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Portfolio Management and Strategic Management Concepts and OrganizationChristopher M. BencoCPMGT/301August 22, 2016Daryn Hale
Portfolio Management and Project ManagementAccording to Dave (n.d.), “Portfolio management refers to the centralized management ofone or more portfolios and includes identifying, prioritizing, authorizing, managing and controlling projects, programs and other related work. Portfolio management focuses on ensuringthat projects and programs are reviewed to prioritize resource allocation and that the management of the portfolio is consistent with and aligned to organizational strategies”. Portfoliomanagement guarantees that an organization can control their project selections as well as their successful completion. It also refers to the integrated management of one or more project portfolios to achieve an organizations strategic objectives. Portfolio management is a way to bridge the gap between strategy as well as implementation("PMI", 2016).According to "Innotas" (2014),”Project Management refers to the oversight and coordination of a set of tasks carried out to produce a product or service. This includes gathering data, managing requests, scoring and prioritization if necessary, managing the resources involved, and generating the reports for essential elements of the project. The objective of an organization such as a project management office is to complete projects successfully, by keeping them on budget and within the time framework allocated”.Project management concentrates on a particular project that has been recognized by the portfolio management team as a project that supports the organizations mission as well as goals. Even though there may be some similarities, the differences of managing projects and managing an entire portfolio of projects across functional lines are particularly different requiring different skill set, abilities as well as executive support.