PROJECT is a temporary endeavor undertaken to produce a unique deliverable.
PROGRAM is a group of inter-related projects and subprograms run
together to achieve the efficiency that can not be achieved by running
projects individually. Efficiency here we mean easy management, risks
mitigation and economy of scale.
PORTFOLIO is a group of projects, programs, sub-portfolio run together to achieve the strategic objective / goal of the company. The projects and programs may not be related.
Example # 1
An educational institution provides
different courses, one of them is called PROJECT MANAGEMENT
(Sub-Portfolio). This course is conducted through classroom training
(program A) and online training (Program B). The programs are also
divided in form of short term training and Long term training (Sub-
Programs). The sub program is composed of four levels such as
certificate, diploma, graduate and Postgraduate (Projects). Within a
project, there are activities like doing assignments, examinations,
research writing etc
Example # 2
A person (Portfolio) can
have multiple plans such as Marriage (Program A), Schooling (Program B),
Building a house (Program C) etc. In Program C, he needs to a buy a
land (Project 1), to have a title of the land (Project 2), to design
the dream house (Project 3), etc
Reference:
PMI (2013). A Guide to the Project Management Book of Knowledge (PMBOK Guide 5th Ed.) USA, Project Management Institute
If there are any questions, comments and suggestions, Please do not hesitate to post on the comments below.
PMI (2013). A Guide to the Project Management Book of Knowledge (PMBOK Guide 5th Ed.) USA, Project Management Institute
If there are any questions, comments and suggestions, Please do not hesitate to post on the comments below.
HAVE A BLISSFUL DAY.
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