In this article, we take a look at the benefits of program management, highlighting how it can improve company processes and general productivity. We also cover the advantages of using the best project management software to incorporate multiple projects. This is a quick guide, but by the end you’ll be in a better position to meet your strategic goals.
If program management is a totally new concept to you, it’s worth looking at our program management guide before reading about all the benefits. If you’re already familiar with the concept but are unsure whether it’s necessary for achieving strategic business goals, then stick with us — we’ll highlight the five core benefits.
Program Management vs Project Management
New project managers often confuse project management with program management. Project management has a singular objective, such as designing a client’s home. A project is broken down into smaller tasks and usually has a set deadline for completion.
Program management has a bigger-picture approach and requires a program manager who leads a group of related projects. Though deadlines are put in place, they’re more flexible. A program manager may adjust them to accommodate issues within individual projects. To learn more, check out our guide to program management vs project management.
The 5 Key Benefits of Program Management
Let’s move on to the core benefits, highlighting how each one contributes to effective program management.
1. Strengthens Business Strategy
Program management offers a bird’s-eye view of multiple projects. This helps program managers build strategies for completing individual projects, managing risks and creating project dependencies.
Having a centralized strategy also benefits project managers. It serves as a guide on how to manage resources and helps them understand how their specific project plays a role in the overall success of the program.
2. Improves Resource Allocation
to analyze all your program data.
Part of effective program management is being able to see the broader picture of all your resources. These can be team members, product materials or anything you need to complete the program. Putting these resources under one roof lets you analyze whether you need to move resources between projects to help project managers reach their goals.
The most cost-effective projects tend to be those with a budget that a program manager oversees. Project spending can quickly spiral out of control. Rather than allowing multiple project managers to do as they please, implementing coordinated management means everyone remains within their allocated budget.
3. Streamlines Communication
Program management makes communication within an organization much easier. The program manager acts as the middle-person between project managers and important stakeholders. Rather than having multiple lines of communication, the program manager can relay stakeholder feedback directly to the relevant project manager.
Program management is the best way to support project managers. They can communicate with the program manager about any issues or conflicts within project teams. This helps the program manager come up with ways to resolve conflict, helping the project continue to run smoothly.
4. Helps Identify Interdependencies
A group of related projects will often have interdependencies. For example, one project may focus on researching and sourcing product materials, while another focuses on building the product. The former has to happen before the latter can begin. Grouping multiple projects within a program makes it much easier for a product manager to identify interdependencies.
By identifying interdependencies, the program manager can also set appropriate deadlines and establish goals and milestones. This helps project teams understand the importance of completing their project so the whole program can move forward.
5. Easier to Prioritize Projects
All individual projects are important. However, some are more critical to complete at certain stages of the program. Because program managers can see the bigger picture, they’re able to see which projects will provide the most value to the business at a specific time. They can choose to prioritize these projects and effectively manage the resources they require.
Some projects will also entail more risk, such as building a product that’s dependent on external suppliers. Program managers can identify how harmful these risks are and choose to spend more time focusing on projects with greater risk, allocating more time to overcome them.
Final Thoughts
Program management can help improve resource usage, minimize risks and unify project teams. At its core, it serves to make processes more efficient and allow organizations to implement a strategic vision and meet their goals.
Today’s project management software has all the features and templates that make program management much easier. We recommend checking out our monday.com review and ClickUp review. They’re two of the best and have all the features you need to meet your program management goals.
Did you find this guide helpful? What do you think the benefits of program management are? Is there another project management approach you want us to explain? Let us know in the comments. Thanks for reading.
FAQ: Program and Project Management
-
The benefits of program management include aligning strategic objectives, improving financial management and ensuring you utilize all your resources effectively.
-
The purpose of program management is to oversee a group of related projects. Each project plays its part in reaching an overall company objective.
-
Program managers oversee program budgets, support project managers and liaise with key stakeholders. They’re also responsible for risk management and finding solutions to any issue that arise.
{“@context”:”https:\/\/schema.org”,”@type”:”FAQPage”,”mainEntity”:[{“@type”:”Question”,”name”:”What Are the Benefits of a Management Program?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”
The benefits of program management include aligning strategic objectives, improving financial management and ensuring you utilize all your resources effectively.\n”}},{“@type”:”Question”,”name”:”What Is the Purpose of Program Management?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”
The purpose of program management is to oversee a group of related projects. Each project plays its part in reaching an overall company objective.\n”}},{“@type”:”Question”,”name”:”What Are the Responsibilities of a Program Manager?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”
Program managers oversee program budgets, support project managers and liaise with key stakeholders. They\u2019re also responsible for risk management and finding solutions to any issue that arise.\n”}}]}
Sources:
The post What Are the Benefits of Program Management? 2024 Guide appeared first on Cloudwards.
