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Describe the benefits of utilizing a Portfolio Management process to support projects and project management in an organization.
What is Portfolio Management?
Normally, the study of project management focuses on managing a single project. A project is a specific work assignment outside the normal job routine that has a planned end and a measurable accomplishment to achieve. ... Portfolio refers to a collection of projects comanaged under the same management umbrella. Project management is facilitation of the planning, scheduling, and controlling of all activities the must be done to meet project objectives. In a real business world, project managers have to deal with multiple projects at the same time. Most available material on multiple projects focuses instead on time management and priority settings. Portfolio management is a strategy that goes beyond time management and the basics of formal project management. ...
The definition of Portfolio Management is the application of knowledge, skills, tools and techniques to a collection of projects to meet the organizationˇ¦s strategic investment. ...
Based on organizational criteria, portfolio management focuses on ˇ§doing the rightˇ¨ projects. The benefits of utilizing a portfolio management are as follows:
„« Supports the business
„« Gets the product/service to market effectively, efficiently and to quality standards
„« Provides common approach to project management
„« Improves service
What are the key components of a Portfolio Management System?
There are seven components that make up a proper management system.
Approximate Word count = 1118
Approximate Pages = 4.5
(250 words per page double spaced)
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