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Topics: Benefits Realization, Business Analysis, PMO
Which are the aspects would you consider to treat an initiative as a large project with several phases or treat it as a program?

I'm a little confused about the circumstances in which is most useful to divide a initiative in several projects that belong to the same program or to treat it as a large project with several phases.
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We are actually encountering the same issue with some of our larger more complex projects. Programs within our organization are non-existent, and were previously called Omni-bus projects, but that term/ approach has now been dropped. As such, we are examining Option #2 as Kiron mentioned - work streams within a project. The problem for of having sub-project within a project is our internal governance structure as it relate sto project approvals. Sub-project would then have to follow separate project approval processes which results in an excessively long project life cycle.
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