The 3P Management
While we commonly talk about project management, many of the skills and concepts can actually refer to more than just a standalone project.
The Project Management Body of Knowledge (PMBOK) states that a project might be managed in ‘three separate scenarios: as a stand-alone project… within a program, or within a portfolio’. (PMI 2017: 13).
The 3P Management
The table below (taken from the PMBOK) offers a definition of projects, programs, and portfolios and compares the 3Ps across key elements of project management.
| Projects | Programs | Portfolios | |
|---|---|---|---|
| Definition | A project is a temporary endeavour undertaken to create a unique product, service, or result. | A program is a group of related projects, subsidiary programs, and activities, coordinated to obtain benefits not available from managing them individually. | A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. |
| Scope | Projects have defined objectives. The scope is progressively elaborated throughout the project life cycle. | A program’s scope encompasses all its project components. Programs benefit an organisation by ensuring that the outputs and outcomes of its components are delivered in a coordinated and complementary way. | Portfolios have an organisational scope that changes with the strategic objectives of the organisation. |
| Change | Project managers expect change and implement processes to keep change managed and controlled. | Programs are managed in a way that adapts to change to optimise the delivery of benefits as their components deliver outcomes and/or outputs. | Portfolio managers continuously monitor changes in the broader internal and external environments. |
| Planning | Project managers progressively elaborate high-level information into detailed plans throughout the project life cycle. | Programs are managed using high-level plans that track the interdependencies and progress of the components. Program plans are also used to guide planning at the component level. | Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio. |
| Management | Project managers manage the project team to meet the project objectives. | Program managers ensure that program benefits are delivered as expected, by coordinating the activities of a program’s components. | Portfolio managers may manage or coordinate portfolio management staff, or program and project staff that may have reporting responsibilities into the aggregate portfolio. |
| Monitoring | Project managers monitor and control the work of producing the products, services, or results that the project was undertaken to produce. | Program managers monitor the progress of program components to ensure the overall goals, schedules, budget, and benefits of the program will be met. | Portfolio managers monitor strategic changes and aggregate resource allocation, performance results, and risk of the portfolio. |
| Success | Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction. | A program’s success is measured by its ability to deliver intended benefits to an organisation, and by the program’s efficiency and effectiveness in delivering those benefits. | Success is measured in terms of the aggregate investment performance and benefits realization of the portfolio. |
Adapted from PMI (2017: 13)
Your task
Write an example of a project, a program and a portfolio from your own experience.
References
Project Management Institute (2017) A Guide to the Project Management Body of Knowledge: PMBOK Guide. 6th edn. Newtown Square, Pennsylvania: Project Management Institute
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