I’ve been working on a couple of questions but wonder if my answers are too basic – any advice welcome
Explain the terms Programme management and Portfolio Management and give examples of 3 key differences between them.
Programme management is the term used to describe the co-ordination of inter-related, or inter-dependent projects that contribute to a common strategic objective.
Portfolio management refers to the management of all activities within an organisation, including programmes, projects and business as usual. An organisation can use a portfolio to achieve several strategic objectives.
The key differences between Programme management and Portfolio management are:
The programmes and projects in a portfolio are not related or dependent on each other. Projects within a programme are related or dependent.
Due to the relationship between projects in a programme a failure of one project can cause all others to fail. In a Portfolio the failure of one project can be compensated by successes in other projects.
Programmes focus on achieving one specific strategic objective. A portfolio can support several strategic objectives
Explain what you understand by the term “project context” and describe 4 possible examples of project context.
The term “project context” refers to the business environment within which the project takes place. In any project there will be a number of areas that influence how the project is run and key considerations for the decision making process.
It is possible to identify the areas of influence in a number of ways.
Economic – Market trends, recession and currency exchange rates are all economic factors that can affect a project
Sociological – The availability of labour and the outsourcing of production processes and services.
Legal – the data protection act and Health and safety regulations are two key factors when considering legal requirements for a project.
Environmental – environmental factors can include the buildings that make up the organisation. For example, in the refurbishment of older schools it is necessary to plan for the detection and removal of asbestos.