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Strategic Portfolio and Project Management

Richard Baker

CPMGT/301

July 22, 2013

Jeff Atkinson

Strategic Portfolio and Project Management

Portfolio management and project management are two components that when done together help finish projects and accomplish goals. Portfolio managers may be in charge of multiple tasks or projects at a time. A company may have multiple projects in progress at any given time and it is the responsibility of the portfolio manager to prioritize the projects and create maximum efficiently and revenue for the company. On the other hand project managers may have just one project and have the responsibility of accomplishing that project with the given resources, on schedule and within budget.

Both portfolio management and project management have the common goal of completing projects within the given boundaries. Portfolio managers will use a variety of tools and practices in order to deal with issues, such as balanced scorecards, resource management and strategic prioritizing of project deadlines. It is important that the project manager completes their project on time and on budget in order to fit the overall goals of the portfolio manager. Portfolio managers and project managers must communicate and work together in order to successfully grow as a business. Though portfolio managers will often fall higher on the corporate hierarchy of job positions, the two are equally important and vital to the successful of the project.

References

Project Management Institute. (2008). A guide to the project management body of knowledge: PMBOK® guide (4th ed.). Newtown Square, PA: Author