Whilst it may seem like splitting hairs since they operate in parallel and have interdependencies, program management vs. project management vs. portfolio management are quite different in their contribution. To fully realise the value of these practices requires an innate understanding of their distinct functions and the expertise required to properly align technology management with business strategy.
Effective program management balances and optimizes people and spend across projects, enabling organisations to prioritize and fund the programs that drive the most value. Whilst project management is concerned with the delivery of specific project tasks and deadlines, portfolio management considers every project or transformation program and its potential, facilitating the prioritization of decisions across technology, work, and resources to achieve business goals.