In Azure, an Organization usually has a single cloud Active Directory (AD) Tenancy. A Tenancy has Subscriptions and Subscriptions have Resource Groups. These Resource Groups contain the resources that are deployed.
When we talk about a Tenancy or Tenant we are referring to all the resources that belong to an organization including all environments such as Prod and Non-Prod, Test and Dev accounts etc.
The Microsoft documentation demonstrates the relationship between Management Groups, Subscriptions, Resource Groups and Resources
The Tenancy is the same as the Root Management Group – it is everything below the root:
An enterprise organization normally would manage their departments like this, depending on the size:
CloudMonitor works for single Azure subscriptions and large 10 000+ employees enterprises.