“Project management., program management, portfolio management and operations managed as a group to achieve strategic objectives. ” PMBOK
- A project is a temporary endeavour undertaken by a company or organization (such as the creation of a new product, service, or result)
- A program is a group of projects that are similar or related to one another, and which are often managed and coordinated as a group instead of independently
- A portfolio is a collection of different programs and/or projects and/or operations within the same organization, which may be related or unrelated to one another but is managed as a group to achieve strategic objectives,
The project can be every size imaginable in virtually every industry, and project managers supervise them regardless of these specifics.
A project may be managed in three separate scenarios:
- Stand-alone project (Outside of a portfolio or program)
- within a program
- within a portfolio
He is responsible to meet the project objectives with the resources that are available
is the application of knowledge, skills, tools, and techniques to meet project requirements.
Project management focuses on interdependencies within a project to determine the optimal approach for managing the project
As a project, a program is a temporary organization, so when the related projects are complete, the program is complete. Programs are not large projects and have a business case as the project initiation document
is The application of knowledge and skills to achieve program objectives and to obtain benefits and control not available by managing related program components individually.
doesn’t micromanage those projects; he or she is helping ensure that the right work is moving between the right projects at the right points in time. HE or she focuses on , on the business benefits realization. He is to ensure that the benefits are not only transitioned to operations, but that processes are in place to sustain these benefits. The program manager is responsible for overseeing the dependencies between projects and creating program-level plans to accomplish this
Each project still has a project manager completing the work described. Any project not providing value to the benefits is then realigned or removed from the program.
Portfolios are designed to critically look at programs and projects, not as the individual level lbut holistically to know how these align with the organization’s overarching goals
Monitoring and controlling is key to the process since portfolio composition is not a one-time decision. Evaluations should be conducted in some regular cadence.
Project, Program and Portfolio
Program and project management focus on doing programs and projects the “right” way; and Portfolio management focuses on doing the “right” programs and projects.
Project management is focused on delivering a specific project within a defined scope,
Program management is focused on managing a group of related projects to achieve a common objective, and
Portfolio management is focused on managing a collection of projects and programs to achieve strategic objectives.
|Monitoring and Control|
A project manager works to deliver a project efficiently and reliably. They are responsible for the day-to-day management that brings a project to fruition. Program managers are more concerned with strategic alignment: Understanding what individual project managers are doing and enabling effective communication between them in order to understand where projects are and in order to provide support where necessary. Portfolio managers, meanwhile, coordinate between various programs in order to ensure that things stay on track and that the organization is meeting its overarching strategic initiatives.
Put another way, projects fit within larger programs, which themselves fit within portfolios. Or A project is the lowest level in the hierarchy of project, program, and portfolio. A project can be a part of a program, but a program cannot be a part of a project.
Portfolio is about the collection, Programs about relationships and
Project is temporary and Unique
An example by Alvin Soltis on his blog pmfiles.com