A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value In practice, the management of a project requires the development of strict technical skills and management strategies In order to achieve the desired outcome Knowing how to effectively place resources in the right place and schedule the proper amount of time for a project are key attributes any successful project manager possesses.
What is Strategic Portfolio Management? Strategic portfolio management is the analysis and decision making process regarding the process Of determining how to strategically invest Within a business or corporation. Strategic portfolio management is focused on determining where a company’s investment priorities should lye regarding its products and internal business units company wide.
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The process also usually involves setting specific goals in terms of the range of investment types contained in the portfolio, the total monetary value of the portfolio, or the overall worth of the portfolio as of a future date in time. Allowing the investor to effectively hue a goal to work toward when buying, selling, and holding efferent types of assets will give the investor the ability to gauge the overall progress Of the business and track Where the business stands Within the annual budget. How strategic portfolio management relates to project management.
Portfolio management and project management are related in the big picture through a process of organization within a company. Most companies have a number Of products or business ventures that bring in revenue that is managed by a portfolio manager. Now a project manager will find that their current reject usually fits within the framework off program or a portfolio. If an organization does not have any programs but has only individual projects, all these projects can be grouped into one or more portfolios.
If an organization has some programs and some individual projects, all these programs and projects can be grouped into one or more portfolios. Portfolio management focuses on making sure that programs and projects are prioritize for resources to serve the organization’s strategy while Program management touches on achieving the infinite that would be aligned with the portfolio and hence with the strategic objectives of the organization.