Advanced Program Management
Project management refers to a process of helping various projects in accomplishing their set objectives and normally includes project initiation, development of an execution plan and executing the projects in accordance with this plan. It also involves controlling all the activities involved in the project in its lifetime and presenting the final product to the client and then project closure (Sanghera, 2008). Program management refers to centralized efforts aimed at ensuring that the strategic objectives set for a certain program are attained. The process involves managing only the interrelated projects in form of a group so as to achieve optimum resource utilization and constraints reduction in order to improve the performance of a firm (Sanghera, 2008). Portfolio management involves a larger scope that involves identification, prioritizing and authorization of such projects or programs. Even though portfolio management involves setting programs or projects priorities, it does not involve overseeing any single program or project but a set (Sanghera, 2008).
Earned value refers to the value of a project work whose completion has been done to date. The Earned Value can be attributed to the assessment by a management team for a project in regard to the progress they have been able to accomplish on every activity of a given project. Its measurement is quite difficult and such measurement is done on the basis of a judgment call by the right people working on the project. Tasks or activities of the project whose completion can be ascertained have realized the total value of that particular task (Whitaker, 2013). For instance, the Earned Value can be determined as Planned Value for projects that have been completed and zero value for those that have not been initiated.
References
Sanghera, P. (2008). Fundamentals of effective program management: A process approach based on the global standard. Ft. Lauderdale, Fl: J. Ross Pub. 3-6
Whitaker, S. (2013). PMP Rapid Review. Microsoft Press.23
