The Portfolio Project provides the choice of selecting one of two options. Although the subject content varies depending on the option selected, each Portfolio Project option is comprised of three sections:Section 1: Principle Components DiscussionDescribe the project management standards and processes based on the Project Management Institute’s A Guide to the Project Management Body of Knowledge® (PMBOK® Guide) (6th ed.). This section should be approximately 5- to 6-pages and include a brief, yet, substantive synopsis for each of the following items:Project, Program, and Portfolio Management distinctionProject SelectionProject CharterProject Charter Template: Additionally, develop a basic, 1- to 3-page Project Charter template based on the PMBOK® Guide (6th ed.) that could be used for small-to-medium projects in a global organization. Include your Project Charter template as an appendix in your essay paper.Project OrganizationProject PlanningProject SchedulingProject EstimatingMonitoring and ControlProject ClosureCommunication ManagementRisk ManagementRole of Information Technology.The requirements for this section of the Portfolio Project are common for both Option 1 and Option 2.Section 2: Simulation AnalysisSummarize your performance in the project management simulation completed in Module 6 (Project Management Simulation: Scope, Resources, Schedule V2 (Links to an external site.); Product #: 4700-HTM-ENG). This section should be approximately 2- to 3-pages and must include:Identification of three project management standards or practices applied during the simulation and their effect on your simulation outcomes.Delineation of three lessons learned from the project management simulation that can be applied to future management of projects.Recommendation for improving your simulation outcomes.The subject content for Section 2 varies based on the Portfolio Project option selected: For Option 2, the project management simulation requires an analysis of your performance of the Simulation Scenario B.Section 3: Case Study AnalysisReview and assess one of the two global project management case studies designated; then develop a 4- to 6-page recommendation for achieving the objectives set forth. As part of your recommendation, develop a high-level project management plan comprised of a statement of:work (SOW)a work breakdown structure (WBS)a project schedule or Gantta communications plana risk management plana stakeholder management planand other relevant project management plan details. Additionally, based on project team performance and leadership traits exhibited in the designated case study, identify the primary attributes needed to be a successful leader in this scenario.The case study for Section 3 varies depending on the Portfolio Project option selected:For Option 2, use the Kemko Manufacturing case study (Kerzner, 2017, pp. 755-757).Additional InstructionsProperly organize your writing by including the following:Running header with designation of Portfolio Project option clearly designated.Cover page with designation of Portfolio Project option clearly designated.Paper title with designation of Portfolio Project option clearly designated.Introduction includes a descriptive overview of the Portfolio Project and a brief preface of your essay paper (one to three paragraphs).Main body thesis of your essay paper will be approximately 12- to 15-pages organized by APA style section level 1 headings for Section 1: Principle Components Discussion; Section 2: Simulation Scenario Analysis; and Section 3: Case Study Analysis. Additionally, include APA style section level 2 headings for bullet items or key elements within each main section.Conclusion—Present a recap of Main Body key points and summary of main emphasis without repeating verbatim and exclusive of new information.Reference page(s) listing any appropriate references cited.Appendices1-page Project Charter templateCaptured screen image of confirmation page showing your total simulation score for the scenario performed