2.2 of Definition of Terms
There are some key terms that we must understand as we discuss the linkage between an organization’s strategy, its portfolio of projects, and program management. Briefly, consider the following definitions:
- Strategy – The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. (David, 2001, p. 5)
- Portfolio – A firm’s current set of in-process projects, intended to correspond with strategic initiatives.
- Program – An endeavor of considerable scope that requires a number of projects. (PMBOK, 2005).