According to the PMBOK® Guide, project management activities are often categorized into a hierarchy of Project, Program, and Portfolio. The specific focus on interdependencies is the defining characteristic of Program Management.

Program Management: Defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually. A program focuses on the project interdependencies and helps determine the optimal approach for managing them.

Key Interdependencies include:

Resolving resource constraints and conflicts that affect multiple projects in the program.

Aligning organizational/strategic direction that affects project and program goals.

Resolving issues and change management within a shared governance framework.

Analysis of other options:

A. Project Management: This focuses on the specific objectives of a single project. While a project manager manages internal dependencies, they do not typically manage the " interdependencies between projects " at a higher level.

C. Portfolio Management: This involves a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. The focus here is on high-level selection, prioritization, and resource allocation based on business goals, rather than the tactical management of interdependencies between specific projects.

D. Operations Management: This is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently. It is outside the scope of temporary project/program endeavors.

Per PMI standards, Program Management acts as the middle tier that ensures related projects work in harmony to deliver maximum organizational benefit through coordinated oversight.