The Three Levels of Agile
In large organizations, agile is implemented in three levels.
Team level
At the Team level, agile teams of 5-9 team members define, build, and test user stories in a series of sprints and releases. In the smallest enterprise, there may be only a few such teams.
The responsibility for managing the things the team needs to do belongs to the team's product owner.
Program level
At the Program level, the development of larger scale systems functionality is accomplished via multiple teams in a synchronized Agile Release Train (ART). The ART is a standard cadence of timeboxes iterations and milestones that are date and quality fixed, but scope is variable (no iron triangle). The ART produces releases or potentially shippable increments (PSIs) at frequent, typically fixed, 60 to 120 days time boundaries.
Product managers are responsible for defining the features of the system at this level.
Portfolio level
At the Portfolio level, investments themes are used to assure that the work being performed is the work necessary for the enterprise to deliver on its chosen business strategy. Investment themes drive the portfolio vision, which is expressed in as a series of larger, epic scale initiatives, which are allocated to various release trains over time.