Portfolio / Program Management

PORTFOLIO :

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A portfolio refers to a collection of projects or programs and other work that are grouped together to

facilitate effective management of that work to meet strategic business objectives. The projects or programs

of the portfolio may not necessarily be interdependent or directly related.

It refers to the centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives. Portfolio management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation, and that the management of the portfolio is consistent with and aligned to organizational strategies.

PROGRAM :

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A program is defined as a group of related projects managed in a coordinated way to obtain benefits and

control not available from managing them individually. Programs may include elements of related work outside

the scope of the discrete projects in the program. A project may or may not be part of a program but a program will always have projects.

Program management is defined as the centralized coordinated management of a program to achieve

the program’s strategic objectives and benefits. Projects within a program are related through the common

outcome or collective capability. If the relationship between projects is only that of a shared client, seller,

technology, or resource, the effort should be managed as a portfolio of projects rather than as a program.