Here is an overview of the relationships between the 3 P’s: Portfolios, Programs and Projects. This blog post is accompanied by a simple diagram and a customer example to illustrate how the 3 P’s look within an organization.
Definition: What is a project portfolio? A portfolio consists of projects created to meet an organization’s strategic goals.
Details: These collections of projects can be established for an entire company or for a division within a larger organization.
Need for PPM: Projectric provides a portfolio level solution that supports strategic alignment, transparency and governance.
Definition: What is a program? A program is a group of related or similar projects managed in a coordinated fashion to achieve a strategic objective.
Details: Program Management occurs at the program level – Project Managers guide interrelated or interdependent projects as a group. Specific purpose of each project within a program should be defined and aligned with the goals of the program. A program can span years.
Need for PPM: Because programs can span years, projects and people, optimizing resources among projects and reducing constraints across programs increases an organization’s performance. This is Project Management.
Definition: What is a project? A temporary endeavor undertaken to create a unique product, service or result.
Details: A project is composed of tasks to achieve an end and is temporary – once a project’s objectives are realized, the project is delivered and closed.
Need for PPM: Projects can be completed by teams dispersed around the world- this is where resource management from Project Portfolio Management software (like Projectric) becomes helpful.
Examples of Portfolios, Programs, Projects Within Organizations
University Facility Management
- Benchmark water and energy use
- Build a “green wall” in the sciences library
- Install new efficient air conditioning units
- Install Building Automation software
Learn how these customers – across many industries – use Projectric to manage their project portfolios: