What is the Relationship between Project Program and Portfolio?

As a project manager, you should know the basic concepts of program and portfolio and how they are related to each other and to projects. A program may be a part of a higher-level program; it certainly contains some interrelated projects, and it may contain some non-project work as well. Program management focuses on optimally managing the interdependencies among the various projects in the program. The person who manages a program is called the Program Manager.

The program manager's responsibilities are:

• Prioritize to resolve resource conflict and constraints that affect multiple projects within his program.

• Keep your priorities aligned with the strategic goals and objectives of the organization.

• Resolve issues and manage change within the governance structure of the organization.

Just like a project is managed by a project manager, a program is managed by a program manager, who oversees the projects and provides high-level guidance to the project managers. In other Words, a program manager oversees projects and coordinates efforts between projects but does not manage the projects

Why is that?

That is because; we the project managers are managing our projects!!!

A portfolio contains both programs and projects and is managed by a portfolio manager. The portfolio is drawn directly from the strategic business plan of the organization.

The strategy of an organization is an action plan to achieve its business goals and objectives. It's also called a strategic plan or a strategic business plan. The strategy determines the portfolio of projects and programs that the organization will execute. A portfolio is a set of projects, programs, or both that is managed in a coordinated fashion to obtain control and benefits not available from managing them individually.