Different ways of organizing work to reach a desired result.
Each of these are systems intended to deliver value for organizations. Value in the form of new products, services, or results that meet the needs of customers or end users. Value in the form of positive social or environmental contributions. Or value in the form of enabling the organization to transition to its desired future state.
Project Management Institute definitions:
- Project: a temporary endeavor undertaken to create a unique product, service, or result. Projects have a beginning and an end to the project work or a phase of the project work. Projects can stand alone or be part of a program or portfolio
- Program: related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually
- Portfolio: projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
Although distinct from each other with different forms of managing scope, change, planning, monitoring, and success, they all roll up to supporting the strategic objectives of the organization.
Want to learn more about Project Management? See my Project MGMT publication for these 30 key PM topics:
Projects, lifecycle, management, manager, methodologies, the triangle, stakeholders, deliverable, team, charter, scope, budget, schedule, planning, baselining, milestones, dependencies, resources, risk, procurement, communication, ceremonies, integration, backlog, whiteboard, closure, software tools, office(r), code of ethics, body of knowledge
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