100%(50)50 out of 50 people found this document helpful
This preview shows page 3 - 5 out of 6 pages.
Portfolio Management Concepts that Support Mission and GoalsPortfolio Management concepts help establish a common set of operational needs over a period of time. Portfolio management concepts help link objectives to an organizations visions, goals, as well as identify gaps and risks ("Mitre", 2016). They also help an organization determine if a program or project support their mission and goals. Concepts of portfolio management help an organization gain a competitive advantage over their competitors, achievinga far greater investment return. While other concepts help organizations learn to change and adapt to the vast changing environments within the business world. By using these concepts it helps determine if a program or project are strategically fit to achieve their mission and goals by identifying the time, cost, as well as resource requirements to do so (Levin & Wyzalek, 2015, ).Project Based and Non-Project Based OrganizationsIn a project based organizational structure, a company's departments as well as personnel are organized around each specific project. As an example, many project based organizations have a project manager or managers that run teams of staff members. These staff members are usually from different departments as well as having different job titles, but all are needed to complete the project or program. Usually, there are several teams operating at the same time, having no need for interaction with each other for the reason that each team is focused on completing their own project(Morley, 2016).Non-project based organizational structure is an umbrella category that includes every organizational structures that is not designed around projects or programs. One of the most common types of non-project based organizational structure is the functional model. With this model, a manager or owner oversees a number of different department’s leads, each one running
one department in which a specific function is to be performed. As an example, a business may