Programmes are structural only and consist of inter-related and inter-dependent projects focused on a managed roadmap that achieves [usually] a single key business objective.
Executives and Boards are responsible for steering the business, including maintaining oversight of how well the business is executing to strategy.
Programme and portfolio views must focus on aspects of both Value and Delivery, as well as indicating areas needing intervention, additional resourcing or enterprise-level refocusing or remediation.
Following on from the theme of Programmes and Portfolios as management vehicles, then tracking Programme and Project Benefits is a way to provide organisation-wide oversight.
This also supports the concept that the business must take ownership of benefits from inception to final realization and review. At all stages of the lifecycle senior management must be aware of the true state-of-play and intervene, when required.
Always look past the financial benefits to the non-financial benefits. Every project, for example, is an opportunity to build project capability and IP. This means you can focus on your project people, while also considering the desired project outcomes.