Wednesday, June 6, 2012

Project vs. Program vs. Portfolio Management

Many people get confused with project vs. program vs. portfolio management.
A project is a temporary undertaking to achieve a defined output. The output of a project may be a tangible product or other things such a the answer to a question. A project has defned start and end dates as well as well defined outputs. A project must not be confused with normal operational work which is defined by processes, procedures and job descriptions. A project is temporary as opposed to operational work which is ongoing.
A progam is a group of related projects managed together to achieve specific benefits and controls that would not be achievable if the projects were managed separately. While projects focus on achieving individuak objectives, programs are defined to achieve a strategic objective. The program manager is responsible for ensuring that the various projects are working together to achieve the defined strategic objectives.
A portfolio is all the programs and/or projects of an organisation managed together to achieve strategic goals. A portfolio may be all the programs for an entire organisation, a division or a business unit.

The image below depicts the difference between portfolio, program and project.


Ella Mapple said...

As per the PMBOK Guide 4th Edition, “A project is a temporary endeavor undertaken to create a unique product, service or result.” and the project management is the “application of knowledge, skill, tool, and technique to project activities to meet the project requirements.”

Richard C. Lambert said...

It is time to declare project schedules a perspective in forecasting resource capacity and demand rather than a focal point. Expense management software