CAPM Practice: Demonstrate an understanding of the various project life cycles and processes

A program is a group of related projects, subsidiary programs, and activities managed together to obtain benefits not available from managing them individually. A portfolio is a collection of projects, programs, and operations managed as a group to achieve strategic business objectives.

**Why not A:** There is no inherent relationship between portfolios using predictive approaches and programs using adaptive approaches. Both programs and portfolios can employ any project management approach depending on their constituent projects and organizational needs.

**Why not C:** A program is not always larger than a portfolio. In fact, a portfolio is typically the higher-level construct that may contain multiple programs. Size in terms of budget and resources is not the distinguishing factor between the two concepts.

**Why not D:** While programs are temporary (they end when their component projects are completed and benefits realized), portfolios are not necessarily permanent. More importantly, the key distinction is their purpose and composition, not their duration.