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Chapter 1. INTRODUCTION > Relationships Among Project Management, Program Manag... - Pg. 8

1 CHAPTER 1 - INTRODUCTION · Strategies & priorities · Progressive elaboration · Governance · Disposition on requested changes · Impacts from changes in other portfolios, programs or projects Highest Level Portfolio · Strategies & priorities · Progressive elaboration · Governance · Disposition on requested changes · Impacts from changes in other portfolios, programs or projects · Performance reports · Change requests with impact on other portfolios, programs or projects · Strategies & priorities · Progressive elaboration · Governance · Disposition on requested changes · Impacts from changes in other portfolios, programs or projects Lower Level Portfolios · Performance reports · Change requests with impact on other portfolios, programs or projects Projects Higher Level Programs Higher Level Programs Projects Lower Level Programs · Performance reports · Change requests with impact on other portfolios, programs or projects Projects Lower Level Programs Projects Projects Figure 1-1. Portfolio, Program, and Project Management Interactions Projects, programs, and portfolios have different approaches. Table 1-1 shows the comparison of project, program, and portfolio views across several domains including change, leadership, management, and others. 1.4.1 Portfolio Management A portfolio refers to a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure firm that has the strategic objective of "maximizing the return on its investments" may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program. ©2008 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) -- Fourth Edition 8