Hi there! If you are into “P” (Project, Program, Product) Management World, you have heard about these concepts, if you are new or somehow a bit confused, here you have them in black and white:
Project
A project is a temporary endeavor undertaken to create a unique product, service, or result.
This definition is taken from the Glossary of Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017
In other words, a project is “something” with a start and an end, it could be a new web page, a mobile app, a building, an airport, a new vaccine or anything else.
Program
Related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.
This definition is taken from the Glossary of Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017
More usually, a program is a group of related projects that are managed in a way that delivers high value, a good example is a rocket launch, a bunch of coordinated projects that will deliver a great result at the end, they are difficult to manage in a separated way.
Portfolio
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
This definition is taken from the Glossary of Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017
A portfolio is a big thing, it is usually something with a high level of importance and impact inside the organization. Portfolios should be aligned with strategic objectives. Small and medium-sized businesses usually have just one or two portfolios, company-wide.
Product
A product is something that is manufactured or grown to be sold, usually in large quantities.
This definition is taken from the Cambridge University Press, Cambridge English Dictionary – Business English, 2020
Then, a product is usually the result you deliver after you finish a product. Of course, this way, a product could be a service or other kind of result.