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A Program more often than not comprises of several projects.
These projects are initiated based on the program charter, keeping in view the benefits to be derived from each of the projects identified.
Thus, the project charter is required to be developed as and when a particular project is initiated, not at the begining of a program.
A program once initiated will cater to multiple component projects, and collectively all these projects will deliver the objectives and benefits of the Program.
Once benefits are identified Program Manager along with governance board can initiate multiple component projects as per requirement, and all these individual constituent projects will follow the same life cycle approach as a stand alone project not being part of a program.
That means it will follow all phases of Project, starting from Project Initiation (which means Issuance of Project Charter) followed by planning, executing, monitoring and finally closure).
Hope it helps.
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