Is Portfolio Management the Same as Project Management?
Portfolio management systems are designed and created for a different purpose than project management systems. While portfolio management systems are lacking many project management capabilities, they do offer several unique advantages for high-level planning. This is particularly true for companies that need to assess and plan many diverse projects. However, if a company is only looking to invest in one type of system, a project management system is more critical to operational success and provides a higher return on investment.
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“A project management system is designed to help successfully plan, execute, monitor and control projects, at a detailed level. While a portfolio management system may have a single line item for a budget or schedule, a project management system allows companies to plan down to the granular level.”
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Portfolio management systems and project management systems are not the same. Each system is designed for a different purpose and offers different functionality. Portfolio management systems are advantageous for high-level organizational planning, but lack the capability to manage projects properly. Project management systems support the detailed oversight that is required for successful project execution. If a company can only invest in one of these systems, learn why a project management system provides a much greater return on investment.