Ever wondered how #projects, #programs, and #portfolios differ in #business #management?
Let me simplify it:
- A #project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined scope, a specific timeframe, and clear objectives
In simple tirm, like a task with a specific goal and a deadline, such as building a new app. Once the app is built, the project ends.
- A #program is a group of related #projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
The #projects within the #program are interconnected and support a broader organizational goal.
For example, a program to improve customer experience could include several projects, like creating a new app, updating the website, and training staff.
- A #portfolio is a mix of different #projects, #programs, sub programs and other work that an organization manages to reach its overall strategic business goals.
It’s like a big picture view of everything the company is working on, not necessarily all related to each other.
For example, A corporation’s #portfolio might include a variety of programs and projects ranging from product development to market expansion initiatives.
#ProjectManagement #PMO #PMP #P3O #Tips
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