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What is a project?
A project is a time-limited effort to create a unique product, service or result.
Time-limited: A project has a defined start and end as well as a defined scope and resources.
Unique: A project involves something that has not been done before and is unique in some way. Even if similar projects have been done, there will always be some differences.
Product, service or result: A project aims to deliver a specific result, which can be a product, service or result that meets the specified requirements.
What is project management?
Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Project management is achieved through the appropriate application and integration of project management processes identified for the project. Project management enables organizations to execute projects effectively and efficiently.
What is a program?
A group of interrelated projects managed in a coordinated manner to achieve benefits and control not possible by managing the projects individually.
This definition emphasizes several important aspects:
Group of Interrelated Projects: A program consists of several projects that are related to each other and aimed at a common goal.
Coordinated management: Projects within a program are managed together to leverage dependencies, share resources, and align schedules to achieve efficiencies and benefits that would not be possible if managed separately.
Benefits and Control: The primary purpose of managing projects as a program is to achieve benefits and have control over the projects beyond what can be achieved by managing each project individually.
By managing projects as a program, organizations can better align their efforts with strategic goals, improve resource utilization, reduce risk, and achieve greater overall impact.
What is a portfolio?
A collection of projects, programs, sub-portfolios and operations managed as a group to achieve strategic objectives.
This definition highlights several important aspects:
Collection: A portfolio includes multiple components, including projects, programs, sub-portfolios, and ongoing operations.
Managed as a group: The components of a portfolio are managed together, not individually.
Strategic Objectives: The primary objective of managing a portfolio is to align these components with the organization's strategic objectives to ensure resources are allocated effectively and initiatives are prioritized based on their contribution to the overall strategy.
Managing a portfolio involves monitoring and coordinating these components to balance resource allocation, manage risk, and maximize return on investment. It focuses on making strategic decisions about which projects and programs to pursue, continue, or terminate based on their alignment with the organization's objectives.