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By Terry Deacon
The terminology used in project management can be confusing. Even
project management has multiple meanings. In the past it was only
associated with projects, but two decades ago that began to change.
Today the term project management is understood to include
program management and portfolio management.
The distinction between a project, program and portfolio is generally
not well understood. However, it is important to know the difference
because each has a special role to play. They need to be managed
differently if the organisations strategy is to be successfully
transformed into reality.
Clearing up the confusion
Whats the difference between a project, program and portfolio? This is clarified in three
watershed documents published at the end of 2007.
In the USA the Project Management Institute (PMI