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Synthesis (Portfolio (Strategy-based, prioritized set of projects and…

- - - - Changes in the individual project status
      - Realignment due to a change in organizational strategy
- - - - Project management: the application of knowledge, skills, tools and techniques to project activities to meet the project requirements; initiating, planning, executing, monitoring and controlling, and cloing process groups
        
        How to monitor and align project work? Project governance alignment domain
        
        Control
        
        Integration
        
        Oversight
        
        Decision making
- - - - Program management: the application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing ptojects individually. It is a function formed to manage, coordinate, and direct the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the firm's strategic and operational objectives
        
        How to monitor and align program work? Program governance alignment domain
        
        Control
        
        Integration
        
        Oversight
        
        Decision making
    - - Program benefits delivery
        
        Component oversight and integration: implement
        
        Component transition and closure: implement
        
        Component planning and authorization: implement
      - Program closure
        
        Program transition: improve
        
        Program cloeout: improve
      - Program definition
        
        Program formulation: assess
        
        Program preperation: plan
- - - - Planned portfolio: must accomodate changes in the firm's strategy as it responds to a variety of external contingencies
      - Actual portfolio: constantly changing as one or more of the firm's active projects and programs go off track
    - - Alignment between the planned and the actual portfolio
      - Monitoring outside environment and the internal portfolio activities to ensure that the portfolio remains right and the projects are being done right
    - - Delay misalignment: occurs when one or more major projects or programs run late and consume more resources than planned
        
        The planned portfolio has no chance on being fully implemented, because of misallocation of resources
        
        Expected results are overpromising and underdelivering
      - Timing misalignment: occurs whe one or more projects or programs are proceeding much better than expected (consuming fewer resources), but the planned portfolio has not been updated to recognize this
        
        The firm fails to take full advantage of the released resources
        
        The firm suffers opportunity costs of failing to implement other initiatives