Program management differs from project management in several fundamental ways. In the simplest of terms, program management is the definition and integration of a number of projects to cause a broader, strategic business outcome to be achieved. “Projects produce deliverables; programs output benefits so as to sustain, advance or achieve organizational objectives” according to page six of The Standard for Portfolio Management.
Program management is not just the sum of all project management activities but also includes management of the risks, opportunities and activities that occur “in the white space” between projects! Especially program directly addresses and supports the corporate strategic goals unlike project that is more concerned with a specific outcome and deals more at the work package level. From the organization point of view too, program decision on resourcing, standards and compliance typically affect associated projects. Programs and projects have different focuses but working together, they can create the right balance and momentum needed to achieve strategic goal.
Project management and program management are distinct processes, but they often interrelate. For example, a company may initiate a major program to implement an enterprise resources planning software throughout the firm.
SP Verma, PMP, ITIL v3
IT Project & Program Delivery Professional