Publisher Summary This chapter discusses the characteristics of project, program, and portfolio delivery, along with their similarities and differences. A project is a bounded piece of work which is nonroutine for the organization. It is not a part of business as usual but has a defined start and end point. A program is a set of interdependent projects working together to achieve a defined organizational goal. On the other hand, a portfolio is a collection of projects using a common resource pool. They all use similar project management processes to deliver agreed-to criteria. A portfolio can be made up of any number of projects or programs in various stages of delivery, and a program can comprise a number of interdependent projects. A project is managed by a project manager, while programs and portfolios are managed by a program manager and a team of project managers, or a portfolio manager and a team of project managers, respectively. Every project goes through four value-added stages. Portfolios are usually a collection of projects using a similar project roadmap. Project management tools and techniques remain valid for the delivery of projects within either programs or portfolios; however, different or adapted tools are needed to manage the cumulative impact of projects in either. A project manager thinks about tasks and his team while a program manager thinks about benefits and his stakeholders. A portfolio manager mostly is concerned about operational goals and resources.