Project Portfolio Management Essay Example | Topics and Well Written Essays - 750 words

Project Portfolio Management - Essay Example oject management refers to the processes involving that planning, organizing, motivating and controlling the use of resources as well as the procedures and protocols developed to achieve goals of the project (Albert 2004). In addition, a project is also described as a temporary endeavor that is designed to produce a certain unique good or service with a defined process that begins from scratch, and all the way to its end. A project is usually has to be time-constrained, and constrained financially as well as in its deliverables. Portfolio management is one of the activities that are carried out by particular project managers in order to meet their expected outcomes by their organizations. In this respect, project portfolio management refers to the various processes, methods as well as other technologies that are employed by particular managers as well as project management offices. by doing project portfolio management, they are better placed analyse and make a collective management of current and other proposed projects basing on different and numerous essential features. When carrying out project portfolio management, the essential objectives are always to determine the best possible resource mix that can be made available in order to plan and schedule various activities designed to attain the organization’s operation as well as financial goals. While doing this, the process has to honour the various constraints and challenges that comes about as a result of customers decisions, strategic objectives as well as other factors that are prevalent in the real world or the business’ external environment. It is important to note that organizations are better placed to benefit from project portfolio management if only they have multiple projects and other essential resources that need a formalized framework needed for tracking, allocating as well as managing them effectively (Dennis 2007). When they are strategically deployed and executed by project managers,