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2Portfolio Management and Strategic Management Concepts and Organization Eddie H. Nelson, IIICPMGT/301February 26, 2018Thomas Ach
3Portfolio Management and Strategic Management Concepts and Organization The completion of complex projects can be tedious from a standpoint of effort and time. Using all available resources to complete a project on time and within the desired budget is a sign of a good project manager. This paper will explain how strategic portfolio management relates to project management. How portfolio management concepts support and organization’s mission and goals. This paper will also analyze the difference between project-based and non-project-based organizations and address how communication differs for a project manager in a project-based organization versus a non-project- based organization. This paper will also displaytwo challenges that a project manager might face in a non-project-based organization. Lastly, as a project manager in a non-project-based organization, how would I overcome the challenges I identified?Strategic Portfolio Management and Project Management: The RelationOrganizations make impactful decisions daily. All those decisions have the potential to be added a part of the strategic portfolio. Project managers should be aware of this since the strategic portfolio is directly related to where it is best to use finite resources of the organization. The project manager manages the resources listed on the strategic portfolio. The project manager is tasked with deciding what decisions about a project should be made. What projects should be completed and which projects should not. According to "Catalyze" (2014), “Successful organizations make strategic choices about which activities should be implemented to deliver their vision. These choices form the strategic portfolio. Decisions at this level can significantly impact the success of the organization”(para. 1).