Program and project management focus on doing programs and projects the “right” way and portfolio management focuses on doing the “right” programs and projects. PMI plainly spelled it out in the sixth edition PMBOK guide when it wrote: Project management, program management, and project portfolio management are fundamentally different. Defining project management, program management & project portfolio management…the right way Portfolios can encompass several programs and projects.Įvery project component is supported by and supports the other two components.Programs can encompass one or more projects.Putting it more simply, note these relationships, per the above chart: The laptop assembly program and other related programs and projects might be part of a portfolio containing all laptops that your organization has built and sold. That case project could be part of a program to assemble a new laptop that encompasses other projects for creating the motherboard, the CPU, and all other laptop component projects. To better illustrate the difference between projects, programs, and portfolios, imagine that your organization has a project that involves creating a new case for a laptop computer. The relationship between projects, programs, and portfolios is shown here: Portfolio items are grouped together to ensure the effective governance and management of project and program work to meet organizational priorities and strategies. Instead, programs involve coordinating and managing their related projects and sub-programs to ensure the promised delivery and benefits of the entire program.Ī portfolio encompasses a group of projects and/or programs that are managed as a group to achieve strategic and financial objectives. Importantly, programs are not large projects. A project can be a stand-alone initiative or part of a larger program or portfolio.Ī program is a group of related projects and subsidiary programs that are managed in a coordinated way to realize benefits that cannot be achieved separately.
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