Project managers or the organization can divide projects into phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project life cycle.

A Project Management office (PMO) is an organizational unit to centralize and coordinate the management of projects under its domain. A PMO can also be reffered to as a "program management office", "Project office", or "Program office". A PMO oversees the management of projects, programs, or a combination of both.

PMOs can operate on a continuum, from providing project management support functions in the form of training, software, standardized policies, and procedures, to actual direct management and responsibility for achieving the project objectives.

A Portfolio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.

A program is a group of related projects managed in a coordinated way to obtain benefits and  control  not available from managing them individually. Programs may include elements of related work outside of the scope of the discrete projects in the program.

For example:

A New car model program can be broken up into projects  for the design and upgrades of each major component (transmission, engine, interior, exterior) while the ongoing manufacturing occurs on the assembly line

Project Management is the application of Knowledge, skills, tools and techniques to project activities to meet project requirements. Project Management is accomplished through the application and integraton of the project management processes of  initiating, planning, executing, monitoring and controlling , closing.

A Project is a temporary endeavour undertaken to create a unique product, service or result.

Characteristics:

1.Temporary 

    Temporary means that every project has a definite beginning and a definite end.

2. Unique Products, Services or Results

   Uniqueness is an important characteristic of project deliverables. For example, many thousands of office buildings have been developed, but each individual facility is unique - different owner, different design, different location, different contractors, and so on.

3. Progressive Elaboration

   Progressive elaboration means developing in steps, and continuing by increments . For example, the project scope will be broadly described early in the project and made more explicit and detailed as the project team develops a better and more complete understanding of the objectives and deliverables.