It is better we would understand, by way of example:
Every organization will have strategy, if the company has few key priories (for year x)
1. Famous low cost model from India’s Tata’s Nano
2. Hospital segment revenues enhancement
3. Airline Industry entry
4. Some other segments
Based on the mission for the particular year, company can prioritize 3 out of four . This will be portfolio.
A grouping of an organisation’s projects, programmes and related business –as-usual activities taking into account resource constraints. Portfolios can be managing at an organisational or functional level.
One step below of this is Program Management
A programme is defined as a temporary, flexible organization created to coordinate, direct and oversee the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the organization’s strategic objectives.
Program Management team would group each of the above areas as selected in Portfolio. Program Management has three triple constraints ( Benefits, Stake holder, Governance )
Program Management is set of related projects (which are connected together ) . In the case of Nano car Wheels, Car Body, Engine and all parts needs be delivered in order to have complete Benefit ( returns, customer experience/satisfaction) implemented.
Program Management goes side ways, project manager goes vertically .
Project management team fits in Program Management umbrella.
Program management is collection of related projects, whose benefits are realized if all the projects are delivered.
Operations are collection of projects, which are not interrelated. (HR, Finance and so on )
Operations are on going unlike Project and Programmes
Hope it is clear?