Project or portfolio management what’s the difference?

Portfolio Management looks at the bigger picture, it takes in the high-level view of all the projects an organisation is running in order to meet the business’s main strategic objectives – this is the company’s portfolio. This could include every project across the entire company or be broken down to cover the projects in just a division or a department.

Within a portfolio there will be many projects. Projects are a single undertaking or a series of tasks that have been put together to produce a specific outcome; a product, service, or benefit within a defined timeline.

Project Managers oversee these individual projects, leading teams and making sure projects are completed on time, within budget, and meet the established outcomes. They tend to determine best practices, examine processes to improve efficiency, and work with stakeholders to make sure expected benefits are optimised.

Successful portfolio management is more strategic it establishes priorities based on the companies agreed overall objectives. These clear strategic objectives enable leadership teams to select programs and projects to work on firmly based on what will provide real business value, while taking into consideration the level of risk involved, and available resources.

HPS Project Portfolio Management can help you look at your company’s projects and evaluate whether they are being executed well from a strategic perspective asking how they could be improved, and whether the organisation is experiencing all the expected benefits.