Cmgt 300 Week 1

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Project Management Summary CPMGT/301 Project Management Summary Project managers and portfolio managers are often confused with one another by business managers and stakeholders. Project management is a broader term used for those that include both program management and portfolio management. There are many similarities between portfolio management and project managers making them relate to one another. Within either a project portfolio or a program, project managers have to make decisions that are goal oriented and consistent with an intended strategic outcome. According to our text that we were tasked with reading this week, Project Portfolio Management (PPM) has clear benefits as stated, “Provide a structure for selecting the right projects and eliminating the wrong ones, allocate resources to the right projects, which in turn reduce unnecessary spending, align…show more content…
A project refers to a group of related projects managed in a coordinating way to obtain management and control that would not be available if managing them independently. Program management can be viewed as a centralized management for a previouslyy coordinated groups of projects, all aimed towards achieving the companys objective. Strategic portfolio management relates to project management because, a portfolio is part of the boundary between the program and strategic business objective of the company. A portfoilo and project manager is to deliver benefits by executing a network of projects. Both define success by meeting boradly defined objectives, and usually ensuring benefits are felt by stakeholders. They both understand that risks have to be taken at times, but also know when to stop; both contain leadership skills; and both are able to make decisions when

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