How to differentiate between Project, Program and Portfolio Management

Introduction

I got asked today about how to best describe the difference between a Portfolio , a Program and a Project....

Now this is a hotly debated topic along the borders...as to when is a Project so big/complex that it should be broken down in pieces and managed by a Program and then the next border is well when is a Program becoming so business driven that it really should be a portfolio.

I do not intend to discuss the borders but we can shed some light as to the content itself of each of these elements, and lets go top to bottom.

Difference between a Portfolio and a Program (Generic)

Program management and portfolio management are both essential functions in the realm of project management, but they have distinct differences in their scope and focus.

Program management refers to the process of managing a group of related projects that are designed to achieve a common goal.

Program managers oversee the planning, coordination, and execution of multiple projects to ensure that they are aligned with the program's objectives and that resources are utilized efficiently. The program manager is responsible for ensuring that each project is completed on time, within budget, and meets the desired quality standards.

Portfolio management is the process of managing a collection of projects, programs, and other initiatives that are grouped together based on their alignment with an organization's strategic objectives.

Portfolio managers are responsible for identifying, prioritizing, and selecting the projects and programs that will deliver the most significant business value and ensure that resources are allocated appropriately. They also monitor the performance of the portfolio and make adjustments as needed to ensure that it remains aligned with the organization's strategic goals.

In summary, program management focuses on managing a group of related projects to achieve a common goal, while portfolio management involves managing a collection of projects, programs, and other initiatives to ensure they are aligned with an organization's strategic objectives.

EPMO role and actions

A seasoned EPMO officer will need to navigate the different levels of scrutiny on the fly to resolve the drivers for each of those components...A Portfolio Manager has different objectives than a Program Manager , Project Managers are the jack of all trades, they could perform all 3 roles in a Project Management approach but the results/value that is expected of each level is totally different.

An educational exercise I did pertaining this aligned to what a EPMO does (where the P could stand for many things...) may be a good source of knowledge for those of you interested.

Particularly the 8 to 12 minute section of this video should be educational as to that the P (Project, Program , Portfolio , etc) stands for

Thank you

Glenn van Kooijk - EPMO