Imagine you’re planning a family vacation. You have different things to handle – booking tickets, packing luggage, picking places to visit and restaurant reservations for meals. Each of these is a project. Some of them align together like a program, such as hotel and flight bookings. Meanwhile things like packing and planning sightseeing can be treated separately or as subsidiary portfolios. When everything – projects, programs and subsidiary portfolios – is managed together to make sure the vacation is memorable, that’s what we’re talking about.