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PORTFOLIO MANAGEMENT AND STRATEGIC MANAGEMENT1Portfolio Management and Strategic Management Concepts and OrganizationFelecia L. AlexanderCPMGT/301May 5, 2020Amy J. Ruiz
PORTFOLIO MANAGEMENT AND STRATEGIC MANAGEMENT2Portfolio Management and Strategic Management Concepts and OrganizationThe purpose of this paper is to explain how strategic portfolio management relates to project management. It will discuss how portfolio management concepts support an organization's mission and goals. It will also analyze the difference between project-based and non-project-based organizations. It will address how the communication differs for a project manager in a project-based organization versus a non-project-based organization. In addition, it will describe two challenges that a project manager might face in a non-project-based organization. Finally, it will address my perception as a project manager in a non-project-based organization and how I would overcome the challenges identified within an environment of this nature.This segment of my paper will explain how strategic portfolio management relates to project management. Project portfolio management is designed to organize projects in a manner that benefits an organization based on those projects that best support its goals. Those projects should then be strategically grouped into a portfolio based on commonalities such as relevance, importance, and applicability. A strategic portfolio should also include projects, which align withthe organization’s long-term goals, policies, and processes. In addition, those projects should be prioritized and a determination must be made on the impact each project has on an organization’slong-term vision. A well created and managed portfolio will enable success and performance for any organization. When executing a strategic portfolio, you want to focus on long term goals. The portfolio must be centered around the organization’s big picture plans and objectives. A strategic portfolio will improve overall development and allow for flexibility to plan and execute any contingency projects that might potentially surface and need to be implemented. Therefore, this is how I understand strategic portfolio management relating to project management.
PORTFOLIO MANAGEMENT AND STRATEGIC MANAGEMENT3Portfolio management concepts support an organization's mission and goals with managing resources throughout the variety of project files to evade resource overallocation or not enough resource support when businesses try to take on numerous projects. Portfolio management also supports a complete yet vital supervision guarantee for steadiness in their portfolio. Practicing with official and developed portfolio management concepts are associated with greater achievement rates. These achievement rates encourage establishments to concentrate on the creation and process of growing portfolio management concepts to support an organization's mission and goals. Portfolio management concepts can generate financial worth