The Three Pillars!

Organizations strive to achieve their strategic goals, and the three pillars — Portfolios, Programs, Projects stimulate a way to execute these strategies.

The organization devises a Portfolio, a cluster of projects, programs, sub-portfolios, and operations that may/may not be correlated.

A Program is a bunch of sub-programs or associated projects administered as a group and designed to achieve a common business objective.

A Project provides a provisional platform to develop a product.

For example, an organization has the vision to be the technology leader, and a portfolio helps achieve this strategic objective. To be a technology leader, the organization wants to adapt to the Internet of Things (IoT) in manufacturing a light bulb called a program. Building a device that will enable IoT in the light bulb is called a project.

Portfolio Management bridges the gap between strategy and implementation. According to PMI, it refers to the centralized management of one or more project portfolios to achieve strategic objectives. It helps visualize the bigger picture and choose the best path accordingly. The focus is on the Business Value.

Program Management facilitates strategic execution by providing a common platform for the involved teams and stakeholders to drive the program forward. The focus is on the Stakeholder Value.

Project Management is a ritual that inculcates processes, workflows, skill sets, technical competence to accomplish the project goals and objectives. The focus is on Quality Deliverables.

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