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Portfolio Management and Strategic Management Concepts and Organization PaperXXXXXCPMGT/301November , 2018XXXXX
2Portfolio Management and Strategic Management Concepts and Organization PaperAll projects are unique and require a best plan to focus an organization’s resources. A project manager is set up for success when a project portfolio analyzes and calculates the optimalprioritization and sequencing of projects to maximize return on its investment. By assessing all the resources and requirements, a management team can organize and employ all available managing concepts to the particular structure used in the most efficient manner to deliver the customers vision.Explain how strategic portfolio management relates to project managementA project is a specific set of operations designed to accomplish a singular goal. Project management during these operations is the actual application of necessary skills, tools, and techniques to meet its portion of the total requirements. Management achieves this by following a series of processes that facilitate the completion of the project within budget and on time. A senior management team creates a strategic plan of determining when, which and where to focus the organizations resources in order to meet project objectives Garfein, S. J. (2008). These choices form the portfolio that will lay out the operating plan for the project managers to follow and progressively instruct when next to execute a project according to plan. It also facilitates team communication and ensures that all parties involved in projects are on the same page.Project Management is about ‘doing things right’; Portfolio Management is about ‘doing the right things’. Successful organizations clearly need both.