The given word is VITREOUS. Of which , TRSV are the consonants and IEOU are the vowels. Now, after making the changes as given in the question  we get following arrangment: RSTVEIOU.

Again from precalculation, we know that second to the right of fourth  from the left means (2+4=) 6th from the left. i.e I

Given word is O B S E R V A N T. After making the change as given in the question, we get the following arrangement:

T N A V R E S B O. 

Meaningful words are ROSE, SORE and EROS.

Note the meaning of the words SORE and EROS with the help of dictionary.

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.