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Management Concepts1Portfolio Management and Strategic Management Concepts and OrganizationNatasha LennexUniversity of PhoenixCPMG/301Thomas Ach
2Strategic Portfolio Management and Project Management Portfolio Project Management (PPM) provides an efficient management of the whole projects through the project's portfolios (Levin, G., & Wyzalek, J. 2013). PPM's provide added value to long-term projects, resource assistance with portfolios that can have too many projects. Strategic portfolio management will optimize any organization by creating an improved strategy, balancing portfolios, increasing value and allowing the proper and efficient use of resources (Levin, G., & Wyzalek, J. 2013). Project management is the planning, organizing, directing and controlling of resources fora short amount of time till the specified goals and objectives are completed (Kerzner. H. 2013). Project managers work with scope, time cost, and risk of each project and delegate what is needed to accomplished each project. All while taking in consideration of assumption and constraints of the project itself. Since we now know what each type of management does within an organization, we can see the relationship between the two. Without strategic portfolio management, which optimizes the projects and its components on a long- term scale. Project managers would have constraints and assumptions that would affect their time, cost, scope, and risk of their projects. This causes delays and major cost and resources wasted When a portfolio is managed, it allows the project manager to complete their job without constraints and assumptions outside their realm impacting their scope, time, cost and risk.