ISO 21500:2021 pdf download – Project, programme and portfolio management — Context and concepts.
4 Project, programme and portfolio management concepts 4.1 General This clause describes the overall context in which governance and management of projects, programmes and portfolios operate. In addition to ongoing operations, project, programme and portfolio management provide an integrated management framework to deliver value. Projects, programmes and portfolios exist within the organizational environment and the organization exists within the larger external environment. Figure 1 illustrates that opportunities and threats can be identified through organizational strategy and objectives. The opportunities and threats can be evaluated and further developed into requirements and business cases. Based on those business cases and using portfolio management or another management structure, the organization selects and authorizes projects and programmes that provide deliverables, outputs and outcomes to operations. When used in operations, deliverables, outputs and outcomes should contribute to realizing benefits for internal and external stakeholders. The benefits can also contribute to further development of the organization’s strategy and objectives.
4.2 Projects, programmes and portfolios Organizations perform work to achieve objectives. This work can be performed as ongoing operations, a project or a programme, or can be organized as a portfolio together with other related work. An example of the relationship among projects, programmes and portfolios is shown in Figure 2. The focus of each of these organizational activities can be summarized as follows. — Operations are conducted by relatively stable teams through ongoing and repetitive processes and are focused on sustaining the organization. — Projects are performed by temporary teams and provide deliverables, outputs, outcomes and benefits. A project can be managed as a stand-alone work effort within an organization or as part of a larger programme or portfolio. — Programmes are groups of programme components managed in a coordinated way to provide advantages and synergies, contribute to the achievement of common strategic and operational objectives, and realize benefits. — Portfolios are the sets of projects, programmes and other related work undertaken to contribute to meeting an organization’s strategic objectives.