Synthesis
Portfolio
Project
Program
Synthesis: ensures that the planned portfolio is aligned with the actual portfolio and that the portfolio will be adapted as new information emerges
Strategy-based, prioritized set of projects and programs, reconciled to the esources required to accomplish them
Unique, temporary efforts defined by deliverables, schedule, and resources
Multiple interdependent projects managed as a single unit
Synthesis imperative: monitor and align group work
Challenging because planned and actual portfolio are constantly changing
Requires continuous feedback about the actual current status of projects and programs in the portfolio
Tasks
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
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 is a challenge
Delay misalignment: occurs when one or more major projects or programs run late and consume more resources than planned
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 planned portfolio has no chance on being fully implemented, because of misallocation of resources
Expected results are overpromising and underdelivering
The firm fails to take full advantage of the released resources
The firm suffers opportunity costs of failing to implement other initiatives
Contains a series of activities aimed at meeting customer needs within a defined time period and required participation of various stakeholders in order to create a unique product, service, or result with specific scope, time, cost, and performance requirements
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
Refers to a group of related projects, subprograms, an program activitiesthat are managed in a coordinated way to obtain benefis not available from managing them individually. They comprimise various components, primarily subprograms and individual projects within the program
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 life cycle
Program benefits delivery
Program closure
Program definition
Program formulation: assess
Program preperation: plan
Component oversight and integration: implement
Component transition and closure: implement
Component planning and authorization: implement
Program transition: improve
Program cloeout: improve
Changes in the portfolio composition will impact stakeholders -> Communicate internally and externally. Project portfolio may change due to
Changes in the individual project status
Realignment due to a change in organizational strategy