For the PMP exam, the candidate must be clear on the definitions of a project, program and portfolio as exam questions usually test the understanding of the definitions and differences of each term.
What is a Project?
A project is a (1) temporary endeavour to create a (2) unique product, service or result and details are (3) progressively elaborated as time progresses.
What is a Program?
A program is a (1) group related projects, subprograms and program activities managed in a (2) coordinated way to (3) obtain benefits not available from managing them individually.
What is a Portfolio?
A portfolio refers to (1) projects, programs, subportfolios, and operations (2) managed as a group to (3) achieve strategic aims.
- Adapted from PMBOK, 5th Edition and modification to original text included.
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