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Commonly confused · Project Management & Agile

Project vs Program vs Portfolio: What's the Difference?

A project is a temporary endeavor to create a unique product, service, or result. A program is a group of related projects managed together to obtain benefits not available individually, and a portfolio is a collection of projects, programs, and operations managed to achieve strategic objectives.

ProjectProgramPortfolio
FocusDeliverables (outputs)Benefits (outcomes)Strategic value and investment mix
DurationTemporary, defined endTemporary, longerOngoing
Components related?N/AYes, interdependentNot necessarily
Success measureScope, schedule, budget, qualityBenefits realizedAggregate performance and ROI
Managed byProject managerProgram managerPortfolio manager
PMI certificationPMP/CAPMPgMPPfMP
Remember it

Projects do things right, programs deliver benefits, portfolios do the right things.

Exam tip

If the components share a common benefit and interdependencies, it is a program. If they are grouped mainly for prioritization and funding aligned to strategy, it is a portfolio.

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