Portfolio, Program and Projects

Portfolio

  • Organizations have business goals to accomplish
  • These business goals are supported by business strategies to achieve them
  • Business strategies are further supported by programs, projects and other work
  • Portfolio is a collection of programs and projects, which when done help the organization to accomplish it’s strategic business objectives
  • Portfolio management comprises of;
    • Selection of the right programs and projects which are in true alignment to the organizational strategy and goals
    • Maintaining the alignment
  • Portfolios are managed by portfolio manages
  • Program managers of those programs which comes under the portfolio reports to the portfolio manager

Program

  • Program comprises of inter connected projects, which when done together provides more value than doing them one after the other
  • Programs are managed by program managers
  • Project managers of the projects which are part of the program reports to the program manager

Projects

  • Projects have definite start and end dates, hence they are temporary in nature
  • Projects deliver unique products or services as output
  • Projects are considered as successful when;
    • They are completed within the agreed upon time
    • Completed within the agreed upon cost
    • Delivered the agreed upon cost
    • Met the business case (ROI) of the project
  • Projects are managed by project managers
  • Projects comprises of project manager, project management team and the project team

Operations

  • Operations deliver standard products or service as output (manufacturing)
  • Operations are managed by operations managers