So what is Portfolio, Programme and Project Management all about? Most of us have a broadly similar definition of a project based on key characteristics such as being non-routine, time limited and designed to achieve specific outcomes.
The definitions get more complex - and somewhat contradictory - after this since the Office of Government Commerce defines a programme as 'the co-ordinated management of a portfolio of projects...' whereas other sources would define a portfolio as the management of a set of programmes. Many people refer to senior managers having a portfolio of responsibility without necessarily thinking of it in terms of related projects and programmes.
We see the essential characteristics of each as:
P3M Role Key Functions Sphere of Activity
- Portfolio Management
- Contributing to Growth
- Building Capacity
- Managing Knowledge
- Strategic
- Programme Management
- Optimising Resources
- Co-ordinating Delivery
- Realising Benefits
- Tactical
- Project Management
- Managing Risk
- Managing Budgets
- Producing Deliverables
- Operational
With the elements of P3M sitting together something like this:
It follows that there are a number of different management roles and skill sets required to be successful at the various elements of P3M.
Portfolio Manager
Role: Responsible for defining strategic direction, making investment decisions aligned with strategic intent and delivering the capacity for organisational growth
Key skills: Leadership, matching action to strategy, managing change, assessing impact of external factors, dealing with uncertainty
Programme Manager
Role: Responsible for the co-ordination of multiple related projects and accountable for delivering benefits related to the organisation's strategic objectives
Key skills: Advanced level planning, scheduling and risk management, virement, negotiation, collaboration
Project Manager
Role: Responsible for managing all aspects of a single project
Key skills: Planning, scheduling, budgeting, managing risk, communication, team building
A set of linked infoKits looks at each element of P3M in turn and suggests some tools and techniques to help you succeed. Whatever role you find yourself in it often pays to look at the other roles as well to see how you need to complement each other (and get some tips for your next promotion).
