Before we start discussing about Portfolios and Programs, I would recommend to check about Projects and Operations @ HERE.
At top level, Program is basically a group of Projects managed in a coordinated way to achieve synergy which is not available from managing those Projects individually.
At the same time Portfolio is group of Projects and Programs and associated operations to facilitate effective management to achieve strategic objectives. Portfolios are designed by main thoughts around business proposition and strategic coherence.
Program Management at top level take cares of -
- Managing inter-dependencies between different projects and operations.
- Resolving resource constraints, aligning strategic directions, resolving issues and change management stuff.
- Capability enhancement and achieving end result
- Program Managers are more open to changes as compared to Project Managers.
Few things about Portfolios -
- Portfolios are directly mapped to strategic goals of any organization.
- Portfolio management is mainly driven by business propositions, market demand and need to maximize vlue of Organization.
- Guiding investments to streamline organizational objectives.
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