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How Strategic Portfolio Management Relates to Project Managemet

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Submitted By dmccloud279
Words 667
Pages 3
How Strategic Portfolio Management relates to Project Management
Derilene McCloud
CPMGT/301
January 11, 2016
Michael Koma

How Strategic Portfolio Management relates to Project Management

Strategic portfolio management is the centralized management of one or more portfolios. A portfolio is a collection of programs, projects and operations managed as a group. These programs, projects, and services may not necessarily be related or interdependent, however, they are managed together as a group to achieve the strategic objectives of the organization. Strategic portfolio management includes selecting the right programs and projects, prioritizing the work, assigning resources, authorizing, managing, and controlling other related work to achieve the organization's strategic business objectives (Kerzner, 2013). Conversely, project management develops and implements plans to achieve a particular scope that is driven by the goals of the program and portfolio that aligned to the specific organizational strategy. While both strategic portfolio management and project management need to align with the organizational goals and objectives, it is important to understand the similarities and differences between the two disciplines, and how each one contributes significantly to the organization's strategic objectives. Project management is focused solely on achieving specific deliverables that support key organizational objectives. The deliverables could be to create a unique product, service or result, the development and precise scope of each of these endeavors needs to be driven by the objectives of the program and organizational strategy. Portfolio management selects the right project and program, and prioritize the work to be accomplished. In addition, portfolio management is charged with balancing conflicting demands between projects and programs,

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