Terms such as project management, program management, and project portfolio management sound alike. They are different names for possibly the same thing. These are very different topics. Compare and contrast project management, program management, and project portfolio management.
Project portfolio management entails a project grouping that supports corporate goal or strategy for mutual benefit. In many such cases, the projects within the portfolio might include similar as well as different content. While in some cases, project teams may overlap. Different situations might lead them to complimentary as well.
In contrast, program management involves management of various projects; of which these different projects come under the same category within the organization and are therefore aligned with the organizational strategy as well. The project manager may be in charge of a single and specific project with a primary function of delivering as defined by the PMO. Also, projects are strategically focused and driven towards a goal. However, they do prefer strategic initiative like PMO. However, whatever be the case among them, communication plays the most crucial role. The benefits of PPM-Project Management Office are numerous.
One of its primary benefits comes out to be is that it makes collaborative decision making more-easier and impactful. In addition, it not only focuses on the present aspects but also considers future project initiatives as well, and finally, PMO is likely to avoid and reduce ones exposure to risks.