Describe the differences between project management and portfolio management?

Discussion started by Paul Naybour 3 years ago
This question is quite hard "Describe the differences between project management and portfolio management?". A protfolio is a collection of all the project, programmes and business as usual changes that an organisation implements. Make five points in you answer?
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Paul Naybour
Paul Naybour
Spot-on more is better. You are also right as describe is only 2 sentences, however your answer only has one sentence. I always recommend 2-3 sentences, including if at all possible an example, for both describe and explain. Seems to work as quite often we get 100% pass rates. Ping over another question and I will take a look.
3 years ago
Dave
Dave
Is it always best to do more in the exam than less Paul? I was under the impression that "Describe" was one to two sentences and "Explain" was two or more.
3 years ago
Paul Naybour
Paul Naybour
Dave
Your answer is along the right lines, but for the exam it is too brief. For each point you must include 2-3 sentences. For example you first point should be extended to be:

1.Project Management is concerned with the delivery of products, whereas portfolio management is concerned with the delivery of strategic goals for the organization.For example a project many be tasked with the development and launch of a new software package. Portfolio management would be concerned with how this new software would fit with the other software packages within the companies portfolio.

I hope this helps.
3 years ago
Dave
Dave
1.Project management is concerned with the delivery of products, whereas portfolio management is concerned with the delivery of strategic goals for the organization.
2.Portfolio management has the ability to resolve resource conflicts across a group of programmes. Project management only has the visibility of resources allocated to the project it is engaged in.
3.Project management is not concerned with the function of BAU. Portfolio management is cross-functional across all business units.
4.Portfolio management is better equipped to deal with systemic business risk, whereas project management can only manage risks that would impact on the individual project.
5.Portfolio management is concerned with long term evolving goals, Project management operates under finite timescales that are temporary in nature.
3 years ago