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!
Ciao!
Darya
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