1. Program Management :
Program Management, as name suggests, is a type of management that manages programs, activities, similar projects in a coordinated manner to gain benefit that cannot be gained by managing them individually.
2. Portfolio Management :
Portfolio Management, as name suggests, is a type of management that manages dissimilar projects, programs in a group to achieve main strategic objectives.
Difference between Program Management and Portfolio Management :
|Program Management||Portfolio Management|
|It mainly focuses on management of program.||It mainly focuses on management of each and every project within organization.|
|Its main focus is on strategy and implementation and complete all projects that are necessary.||Its main focus is to bring all programs together i.e. coordinate among various programs simply to ensure that it is moving towards reaching goal.|
|It is simply management of work within each projects to ensure that right work is moving between right projects.||It is simply management of one or more portfolios i.e. return of investments of individuals to achieve strategic objectives of organization.|
|Goal of program management is to make best use of resources for completion of project and reduce friction that in turn increase efficiency and performance.||Goal of portfolio management is to identify, prioritize project on basis of benefits each project will provide and then authorize projects i.e. give permission for completion of projects.|
|It only manages similar projects.||It manages dissimilar projects.|
|Program management has smaller scope and objective than portfolio management.||Portfolio management has bigger scope and objective than program management.|
|Program management also focuses on management of budget and check risk but only at program level.||Portfolio management not only focuses on budget and risk of various programs but also focuses on future projects and overall organization goal.|