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Definition:

Portfolio Plan is strategic business process set by an organization to determine the investments and funds allocated for innovation and New Product Development (NPD) in order to achieve their business objectives. It is also called as investment portfolio strategy. An activity for determining which products (or projects) to work on, in which order, and for how long. Sometimes referred to as portfolio management or Project Portfolio Management (PPM).

The objective of Project Portfolio Management (PPM) is to determine the optimal mix and sequencing of proposed projects to best achieve the organization’s overall business objectives typically expressed in hard economic measures and business strategy goals. With Portfolio Management a business can achieve

Further Reading:

Book: Disciplined Agile Delivery by Scott W. Ambler and Mark Lines

          Essential Scrum: A Practical Guide to the Most Popular Agile Process by Kenneth S. Rubin

Definition:

The Project Status Report is a document that is used by Project Managers for formal regular reporting on the status of a project to the Steering Committee, Project Sponsor, Senior Manager or other Key Stakeholders, depending on the size of the project.

Status Reporting is one of the several methods used by agile teams to report current status of the project both internally and externally. To be more precise, a Status Report is a simple document that exists between a project manager, client and the internal team, periodically updated by everyone so as to where the project is in relation to where it has to be at that point of time. The key benefits of using Status Reports are: managing large projects with multiple stakeholders, and focus everyone on the same issues every week. It is easy to find out if there is any slippages in timings or issues that affect budget of project, highlight the same and address it to the stakeholders.

Further Reading:

Disciplined Agile Delivery by Scott W. Ambler and Mark Lines