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Diagram: Program_Project_Management_Framework_20210324.pdf


Definitions:

  • Portfolio Management - the selection, prioritization and control of an organization's programs and projects, in line with its strategic objectives and capacity to deliver at an organizational or functional level to optimize strategic benefits or operational efficiency. The goal is to balance the implementation of change initiatives and the maintenance of business-­as­-usual, while optimizing return on investment. Where projects and programs are focused on deployment of outputs, and outcomes and benefits, respectively, portfolios exist as coordinating structures to support deployment by ensuring the optimal prioritization of resources to align with strategic intent and achieve best value. 


  • Program Management – the continuous process of selecting and managing the optimum set of project-oriented initiatives that deliver maximum value
    • dynamic decision-making process
    • enables leadership to reach consensus on the best use of resources to focus on projects that are achievable and strategically aligned with goals and objective
    • generally have a multiplicity of requirements, deliverables, stakeholders, departments, and interfacing organizations interacting with the work

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Program Management work product descriptions are listed on its respective page:

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