Project Management Best Practices

High-level View of Project, Program, and Portfolio Management

In part 1 of this series, we defined the P3MO as an acronym for “Project, Program, and Portfolio Management Office.” It’s based on the concept of a PMO (project management office)  elevated to cover project portfolio management as well as project and program management. In part 2 we will discuss the relationship between the three components of the P3MO: project management, program management and portfolio management.

Project management ensures the successful completion of initiatives and their associated deliverables within the time, scope and cost parameters agreed to by the end-users of the product, service or result. The project manager manages stakeholder expectations and communication between all team members and stakeholders.

P3MO Relationship Venn - Click on image to enlarge

Program management provides overall leadership and vision to the project management process. The program manager is responsible for delivering value to the community of stakeholders.

Portfolio management aligns the portfolio of projects and other work with the objectives of the organization and ensures that the work delivers value to the business.

The relationship between projects, programs and portfolios

Portfolios are made up of projects, programs and other work. (Other work includes on-going operations, ad-hoc activities and other “business as usual” work.)
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