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Portfolio and Strategic Management Concepts and Organization Alana VerdugoCPMGT/301June 12, 2017Tem Bugarin
Explain how strategic portfolio management relates to project management.Strategic Portfolio Management is “about deciding where best to focus the organization’s finite resources in order to meet strategic objectives, considering the business as a portfolio of activities and making tradeoffs across the portfolio. Vitally this includes making those difficult choices of what not to do, unlocking resources to focus onfewer, better activities – those most closely aligned with strategic success.” (Catalyze, 2014). This relates to project management in that once the portfolio is focused; it requiresthe attention that a project manager gives its projects. It requires execution and metrics and on operating plan.Discuss how portfolio management concepts support an organization's mission andgoals.Portfolio management supports an organization’s mission and goals because the main goals of a project are that it stays within the budget and is completed on time. Portfolio management helps with the completion of a project in a timely manner. “The key elements that portfolio management must assess are overall goals, timing, tolerance for risk, cost/price, interdependencies, budget, and change in the enterprise environment over time.” (Mitre, 2010)Analyze the difference between project-based and non-project-based organizations.