Project is temporary effort undertaken to create product service or results, it has clear start and end date, it is not continuous operation it has specific duration.

Examples of project

• New product development
• New Product Launch
• Implementation of ERP System
• Setting up new activities
• Construction of home
• Preparing for mount Everest trekking

It can be standalone activity or part of larger program or portfolio; they are aimed to deliver specific outcome.

Programs consist related projects that are managed in coordinated manner to achieve benefits that would not be possible if they were managed separately.

Portfolio is collection of project and programs and operations managed as group to achieve strategic objectives.

The focus is on aligning to organisation overall strategy to maximize value and ensure resources are efficiently allocated.

• Project = single effort with a clear outcome
• Program = related projects managed together for combined benefits
• Portfolio = the “big picture” collection of programs and projects aligned to strategy

A bank decides to create a mobile banking app as a project, which has a clear start and end date and delivers the outcome of providing customers with digital access to their accounts.

This project is part of a larger Digital Banking Program, which also includes other related projects such as upgrading the core banking system, implementing cybersecurity measures, and training employees on digital tools. By managing these projects together, the program ensures better coordination and delivers greater benefits, like improved customer experience and stronger security.

The Digital Banking Program itself is included in the bank’s strategic portfolio, alongside other programs such as sustainability initiatives and market expansion efforts, all of which are managed together to align with the bank’s long-term strategy of becoming a leader in digital and sustainable banking.