Portfolios, Programs, and Projects: What's the Difference?

How are portfolios, programs, and projects defined?

• Portfolio: A collection of independent or interdependent projects or programs grouped together for management and a specific business objective
• Program: A group of related projects managed in a coordinated fashion for efficiency sake
• Project: A finite task with a specific result

What is the key focus of each?

• Portfolio: To categorize and rank the given project or program according to strategic goals in light of resource allocation
• Program: To achieve the benefits that its parent portfolio outlines
• Project: To create a specific product, result, or service in keeping with the strategic benefits of its parent program

Overview/Description

When key business terms are perceived as interchangeable, communication breakdown can occur, costing time and money. This Impact Series reviews the significant differences between portfolios, programs, and projects.

Target Audience

Individuals who have interest in knowing more about Project Management, including those in positions that require them to carry out a project management role to individuals that are full-time project managers wishing to hone their skills further.