The Project Management Institute (PMI) introduced the principles behind program management with a critical focus on maximizing benefits. Often project management focuses on controlling scope and schedule using available work flow tools that they miss an important component of not understanding the value of the project on a larger scale.
The question to ask here is what role did the project do in increasing the value to the performing organization, customer, and the society? When we think about this and focus on the benefits, we step into the next stage of ensuring the project risk is constantly monitored. There are various tools to managing the risk but constantly keeping focus and most importantly the risk register.
Understanding these risks is a critical element to the next stage called program management. Why? This is because the program management focuses on what an individual project can't deliver. The impact on value maximization is high in program management a if the risk is not more actively monitored. There will be too many interproject dependencies that may impact this projects higher. So, when advancing to program management, active risk management is critical and is a sine qua non for project management excellence.