Difference between Project Management and Portfolio Management
1. Project Management :
Project Management, as name suggests, is a management skill that involves managing single project from starting to end and makes sure it gets completed successfully on given period of time.
2. Portfolio Management :
Portfolio Management, as name suggests, is a management skill that involves managing all projects within organization so that they can maximize earnings and increase return of investments.
Difference between Project Management and Portfolio Management :
|Project Management||Portfolio Management|
|It mainly focuses on management of particular project.||It mainly focuses on all projects within organization.|
|It simply manages individual projects and makes sure that it gets completed on given period of time within budget also.||It simply manages investments of individuals so that they can increase their earnings within given period of time.|
|This management generally focuses various tasks within particular project to achieve desired result or product.||This management generally focuses on high-level view of any activity or task or project of any organization.|
|It is a temporary process but unique.||It is a ongoing process that has to performed on daily basis.|
|It does not make a strategic plans and prioritize projects.||It makes strategic plans, prioritize projects, selects important projects that will benefit organization.|
|It makes unnecessary use of resources for each project that are not even important.||It decreases unnecessary use of resources by prioritizing project that are important.|
|This management direct a individual project successfully.||This management is about selecting and implementing right projects for organization to fulfill long-term objectives.|
|Its main goal is to complete single project and provide service.||Its main goal is to look at all projects and in turn improves return of investment as well as reduction of costs.|
|This management is basically used for small scale projects and more detailed one.||This management is basically used for not only large scale projects but also for more diffused one.|