Description
Write a 1,050- to 1,400-word summary in which you:
Explain how strategic portfolio management relates to project management.
Discuss how portfolio management concepts support an organization's mission and goals.
Analyze the difference between project-based and non-project-based organizations.
Address these areas:
- How does communication differ for a project manager in a project-based organization versus a non-project-based organization?
- Describe two challenges that a project manager might face in a non-project-based organization.
- As a project manager in a non-project-based organization, how would you overcome the challenges you identified?
Use at least five credible references.
Format your paper consistent with APA guidelines.
Explanation & Answer
Attached.
Running Head: STRATEGIC PORTFOLIO AND PROJECT MANAGEMENT CONCEPTS
Strategic Portfolio Management and Project Management Concepts
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STRATEGIC PORTFOLIO AND PROJECT MANAGEMENT CONCEPTS
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Introduction
The terms portfolio management and project management are two sides of the same coin
and commonly denote the same concept within the context of an organization. In this paper, the
relationship between the two terms and how the concepts of portfolio management support the
goals and mission of an organization are discussed. This paper argues that project management
and portfolio management are used differently in non-project-based and project-based
organizations due to the varying channels of communication used in either case. The small
difference between these two domains of organizations exposes a project manager to significant
risks that may derail the implementation of the project management objectives.
The Relationship between Strategic Portfolio Management and Project Management
Strategic portfolio management relates to the concept of project management in that it
entails the management of multiple projects under one roof. While project management entails
the execution of individual projects with specific deliverables, milestones, timelines, and goals,
the strategic portfolio management deals with the proper alignment of multiple project charters
to the strategic goals and objectives of an organization (Smith, 2015). Through strategic portfolio
management, an organization can map and monitor the execution of multiple projects within its
strategic goals.
Another significant relationship between the two concepts is that strategic portfolio
management is a tool for assessing and nurturing project management by providing a framework
for establishing a project culture. I also facilitate the integration of project management systems
and processes to ensure quality output is. The strategic portfolio also entails effective and
efficient resource allocation and utilization across all portfolios and projects (Dane...
