Program and Project Portfolio Management Projects Programs Portfolios Definition A project is a temporary A program is a group of related A portfolio is a collection of endeavor undertaken to projects, subsidiary programs, projects, programs, create a unique product, and program activities that are subsidiary portfolios, and service, or result managed in a coordinated way operations managed as a to obtain benefits not available group to achieve strategic from managing them objectives. individually. Managemen Project managers Programs are managed by Portfolio managers may t manage the project team program managers who manage or coordinate to meet the project ensure that program benefits portfolio management staff, or objectives. are delivered as expected, by program and project staff that coordinating the activities of a may have reporting program's components. responsibilities into the aggregate portfolio. Program and Project Portfolio Management Projects Monitoring Project managers monitor and control the work of producing the products, services, or results that the project was undertaken to produce. Success Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction. Programs Portfolios Program managers monitor the Portfolio managers monitor progress of program components strategic changes and to ensure that the overall goals, aggregate resource schedules, budget, and benefits allocation, performance of the program are met. results, and risk of the portfolio A program's success is Success is measured in measured by the program's terms of the aggregate ability to deliver its intended investment performance benefits to an organization, and and benefit realization of the by the program' efficiency and portfolio effectiveness in delivering those benefits. Program and Project Portfolio Management Tactical goals Strategic goals Project management Are we carrying out projects well? Are projects on time and on budget? Do project stakeholders know what they should be doing? Project portfolio management Are we working on the right projects? Are we investing in the right areas? Do we have the right resources to be competitive? Project Management Compared to Project Portfolio Management Current organizations typically develop projects, programs, and project portfolios. How does the three constraints affect the management process at each of the three levels