Difference between Program Management and Portfolio Management

1. Program Management :
Program Management, as name suggests, is a type of management that manages programs, activities, similar projects in a coordinated manner to gain benefit that cannot be gained by managing them individually.

2. Portfolio Management :
Portfolio Management, as name suggests, is a type of management that manages dissimilar projects, programs in a group to achieve main strategic objectives.

Difference between Program Management and Portfolio Management :

Program Management	Portfolio Management
It mainly focuses on management of program.	It mainly focuses on management of each and every project within organization.
Its main focus is on strategy and implementation and complete all projects that are necessary.	Its main focus is to bring all programs together i.e. coordinate among various programs simply to ensure that it is moving towards reaching goal.
It is simply management of work within each projects to ensure that right work is moving between right projects.	It is simply management of one or more portfolios i.e. return of investments of individuals to achieve strategic objectives of organization.
Goal of program management is to make best use of resources for completion of project and reduce friction that in turn increase efficiency and performance.	Goal of portfolio management is to identify, prioritize project on basis of benefits each project will provide and then authorize projects i.e. give permission for completion of projects.
It only manages similar projects.	It manages dissimilar projects.
Program management has smaller scope and objective than portfolio management.	Portfolio management has bigger scope and objective than program management.
Program management also focuses on management of budget and check risk but only at program level.	Portfolio management not only focuses on budget and risk of various programs but also focuses on future projects and overall organization goal.

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