Executing programmes and portfolios

Introduction

Depends on the various project industries, there are many unique specific approaches and method used for their developing and management. In the programme and portfolio life cycle, since the feature of the project is defined by PMI (2017, p.4) has a ‘temporary’, there would be a start and an end in the closed life cycle undertaken endeavour with the same target. It is important for the initial first time of the life cycle to lead a correct direction and preparation for the subsequence.

Analysis and compare the Programme and portfolio life cycle

According to the description from PMI (2017, pp.18-19) about the project cycle, these processes are involved the initiating processes, planning processes, executing processes, monitoring and controlling processes and closing processes. This is commonly used for the project. Comparing the project, programme and portfolio (PMI, 2017, p.13), it can extend to others as well by the project united or integrated into a group of related projects, subsidiary programme or project portfolio. From the start of the idea or purpose generated to the completed stage, there could be many steps by steps between projects or subsidiary programme, some of them is repeated or adapted. In the case of an organisation start it planning, their relationships and interaction are required consideration for the following influence.

(Figure from PMI, 2017, p.18)

Thiry (2010, pp.99-100) summarised five generic processor stages as follows:

1. The formulation stage;

2. The organisation stage;

3. The deploying stage;

4. The appraisal stage;

5. The dissolution stage.

The stage of the formulation is related to the identification or definition compared to the PMIs are consistent. The difference is started from the organisation stage which involved the initial and organisation planning.

How can benefit from developing a life cycle

PMI (2017, p.19) presented the life cycle could be developed flexibility for their first time in case accomplishing follow three steps: 1) Identifying the processes needed to be performed 2) And then performing them in the appropriate phase 3) According to an actual case to adjust the various attributes of a phase. In this way, it could be the best life cycle. In the study of Department for business innovation & skills (2010) illustrate a measure to support what is the important benefit in the life cycle of a typical programme.1) The improvement of result; 2) The precast revenue and the cost balance in the finance evaluation. 3) “The most important benefits will be tangible, measurable and, ideally, definable in financial terms.”

With these standard targets or leads that stated above, good integrated governance refers to Too and Weaver (2013, pp.1388-1391) illustrated a way through finding the optimal balance to maximizing the performance governance of projects and programme with four key elements. These elements are portfolio management; project sponsors; strategic project management offices (PMOs) and effective project and programme.

Conclusion

All in all, the project or programmes life cycle complete its destination for achieving success. The key for these process in executing stage comes from the initial stage is how to define and determine the project or programmes. Although the programme life cycles are not the same compared to the project, programme and portfolio, it is the same important if more invested on the investigation, its clearer design and plan could better help good governance.

References

Department for Business Innovation & Skills, 2010. Guidlines for managing programmes : understanding programme and programme management. [Online] Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/31978/10-1256-guidelines-for-programme-management.pdf [Accessed 6 7 2019].

Project Management Institute, 2017. A guide to the project management book of knowledge (PMBOK® Guide). 6 ed. s.l.:Newton Square,.

Thiry, M., 2010. Project Life Cycle Outline. In: Project Management. Surrey: Gower Publisher Group, pp. 99-100.

Too, E. G. & Weaver, P., 2014. The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), pp. 1382-1394.