Project is an important part of the IT industry. A project always contains different segments to reach its proposed goal. Nowadays project, program and portfolio are getting used in every project management plan. Before, analyzing the difference we need to understand the justification of project, program and portfolio. In an industrial structure project, program and portfolio management are three interrelated things for making a successful business. Furthermore, the three things are distinguishable in their own ways.
Here are the key factors that separate three things project, program and portfolio:
1. Keyword dependency
Project is a methodical procedure for completing a set of planned task within a stipulated timeframe. Every project has a unique set of scheduled task format. First of all, a project can grow with the help of effective scheduling process. A project always reflects a defined goal, which is time bound in nature.
On the contrary, a same set of programs works finely in different set of project domains. Therefore, program represents shared goal within an interrelated project domain.
Portfolio collectively represents all projects, programs and related operations. Portfolio management is closely related to the fulfillment of strategic business objective.
2. Associated tasks
A project contains different set of tasks where requirement analysis is a prior thing. Then feasibility analysis takes a big part. Risk analysis of the project is crucial for making it successful.
Program deals with maintaining the relationship among interrelated project tasks. Also interdependency analysis is part of the program.
Portfolio management helps to select relevant programs and projects. Work prioritization is important for maintaining project schedule. On the other hand, portfolio management helps to optimize the project cost and make it resource oriented. Naturally, it increases organizational profitability.
3. Beneficial outcomes
Project management always focuses on the final product or service development. On the other hand, program is required for meeting proposed goals of the project. Portfolio management is important for optimizing each task related to the project. Moreover, it is important for better profitability through the lowest investment plan. Most of all, it enhances accountability of a project management.