Introduction
The video is a webinar that is intended to introduce the subject and provide some necessary information on the course. The first part of the lecture explains the features of the online course, such as the online portal, discussion forums, and webinar recordings. The instructor also presents the course in relation to Masters’s programs, such as Master of Business Administration and Master of Project Management. The basic information presented in the lecture also covers the people involved in teaching, ways of interacting with tutors, assessment information, and the scope of the program.
Main body
The second part of the lecture aims to provide basic definitions and concepts included in the course, such as projects, programs, portfolios, strategy, complex interactions, and more. In particular, the instructor concentrates on how programs and projects are linked to one another. The lecture explains that programs have a wider scope of coverage, and can thus incorporate several projects contributing towards a shared goal. Another important concept that is covered in this part of the lecture is strategy. The instructor states that strategic thinking is the process of understanding and predicting future developments, whereas strategic planning is the process of taking actions that influence the future. Program management incorporates both concepts, as well as strategic management, which is focused on evaluating future risks, rewards, and return on investment.
The next part of the lecture is presented by Philip Hosking, who discusses project, program, and portfolio management offices. This part provides a useful overview of how portfolio management, program management, and project management differ from and relate to one another. The instructor offers a graphical representation of this relationship, which shows that project management is concerned with delivering a high-quality product or service, and thus considers costs, schedule, scope, and similar variables. Program management, on the other hand, oversees multiple projects working towards the same goal, ensuring the alignment of projects with program goals and their contribution to the organization. Lastly, portfolio management is concerned with selecting and prioritizing programs that align with business goals and yield maximum value to the stakeholders. Therefore, these three concepts represent different levels of management in an organization.
The explanation of core concepts is followed by a Q&A part of the lecture, where the instructors expand on the information presented using specific questions and cases. Most of the questions focus on the distinction between projects and programs, as well as various aspects of project and program management. The conclusion section of the lecture draws together the information provided throughout the lecture and summarizes its key points.
Overall, the lecture provided introductory information about the course and the key concepts involved in it. First of all, in this lecture, I learned about the relation of program management to other areas of business management and administration. Having limited knowledge of the scope of program management, I was surprised to learn that it plays an important role in the management and requires specific knowledge and skills. Secondly, the lecture provided useful information about the structure of the course, assessment, and communication with tutors. Obtaining this information at the beginning of the course can help to reduce time spent asking questions on discussion forums and provide a clear direction for future learning.
The third main takeaway of the lecture was the explanation of the differences between programs and projects. It seems like many people miss the distinction and believe that programs and projects are similar, if not the same thing. However, the instructor provided an exhaustive explanation of the differences. For example, I learned that projects and programs differ in terms of planning. Whereas projects have detailed plans and goals for each stage, programs are concerned with the overall goals that may require several related projects to achieve. Also, the outcomes of programs and projects are different. As stated in the lecture, project success is measured by the quality of the end product or service. Program success, on the other hand, is measured by its overall contribution to the organization and its value for the stakeholders.
Another important aspect of the lecture was its explanation of program, project, and portfolio management. Specifically, it was interesting to learn the differences in the goals of these three levels of management. Using a graphical representation, the second instructor showed how the project, program, and portfolio management have different goals and target outcomes. Project management is focused on quality deliverables, ensuring that the end product satisfies quality requirements. Program management, in turn, is focused on creating value for stakeholders. It attempts to bring together related projects that could contribute to the organization, thus achieving program objectives. Finally, portfolio management is concerned with growing business value through investment and improving profitability.
Conclusion
The lecture also explained how reporting occurs at each level of management, which was also very useful. The instructor showed how the flow of reporting on project, program, and portfolio levels could be different depending on the structure of the organization and its needs. Despite differences in the scenarios, project and program management would usually report to portfolio management, as they are concerned with investing in business programs and projects.