Relationship of projects, programs and portfolios

Revision as of 11:09, 16 February 2021

Relationship of projects, programs and portfolios

This wiki page will go into the description and distinctions between Project, Program and Portfolio management. It will start with defining the three different topics, by using standards and recognized books on each of the three topics. Afterwards, the distinctions between the three will be clarified. The topics platforms and lineage will also be mentioned and clarified, due to the comparability between these two and the more well-known types. However, the main focus will be explaining the first three topics and the importance of knowing what kind, a manager is trying to manage. Through the reading on the page, an example will be followed so it will be possible to see a direct and hands-on use of the topics. Through the page reference to PRINCE2, Dansk Standard (DS) and books published by Project Management Institute will be used as background material to verify the statements.

These books will also provide the key element for each of the topics which will be compared to each other to come up with the best and most clear way to navigate through these key differences. The page will also show how they differ by looking at how the topics handle; Scope, change, planning, management, monitoring and success. The outcome from this wiki page will provide a clear and easy understanding of the difference in what a project, program and portfolio are. Also providing a clear view of the difference in the management of these three different types.

Project

So for a start, the definitions of a project can be looked upon. There is a lot of different definitions of a project on this page will focus on the acknowledged definitions from DS and PRINCE2.

"...a unique set of processes consisting of coordinated and controlled activities with start and end dates, performed to achieve project objectives. Achievement of the project objectives requires the provision of deliverables conforming to specific requirements.” - (ISO 21500:2012)

"A temporary organization that is created for the purpose of delivering one or more business products according to an agreed business case." - PRINCE2

So be looking at these two definitions it is clear to see the importance of understanding that a project is a temporary organization. This means that when the project has a lifecycle. This lifecycle can both be short and long depending on the project.

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Program

"A programme is generally a group of related projects and other activities aligned with strategic goals." - (ISO 21500:2012)

"A temporary, flexible organization structure created to coordinate, direct and oversee the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the organization's strategic objectives. A programme is likely to have a life that spans several years." - PRINCE2

Portfolio

"A project portfolio is generally a collection of project and programmes and other work that are grouped together to facilitate the effective management of that work to meet strategic" - (ISO 21500:2012)

"The totality of an organization's investment (or segment thereof) in the changes required to achieve its strategic objectives." - PRINCE2