A Portfolio is the totality of an Organisation’s investment required to achieve its strategic objectives. An Organisation can have one or multiple Portfolio’s depending on its business model.
A Program is a temporary organisation structure created to coordinate, direct and oversee the implementation of a number of related Projects. Program’s deliver outcomes and benefits related to and aligned with an Organisation’s strategic objectives.
A Project is created for the purpose of delivering one or more business outputs according to a specified business case. Projects can be stand alone or form part of Program.
Operated effectively, the layered approach:
Provides leadership will a single line of sight from strategy to output.
Allows an organisation to clearly set out, monitor and evidence how it will achieve its stated strategic aims.
Provides quantifiable data for performance reporting and progress
Enables effective risk management across all levels