What is the difference between projects, programs and a portfolio?

Project: Finite start and end

Program: Multiple projects in the same direction make up a program

Portfolio: Multiple projects and programs make a portfolio

Mr.Wasi's answer is very correct and I would like to add an  explain in details of it.

Let me illustrate this with an example.Let's take a construction project, say a skyscraper.This involves laying a foundation, erecting walls, plumbing, electricity, doors, windows etc.Building the skyscraper would be a Program and would have a Program Manager (realistically many .. but to keep this simple let's go with one).There would be Project Managers managing individual pieces like Plumbing, Electricity, Sewage, Flooring etc.

The Program Manager works with the individual Project Managers to ensure success for the entire program. 

It is important to know the difference between a project, program and portfolio because each has a special role to play and needs to be managed differently.

Project: A project is a unique process consisting of a set of co-ordinated and controlled activities with start and finish dates, undertaken to achieve an objective conforming to specific requirements including the constraints of time, cost and resources

Program: A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside the scope of the discrete projects in a program

Portfolio: The effective, centralized management (including identifying, prioritizing, authorizing and controlling) of a collection of projects or programs and other work that are grouped together to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related.

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A portfolio is a high-level view of all the projects an organization is running in order to meet the business’s main strategic objectives. It could be every project across the entire company, a division, or a department.

Portfolio management involves setting priorities based on the business leadership’s agreed-on objectives, and then choosing programs and projects to undertake based on what will provide optimal business value, the level of risk involved, and available resources. According to project manager Bob Buttrick, while project management is about executing projects right, portfolio management is about executing the right projects.

Project portfolio managers look at a company’s projects and evaluate whether they’re are being executed well, how they could be improved, and whether the organization is experiencing the expected benefits.

A program is a group of related projects that all contribute to the same business objective or benefit. The program as a whole has a clear, defined goal, and each project within the program assists in meeting those goals.

Program managers look at cross-project dependencies, risks, issues, requirements, and solutions, and may coordinate with individual project managers to achieve these insights and keep the overall program healthy. They’re less concerned with the success of every single individual project, and more focused on the success of the overall initiative and achieving the larger benefit. Program managers are also concerned with making sure the right projects are chosen or prioritized in order to achieve the most business value. Successful programs work towards improvements that will have a long-term impact on the organization, and unlike projects that have a specific end date, programs may be ongoing initiatives.

Organizations manage projects as a larger program because doing so gives you greater control and benefits than you may see by managing them separately. It’s also easier to coordinate and prioritize resources across projects, and oversee progress and outcomes when you look at a group of related projects.

While portfolios and programs focus on a higher-level view of an organization’s activities, a project is a single undertaking: a series of tasks that aims to produce a specific product, service, or benefit within a defined timeline.

Project managers oversee individual projects, leading teams and making sure projects are completed on time, within budget, and meet the established requirements. They determine best practices, examine processes to improve efficiency, and work with stakeholders to make sure expected benefits are realized, among other responsibilities.

Good project management means teams and team members are constantly developing and improving, giving the business a competitive advantage.

Thanks for invitation

I am agree with my colleague’s answer Mr Mohammed Ashraf he gives us good answers

I would agree with the given answers ... Variety of correct definitions and opinions !

Thank You

I agree with professional answers, thanks for the invitation. 

Thank you for the invitation .......... agreed with the answer, Mr. Mohammad Ashraf

ortfolio Management focuses on the management of a collection of projects and programs.  These may be related based on organizational funding, by the organization which works on the projects/programs, or other factors.  Portfolio Management focuses on the evaluation, scoping, prioritization, capacity planning, financial management and reporting of its affiliated projects/programs.Program Management is the management and oversight of multiple interrelated projects.Project Management focuses on a specific, singular project.The organizations that manage each of the above are typically categorized as follows:An Enterprise Project Management Office(EPMO) is an organization external to other governance bodies which reports to executive management. The EPMO focuses on governance. Its scope of control usually encompasses more than one delivery organization.A Project Office (PO) is an organization formed to govern unrelated projects and programs within a delivery group (e.g., Information Technology).  The PO implements standards and assures delivery across projects in its scope.  It may also include portfolio management.A Program Management Office (PMO) is an organization specific to a business initiative that provides oversight and governance of one Program (which may have multiple subordinate projects).  Similar to the Project Office, the PMO provides oversight and control to the projects within the scope of the program