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I am trying to understand how this community is using different hierarchy levels in portfolio and how the different levels are defined. I am trying to implement portfolio management and wanted some guidance on how the different levels are used by portfolio, program and teams.
I would advise you create the number of levels necessary to visualise your organisation's Portfolio.
There are going to be lots of great suggestions on the right number of levels - but what you have to remember is Jira isn't mapping your organisation's work structure - you should apply it to Jira / Portfolio to get you the best view of your own data.
One of the most common methods I've used is: