reports and make summaries for the Chief Executive Officer or for the Steering committee to take decisions. 5. Most important of all is to keep all communication channels active with all project managers so that all the information can be forwarded to project management and required information can be collected. 6. To keep the project managers updated about the external and internal changes taking place that can affect the project. January 10, 2013 13
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Bizhotline.com Difference between Role of Program Management Office and Project Manager It is very important to distinguish between the role of Project Management Office and Project Manager. Although the role of the Project management office depends upon the instructions of the Chief Executive Officer, there must not be any overlapping areas of responsibility of Project Management Office and Project Manager because overlapping can cause confusion amongst the project manager and program management office and also the project manager can feel less powerful and handicapped. Following are some of the generic differences between project management office and project manager 1. The focus of the project manager should be on achieving the objectives of the specific project whereas the role of the project management office is to manage the changes in program and portfolio management and also to protect the objectives of the organization and plan accordingly. 2. The resources of the project are being controlled and managed by the project manager whereas the project management office controls and manages the shared resources of the projects 3. Constraints of the projects (time, scope, cost etc.) are controlled and managed by a project manager whereas the project management office controls and manages the standard operating procedures, risks, methodologies of different projects. Role of a Project Manager It is not difficult to access that the most important man in the project team is the project manager and all the responsibility of the project failure or success lies with the project manager. A project manager is a person who is deputed by the higher management to achieve the project objectives in given resources. The role of the project manager is totally different and a lot more challenging than a functional or an operations manager as project management is a far more dynamic field. Depending on the organizational structure of the organization, the project manager either reports to the functional manager (if the project is being carried out along with operations) or he reports to the program or portfolio manager (in cases where the project is a part of bigger strategic goals of the organization and where operations are not running along side the project). January 10, 2013 14
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Bizhotline.com To be a successful project manager, the application of knowledge, skills, tools and techniques is not sufficient sometimes. Some more qualities and abilities are needed by the project manager to be successful which are as follows : Knowledge: That the project manager has the knowledge about project management and the specific area/field in which the project is being done. Performance: It points towards the efficiency and effectiveness of the project manager that whether he is able to apply his knowledge and skills to get better results and make the benefits of the projects more prominent and more effective. Personal: This refers towards the behavior and attitude of the project manager which includes his leadership qualities, the quality of decisions made specially under intense and pressure situations. The ability to take the project team out of the trouble and to guide them to do the job more efficiently and effectively. January 10, 2013 15
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