portfolio milestoneSection 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. Identify your milestone choice in the title of your submission.Option #1: Honicker CorporationSection 1: Principle Components Discussion Section 2: Simulation Analysis for Scenario A Section 3: Case Study Analysis based on theHonicker Corporation case study (Kerzner, 2017, pp. 753-755); or,Option #2: Kemko ManufacturingSection 1: Principle Components Discussion Section 2: Simulation Analysis for Scenario B Section 3: Case Study Analysis based on theKemko Manufacturing case study (Kerzner, 2017, pp. 755-757).To inform your decision, go to the Project Management Simulation: Scope, Resources, Schedule V2 (https://hbsp.harvard.edu/import/618858 (Links to an external site.)) at Harvard Business Publishing online. Once you have registered, you will be able to view the “Prepare” section to read about the project management process at Delphi Printers and learn how to run the simulation. Please note that, it is important, you select the Option you would like to work on this week because based on the Option you choose, the instructor will be able to assign the right Scenario (Scenario A if you choose Option 1 or Scenario B if you choose Option 2) to you to work on. Please specify your choice in your submission this week. Once the instructor assigns a Scenario to you based on the Option you’ve selected, you will be able to start performing the simulation.For this Module 2 Portfolio Project Milestone, you must draft the framework of the Portfolio Project paper for the option you selected. This draft must be a properly organized CSU-Global formatted paper with the following key elements: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 to include, as complete as possible, a brief descriptive overview of the Portfolio Project and a brief preface of your essay paper (one to three paragraphs).Main body of your essay paper with APA style section level-1 headings for Section 1: Principle Components Discussion; Section 2: Simulation Scenario Analysis; and Section 3: Case Study Analysis. Include APA style section level-2 headings for bullet items or key elements within each main section. For the first three Section 1: Principle Components bullet items, include a brief, yet substantive, synopsis of each item (one to three paragraphs for each subsection level-2 bullet item):Project, Program, and Portfolio Management distinction;Project Selection; and,Project Charter. 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 paper.Note: All other section headers merely serve as place holders for future substantive content.Conclusion (No content is required for the conclusion section of the Milestone assignment; it is merely a placeholder for now. You will complete this section in future Portfolio Milestones).Reference page(s) listing any appropriate references cited; a minimum of three scholarly reference are required for this milestone submission. The CSU-Global library is a good place to locate these resources, and the Project Management Resources Guide (Links to an external site.) is a great place to start.