Project management

Project management describes in accordance with DIN 69901 the set of managerial tasks and responsibilities needed to deliver a project’s output successfully: organisation, structure, overall framework, and techniques.

Common standards are:

• PRINCE2 (Projects in Controlled Environments of the Office of Government Commerce)
• PMBoK (Project Management Book of Knowledge of the Project Management Institute)
• ICB (International Competence Baseline of the International Project Management Association)

Programme management

A programme can be viewed as a portfolio of concurrent, interdependent projects, usually instigated within an organization to implement one or more strategic objectives. Programme management is in contrast to time-limited multi-project management (similar to a project).

Programme management allows alignment between strategy development and project level delivery. Properly managed, it fosters and enables smooth transition from current to future business operation, and early identification of the benefits that accrue from such strategic business change.

Common standards are:

• MSP (Managing Successful Programmes of the Office of Government Commerce)
• The Standard for Program Management of the Project Management Institute
• ICB (International Competence Baseline of the International Project Management Association)

Portfolio and multi-project management

If, instead, the term "portfolio management" is used within a company, it shows that this company manages its projects and programs under a controlling perspective. Multi-project management poses a special challenge to those involved, because critical resources must be coordinated across several independent and for resources competing projects.

If rather the term portfolio management is used within a company, it is an indication that this company manages the projects and programmes from a controlling point of view. Portfolio management meets the information needs of management by consolidating the figures of all projects of a company.

Common standards are:

• MoP (Portfoliomanagement from the Office of Government Commerce)
• The Standard for Portfolio Management from the Project Management Institute
• ICB (International Competence Baseline from the International Project Management Association)