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Running head: PORTFOLIO MANAGEMENT AND STRATEGIC MANAGEMENT1Portfolio Management and Strategic Management Concepts and Organization CPMGT/3019/25/17
PORTFOLIO MANAGEMENT AND STRATEGIC MANAGEMENT2Portfolio Management and Strategic Management Concepts and Organization In today’s ever-changing market it has become harder for organizations to find common ground between projects that someone would like to see completed and the organizations strategic business goals. There must be a program in place to manage these different elements. Portfolio Project Management (PPM) is designed to do just that, “it is the process to analyze the potential return on doing a project.” ("Leankit.com", 2017) That being said, there are different ways in which portfolio management concepts can support the organization's goals, in fact, that is the purpose of portfolio management if used correctly it will align the various projects to ensure the organization completes only the projects that will produce the most value for the company. It also ensures the needed resources are properly allocated to the various projects, in most cases, there will be more than one project going on at a time. In this paper, we will be discussing how communication is different in a project-based organization compared to a non-project-based organization, challenges a project manager might face in a non-project-based organization, and how to overcome them. Having this understanding will enable you to reduce the likely hood of taking on projects that will not align with the organization's goals.How Does Communication Differ for a Project Manager in a Project BasedOrganization Versus a Non-Project Based Organization?Communication is critical in either case, but it does differ for the project manager. In a non-project base organization like the manufacturing environment, you will have many projects going on at once. In these circumstances, the structure is called a functional model. In a functional model, “a manager oversees several different department heads.”