Project (PM)
One outcome, one team, one budget, one schedule. "Ship the new patient handoff module", "migrate the data warehouse to Snowflake", "launch the iOS app." A project manager owns the on-time, on-budget, on-scope delivery and reports against a baseline.
Program (PgM)
Several related projects pursued together because the outcome only makes sense as a whole. "Modernize the patient experience" might contain a handoff project, a portal redesign project, and a mobile-app project. The program manager owns the coordinated benefit — making sure the projects don't collide, share resources sensibly, and add up to something larger than their sum.
Portfolio (PfM)
Every program and project the organization is funding, weighed against strategic objectives. The portfolio manager (often a Director of PMO or VP of Strategy) decides what gets funded, killed, deferred, or accelerated. They're less concerned with whether any single project lands on time and more concerned with whether the company is investing its capacity correctly.
| Level | Question it answers | Time horizon | PMI cert |
|---|---|---|---|
| Project | Will this thing ship? | Weeks–months | PMP |
| Program | Will these things together produce the value? | Months–years |