Projects and Strategic Planning Projects are often utilized

Projects and Strategic Planning: • Projects are often utilized as a means of achieving an organization’s strategic plan. • Projects are typically authorized as a result of one or more of the following strategic considerations: market demand, strategic opportunity or business need, customer request, technological advance, or legal requirements. Source: A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) Fourth Edition © 2008; Project Management Institute

Project Portfolios: • A portfolio is a collection of projects or other work that are grouped together to facilitate effective management of that work. • The components of the portfolio are quantifiable; that is, they can be measured, ranked, and prioritized. • The projects in the portfolio need not be interdependent or directly related. Source: The Standard for Portfolio Management – Second Edition © 2008; Project Management Institute

Portfolio Management… • Is a discipline within organizational governance that refers to the coordinated management of portfolio components. • Includes the processes by which an organization prioritizes, selects, and allocates limited internal resources to best accomplish organizational objectives. Source: The Standard for Portfolio Management – Second Edition © 2008; Project Management Institute