Project, Portfolio, Program, Process, Operation.. what's the difference? We're all managers!

According to the PMBOK, a project is a "temporary endeavor undertaken to create a unique product, service, or result." (you may want to remember this line!)

Let's look at some characteristics of projects:

-temporary

-unique

-a clear beginning

-a clear end

-long and involved

-short and simple

-can create a product, capacity to perform a service or other deliverable

Next comes portfolios, which, according to the PMI, are a "collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategis business objectives" The projects and programs contained in the portfolio can be -but do not have to be- directly related or dependent on oneanother.

Then we have programs, which the PMBOK describes as "a group of related projects managed in a coordinated way to obtain benefits and control not availabale from managing them individually". Furthermore, when you have a program, it always means you have more than one project, however you can have a project without it part of program.

As for operations, sometimes referred to as process, these are the functions that are performed to promote the ongoing activities of the organization, providing the same product or repetitive service. Several administrative functions and production line functions fall under the label operations.

~~Short and simple today to get the blog moving, so join me again very soon for more PMP review in preparation to sit for the PMP exam!