Organizations set up portfolios and programs to coordinate their collections of projects, implement and renew their strategies, and optimize their use of limited resources. To succeed in these endeavors in their unique contexts, organizations need systems and structures as well as dedicated resources to create, decide upon, and steer their portfolios and programs. This chapter concentrates on these issues through the concept of portfolio and program governance. The intent is to define the concept and build knowledge on portfolio and program governance in the organizational context. The specific features of portfolios and programs as objects of governance are introduced, and their parallel treatment is justified and explained. I will introduce the governance regime in terms of structures, norms, rules, and processes used in portfolio and program governance and the relevant governing actors such as top managers, portfolio and program owners, and project management offices. The governance regime and governing actors may be used differently in the organization, depending on the chosen modes of portfolio and program governance differing in the dimensions of formalization, centralization, inclusion, and external outreach. The chapter will conclude with key considerations of portfolios and programs as objects of governance within the parent organization, in different types of organizations, and in relation to a broader stakeholder context, and offers some insights for forthcoming research.
