PMBOK6, or the Project Management Body of Knowledge 6th edition, is a comprehensive guide to project management that outlines the principles and best practices of the discipline. One of the key areas covered in PMBOK6 is the relationship between projects, programs, and portfolios (PPP).
A project is defined as a temporary endeavor undertaken to create a unique product, service, or result. A program is a group of related projects managed in a coordinated way to achieve a set of strategic objectives. A portfolio is a collection of programs, projects, and other work that are grouped together to facilitate effective management and achieve organizational objectives.
In PMBOK6, the relationship between projects, programs, and portfolios is defined as follows:
- Projects are the building blocks of programs and portfolios. They are the means by which organizations achieve their goals and objectives.
- Programs are made up of multiple projects that are managed in a coordinated way to achieve specific objectives that cannot be achieved through the management of individual projects alone.
- Portfolios are made up of multiple programs and projects that are aligned with the organization’s strategic objectives and managed to maximize the value of the organization’s investments in projects and programs.
The relationship between projects, programs, and portfolios is hierarchical in nature. Projects are the lowest level of the hierarchy, followed by programs, and then portfolios. Projects are the building blocks of programs, and programs are the building blocks of portfolios.
The key to effective PPP management is to ensure that projects, programs, and portfolios are aligned with the organization’s strategic objectives and that they are managed in a coordinated way to maximize the value of the organization’s investments. By following the best practices outlined in PMBOK6, organizations can ensure that their projects, programs, and portfolios are managed effectively to achieve their strategic goals and objectives.
