1. Project Management :
Project Management, as name suggests, is a management skill that involves managing single project from starting to end and makes sure it gets completed successfully on given period of time.
2. Portfolio Management :
Portfolio Management, as name suggests, is a management skill that involves managing all projects within organization so that they can maximize earnings and increase return of investments.
Difference between Project Management and Portfolio Management :
Project Management | Portfolio Management |
It mainly focuses on management of particular project. | It mainly focuses on all projects within organization. |
It simply manages individual projects and makes sure that it gets completed on given period of time within budget also. | It simply manages investments of individuals so that they can increase their earnings within given period of time. |
This management generally focuses various tasks within particular project to achieve desired result or product. | This management generally focuses on high-level view of any activity or task or project of any organization. |
It is a temporary process but unique. | It is a ongoing process that has to performed on daily basis. |
It does not make a strategic plans and prioritize projects. | It makes strategic plans, prioritize projects, selects important projects that will benefit organization. |
It makes unnecessary use of resources for each project that are not even important. | It decreases unnecessary use of resources by prioritizing project that are important. |
This management direct a individual project successfully. | This management is about selecting and implementing right projects for organization to fulfill long-term objectives. |
Its main goal is to complete single project and provide service. | Its main goal is to look at all projects and in turn improves return of investment as well as reduction of costs. |
This management is basically used for small scale projects and more detailed one. | This management is basically used for not only large scale projects but also for more diffused one. |
Source: geeksforgeeks.org
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