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1 - INTRODUCTION

table 1-1. comparative overview of Project, Program, and Portfolio Management

Organizational Project Management
Projects Programs Portfolios

Projects have defined Programs have a larger scope Portfolios have an organizational
objectives. Scope is progres- and provide more significant scope that changes with the
Scope sively elaborated throughout the benefits. strategic objectives of the
project life cycle. organization.

Project managers expect change Program managers expect Portfolio managers continuously
and implement processes to change from both inside and monitor changes in the
Change keep change managed and outside the program and are broader internal and external
controlled. prepared to manage it. environment.

Project managers progressively Program managers develop the Portfolio managers create and
elaborate high-level information overall program plan and create maintain necessary processes
Planning into detailed plans throughout high-level plans to guide and communication relative to
the project life cycle. detailed planning at the the aggregate portfolio.
component level.
Project managers manage the Program managers manage the Portfolio managers may manage
project team to meet the project program staff and the project or coordinate portfolio
objectives. managers; they provide vision management staff, or program
Management and overall leadership. and project staff that may have
reporting responsibilities into
the aggregate portfolio.

Success is measured by product Success is measured by the Success is measured in terms
and project quality, timeliness, degree to which the program of the aggregate investment
Success budget compliance, and degree satisfies the needs and benefits performance and benefit
of customer satisfaction. for which it was undertaken. realization of the portfolio.

Project managers monitor and Program managers monitor Portfolio managers monitor
control the work of producing the progress of program strategic changes and aggregate
the products, services, or results components to ensure the resource allocation,
Monitoring that the project was undertaken overall goals, schedules, budget, performance results, and risk
to produce. and benefits of the program will of the portfolio.
be met.

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