Final answer:
A program is a set of related projects managed together, while a portfolio is a collection of projects, programs, or initiatives managed to achieve strategic objectives.
Step-by-step explanation:
A program and a portfolio are two different concepts in the business world. The key elements that clarify the differences between them are purpose and structure.
A program is a set of related projects that are managed together to achieve a common goal or objective. It is a coordinated effort that involves multiple projects and resources. For example, a program could be implementing a new software system across a company, where each project within the program focuses on a specific aspect of the implementation.
A portfolio, on the other hand, is a collection of projects, programs, or other business initiatives. It represents the organization's overall investment in projects and is managed to achieve specific strategic objectives. It provides a holistic view of all the projects and initiatives being undertaken by the organization. For example, a portfolio could include multiple programs and projects related to different business areas, such as marketing campaigns, product development, and process improvement initiatives.