Project
temporary endeavor to create a unique product, service, or result
Program
group of related projects managed in a coordinated way for benefits not achievable if managed separately
Portfolio
collection of projects and programs managed together to achieve strategic objectives
Initiation
clarifies the project purpose, scope and objectives
Planning
crafts detailed roadmap/game plan with timelines, budgets and resources
Execution
turn plans into action
Monitoring and Controlling
observe the project progress and manage the changes
Closing
wrapping up activities, delivering the end product and documentation