CPMGT301_Strategic Portfolio and Project Management_Wk 1 Portfolio Management_Spencer O'Brien.docx

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1 Portfolio Management and Strategic Management Concepts and Organization Paper Spencer O’Brien CPMGT/301: Strategic Portfolio and Project Management June 3, 2020 Professor John Sessions
2 Portfolio Management has become an ever-prevalent need for today’s businesses, allowing them to prioritize projects, thereby increasing the organizations investment. According to Rick Len, founding director of the I.T. program management office at investment-management firm Russell Investment Group, portfolio management is defined as “an organized way of considering an investment (through implementation of a project), the timing of that investment, and the anticipated results of that investment against (business) priorities” (“Which Projects Are Worth Your Time?,” 2003). Research has shown that organizations, which are immature or lack portfolio management processes, have a higher probability of project failures and experience a multitude of problems (Lanka, 2007). This report will discuss the nature of Portfolio Management, along with its implementation and collaboration within organizations that are Project Based, while also addressing the need for implementation within those organizations that are Non-Project Based. Portfolio Management With today’s business environment being dynamic, or apt to change quickly, organizational agility is essential for survival, meaning, organizations must be able to adapt to change in order to succeed (Levin, PMP, PgMP & Wyzalek, PfMP, 2014). In this business mindset lies a solution that will benefit an organization in becoming more confident the business decisions being made are aligned with the most successful form of business strategy for that organization. Typically, a higher level of management will maintain its strategic portfolio, determining which projects are in line with the organizational strategy. There are many factors which may be considered, along with many variations of method (from simple “feel” a project is right for a

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