I like #1 but comment:
A portfolio I would say a group or collection or assembly
- of projects selected and planned in a coordinated way so as to achieve a set of defined I would stay away from the word defined, as it implies a certainty that is not always present
- maybe "stated" or "identified" but objectives I would say benefits
- giving effect maybe influencing or initiating organizational initiatives
to various (and often overlapping) initiatives or implementing an organizational strategy. I don't think you need "and" most definition writers frown on "and/or"
For the second option of Program Management, Darya's comments are:
- Portfolio in there might create confusion with the definition of a portfolio.
- I like selected and planned, better than what PMI says which implies that putting together a group of projects is a choice. My perspective is that a program is a program is a program and distinct from a project or putting together a group of projects for convenience.
- Benefits is a really good word as the focus of a program is different than the focus of a project. For example, projects' time and cost objectives within a program may be sacrificed in order to achieve the benefits of a program.
Love it! Particularly the focus on governance. I like harmonized, very much, although my engineering brain is saying should it not be "integrated" but many do not understand what "integrated" means and perhaps it is overused in our world:
The governance and harmonized management of a number of projects and other actions to achieve targeted benefits and create value.
What about "supporting activities" instead of "other actions"?
But I bet the balance of this might be controversial, I agree that "create value" begs the question "to whom". Some suggestions to keep it a bit looser.for the program sponsors in the short term, for the organization owning the program in the short term;
change recipients in the medium term, for the recipients of intended benefits in the medium term;
and the organization in the long term. for most stakeholders in the long term.
I will look forward to seeing the results on your website. Stay well!