Project, Program and Portfolio – What is the difference?
- Creating a website,
- Creating a building,
- Organising a rally/party
- Rolling out 3G network across india.
- Creating and Implementing a new policy organisation wide
- Election campaign for presidential elections across country
A portfolio could be an
- e-commerce company starting to sell babies product.
- A telcom centric company starting to venture into retail outlets
- Mahindra stating to build aeroplanes
You got the hint??
|Relationship – Portfolio, Program and Project|
A portfolio aligns with organisation strategy and can have programs and projects under it. These could be un-related but more structured to look at what makes sense for the organisation in current and future circumstances. A portfolio typically does not period defined to it i.e. its ongoing, it may change its shape, cut unnecessary component, may merge but is planned to exist for company to make profit eventually.
A program is related projects which are combined together to get cumulative benefits. A program ends. The program may have projects and operations component as well.
A project is temporary in nature and could cease to exist once achieve the object.
A portfolio manager would have authority to close a project(component) if he/she feels that the component is not relevant in current strategic goals.
A program manager would not have authority to close the project, however he/she would be able to move the resources based on priority of each component.