BEYOND DIGITAL

Project Management vs. Project Portfolio Management

Project management is probably a familiar term to everyone. This deals with the concrete realization of individual projects. Project portfolio management, on the other hand, is about deciding which projects should be realized at all and which roles or resources should work on them and when.

Project Management

In order to implement the strategy in a disciplined and goal-oriented manner, it is essential to implement stringent project portfolio management, standardized project management and uniform and meaningful resource recording for projects and processes. The standards to be defined should be structured in such a way that they can be implemented efficiently and are appropriate to individual needs. An additional challenge is that the functions of your company have different levels of maturity and standards with regard to the above-mentioned aspects.

In addition to theoretical process and reference models, as well as certifications regarding project management, social intelligence is of crucial importance when working with people. Empathy, diplomatic expressions, sharp rhetoric and respectful interaction are only a few examples, which must be strongly developed in order to get the maximum solution and feasibility in every situation and constellation.

In addition to professional experience, knowledge of human nature and life experience also count in order to be able to deal confidently with board members, managers and colleagues. Both the experience and the theoretical knowledge are required to be able to lead teams to success as a project leader, even in pioneering and difficult situations.

Project Portfolio Management

A portfolio of projects and measures should not only ensure “toothless” reporting, but also enable the management of a company to control, prioritize and, above all, support project success.

Of crucial importance is the consistent and cascaded tool mapping from projects to tasks to risks.
This brings about the following features:

  • Control of projects and measures in the organization are anchored by established processes.
  • Projects are structured in tasks and are processed by the responsible employees.
  • Thus, deviations are visible at an early stage and can be counteracted proactively.
  • Additional management of project risks ensures successful implementation.
  • Central tooling enables target group-oriented reporting of status and results.
    The “tooling” allows central reporting to several interface partners, such as group risk management, budget planning or an auditor.

Author

Jana
Jana

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CEYOND Group
Office Campus Gasometer
Guglgasse 15
1110 Wien, Österreich

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