Hi Siudy,
To help explain OPM and Portfolio Management, I’ll share definitions straight from PM PrepCast’s video lesson “Foundational Elements” and from the PMI Library:
Application of organizational project management to a live scenario
PMI’s definition of
Organizational Project Management (OPM) comprises Project Portfolio Management (PPM), Program Management (PgM) and Project Management (PM), enabling the achievement of strategic goals of the corporation. OPM adds value to its organization through its support of successful strategic initiatives. It actively coordinates portfolios, programs, and projects with organizational enablers, or the assets and resources that can help turn plans into reality. The purpose of OPM is to ensure the organization chooses the right projects, then allocates resources appropriately. It also makes certain that all levels within the organization clearly understand the vision, goals, initiatives, and the expected deliverables to improve performance.
Portfolio Management (PPM) deals with managing one or more subsidiary portfolios, projects, programs, and operations. It involves identifying, prioritizing, authorizing (selection), managing, and controlling (supervision) projects, programs, and other related work, to achieve specific strategic business objectives. As projects and programs are identified, prioritized, and authorized by the PPM selection processes, these activities should be taken out by an adequately authorized organizational unit. Main objective with these activities is to ensure the linkage between business and IT (or another project delivery organization).
I hope these explanations provide some clarity. I don’t remember any questions on my PMP exam about OPM or Portfolio Management.
I wish you the best, Siudy!
