Center of Excellence SERIES: Program Management Fundamentals #1
As a professional project manager, you understand the importance of project planning, risk management, and stakeholder engagement. However, effective program management goes beyond these individual practices and encompasses a holistic approach to achieving strategic goals. In this blog post, we will explore the importance of program management in achieving strategic goals and how it can help organizations drive success in capital projects.
Series
You will find this post is one of several in the series I have focused on Program Management Fundamentals
Program Management: What is it?
Program management is the process of managing multiple related projects, often with the goal of achieving a common objective or strategic goal. By coordinating and integrating these projects, program management can help organizations achieve their strategic goals in a more efficient and effective manner. Some of the key benefits of program management include:
Improved alignment with organizational goals:
Program management ensures that all projects are aligned with the organization’s strategic goals and objectives. By working towards a common goal, program management helps ensure that each project contributes to the organization’s overall success.
Enhanced resource management:
Program management enables organizations to optimize their resources, both human and financial, by coordinating projects and avoiding duplication of effort. This can lead to cost savings and improved efficiency.
Increased stakeholder engagement:
Program management fosters collaboration and communication among stakeholders, including project teams, sponsors, and other key stakeholders. This can help ensure that all stakeholders are informed, engaged, and committed to achieving the program’s goals.
Better risk management:
Program management enables organizations to identify and mitigate risks across multiple projects, leading to better overall risk management and increased project success.
Greater agility and adaptability:
Program management provides organizations with the flexibility to adapt to changing market conditions, regulations, and other external factors. This can help organizations stay competitive and relevant in the marketplace.
To achieve these benefits, program management requires a range of skills and practices. Some of the key elements of effective program management include:
A clear and well-defined program charter:
A program charter outlines the program’s goals, objectives, scope, and stakeholders, and provides a clear framework for program management.
Robust governance and decision-making processes:
Effective program management requires strong governance and decision-making processes, including regular reviews and reporting on program performance.
Comprehensive program planning:
Program planning involves developing a comprehensive project plan for each project within the program, as well as an overall program plan that integrates and aligns all projects.
Active stakeholder engagement and communication:
Effective program management requires active stakeholder engagement and communication throughout the program’s lifecycle.
Rigorous risk management:
Program management requires a rigorous approach to risk management, including identifying, assessing, and mitigating risks across all projects within the program.
Key Takeaways
Effective program management is critical to achieving strategic goals and driving success in capital projects. By aligning projects with organizational goals, optimizing resources, increasing stakeholder engagement, managing risks, and providing agility and adaptability, program management can help organizations achieve their goals more efficiently and effectively.
To achieve these benefits, program management requires a range of skills and practices, including a clear program charter, robust governance and decision-making processes, comprehensive program planning, active stakeholder engagement and communication, and rigorous risk management.
Thought Leadership
As always, my material is science and researched backed, therefore I have prepared for your reflection, the thought leaders that I look to in this space:
Michel Thiry:
Michel Thiry is a program management consultant and author of the book “Program Management“. Thiry emphasizes the importance of program management in achieving strategic goals and the need to align programs with organizational strategy.
Ginger Levin:
Ginger Levin is a program management consultant and author of the book “Implementing Program Management: Templates and Forms Aligned with the Standard for Program Management“. Levin emphasizes the importance of program management in achieving organizational goals and the need for effective communication and stakeholder management.
Mark Phillips:
Mark Phillips is a program management consultant and author of the book “Program Management for Improved Business Results“. Phillips emphasizes the importance of program management in achieving business results and the need to focus on benefits realization.
Great vs the Rest
When it comes to separating great from Great program management practices from the rest, there are several key factors to consider. These include:
- Alignment with organizational strategy: Great program management practices involve aligning programs with organizational strategy and ensuring that program objectives are closely tied to overall business goals.
- Effective stakeholder management: Great program management practices involve effective communication and stakeholder management, including engaging stakeholders and addressing their concerns.
- Focus on benefits realization: Great program management practices involve a focus on benefits realization, with a clear understanding of the expected outcomes of the program and a plan for measuring and achieving those outcomes.
- Robust program governance: Great program management practices involve a robust program governance framework, with clear roles and responsibilities, decision-making processes, and risk management procedures.
- Continuous improvement: Great program management practices involve a commitment to continuous improvement, with regular program reviews and a willingness to adapt and adjust the program as needed.
