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Portfolio Management and Its Influences on Project Management

In a project based organization, project management is directly controlled by strategic portfolio managers and a portfolio management department. This type of organization focuses on project development, progress and successful completion in relation to the strategic goals determined by top management. Multiple project proposals are constantly evaluated in terms of value, alignment to corporate strategies, and availability of resources to complete a project. In order for a project to proceed, portfolio managers must decide if a project is worthwhile and if it contributes to the goals of corporate strategies, and make the more difficult decision of which projects are more valuable to the organization in terms of achieving strategic goals (H. Kerzner, 2009). A large part of this process involves…