Final answer:
Projects, programs, and portfolios are commonly used in business to organize and manage activities. Projects are temporary endeavors with specific goals, programs consist of related projects, and portfolios encompass multiple programs and projects.
Step-by-step explanation:
In business, projects, programs, and portfolios are often used to organize and manage various activities.
Projects are temporary endeavors with specific goals, deliverables, and timelines.
They are typically executed by a team or individuals to achieve a particular result. For example, developing a new software application can be considered a project.
Programs are a collection of related projects that are managed together to achieve strategic objectives.
They are typically larger in scope and span multiple projects.
For instance, a program that aims to improve customer satisfaction may include various projects such as implementing a customer service training program and creating a customer feedback system.
Portfolios encompass multiple programs and projects.
They involve managing a collection of projects and programs to achieve overall organizational goals.
Portfolios align with the strategic objectives of an organization and prioritize resource allocation across the various initiatives.