Project, Program and Portfolio Management | Key differences💡
- Lorena Arteaga Valdez
- 27 août 2020
- 1 min de lecture
When you find yourself leading projects in large organizations, it is essential to understand the difference between these three Ps, to improve processes and optimize resource allocation.
➊ Project: refers to a temporary endeavor that is undertaken to create a unique product, service, or a unique outcome in general. Projects can have place at any organizational level and can be managed as a stand-alone or as part of a program or portfolio.
➋ Program: in contrast to the former, this refers to a group of related projects, activities, or subsidiary programs that are managed in a coordinated and integrated manner to obtain benefits that could not be obtained if they are managed separately.
➌ Portfolio: includes projects, programs, subsidiary portfolios, and operations managed as a group to achieve the strategic objectives of the organization.
As a common aspect, the three P’s often use the same resources and share the same stakeholders. However, portfolio and program may differ from project management in their objectives, benefits, and lifecycle.
So, have you been working on a project, program or portfolio? If you have any other important aspect to highlight, please share it in the comment section below.
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