Assignment Content Write a 1,050- to 1,400-word summary in which you: Explain how strategic portfolio management relates to project management. Discuss how portfolio management concepts support an...

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  1. Writea 1,050- to 1,400-word summary in which you:







    Explainhow strategic portfolio management relates to project management.







    Discusshow portfolio management concepts support an organization's mission and goals.







    Analyzethe difference between project-based and non-project-based organizations.







    Addressthese areas:



    • How does communication differ for a project manager in a project-based organization versus a non-project-based organization?

    • Describe two challenges that a project manager might face in a non-project-based organization.

    • As a project manager in a non-project-based organization, how would you overcome the challenges you identified?







    Useat least five credible references.







    Formatyour paper consistent with APA guidelines.


Answered Same DayNov 28, 2021

Answer To: Assignment Content Write a 1,050- to 1,400-word summary in which you: Explain how strategic...

Arunavo answered on Nov 30 2021
133 Votes
Running Head: PROJECT MANAGEMENT     1
PROJECT MANAGEMENT         3
RELATIONSHIP BETWEEN PORTFOLIO MANAGEMNT AND PROJECT MANAGEMENT
Table of Contents
Introduction    3
Relationship Between Portfolio Management and Project Management    3
Portfolio Management Supporting Organizations Mission and Goals    4
Project Based
and Non-Project-Based Organization    5
Conclusion    6
References    8
Introduction
In any organization, many projects take place and that is the process through which the application of processes, the methods, the skills and the knowledge along with the experience that is implemented in the completion of a process is called project management. Similarly, to manage those ongoing projects, the portfolio manager is appointed by the management who will look after the investment, the proper management of the project and the final positive outcome of the project is the job role played by the portfolio manager. In this paper, the detailed discussion will be made with respect to the relationship of strategic portfolio management with the project management along with the discussion of the project based and non-project-based organizations.
Relationship between Portfolio Management and Project Management
There is a relationship between portfolio management and project management. Bredillet et al. (2018) have discussed that a project management is a project that is taken on a temporary basis, which ensure that after completion a desired result, or unique product or services will be delivered. Any project is undertaken with the joint team efforts and that will make sure that a specific objective will be achieved. Project management, is the using of principles and procedures, to ensure that projects are properly managed. It includes: definition of project goals, management of the requirements after they are gathered, breakdown of the tasks into schedule, management of cost and budget, proper allocation and management of the resources and a proper communication to the management regarding thestatus of the project and how much it left to achieve the milestone. However as discussed by Srivannaboon and Munkongsujrati (2016) have discussed that the portfolio management is the way to fill-up the gap between the strategy and the implementation of a project. the portfolio management will list out following formalities before beginning any new project such as do the management has the available budget to initiate a new project, any current project has relevancy with the new project, managing the stakeholder’s expectations and many more aspects that are considered in portfolio management. The effective portfolio management is very much helpful to ensure that the desired outcome is achieved from the project after properly utilizing the available resources.
Therefore, there is a deep relationship between the project management and portfolio management, which is further supported by Kopman et al. (2017) that without a proper portfolio management the implementation and completion of a successful project is impossible. Portfolio management ensures that before beginning of any project the required arrangements and...
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