Project Portfolio Management

Strategic Alignment: The primary objective of portfolio management is to ensure that the organization's projects and programs are aligned with its strategic objectives and contribute to its long-term success. 

Prioritization and Selection: Portfolio managers evaluate and select the right mix of projects and programs that best align with the organization's strategic goals and deliver the most significant value. 

Resource Allocation: Portfolio management involves allocating resources, such as budget, personnel, equipment, and time, to projects and programs in a way that optimizes the organization's overall performance and maximizes the return on investment. 

Risk Management: Portfolio managers assess and manage risks across the portfolio to minimize potential negative impacts and enhance the likelihood of achieving strategic objectives. 

Governance: Effective portfolio management requires a governance structure that provides oversight, decision-making authority, and accountability. This ensures that projects and programs are aligned with strategic priorities and are delivering the expected value. 

Performance Monitoring: Portfolio managers monitor the performance of projects and programs within the portfolio to ensure they are on track to achieve their objectives and provide value to the organization. 

Continuous Improvement: Portfolio management involves ongoing evaluation and adjustments to optimize the portfolio's alignment with the organization's strategic goals and changing business environment. 

Balancing the Portfolio: Portfolio managers seek to balance the portfolio by considering factors such as risk, return on investment, resource constraints, and strategic alignment.