Portfolio-based project management calls for IT work to be organized into projects and programs and managed collectively, like a portfolio of stocks. In this way, the initiatives that offer the greatest potential benefit to the organization are staffed and funded, while those that don’t are discarded in favor of new ideas that can be added to the portfolio.
If there is one overarching operating principle that every organization interested in project portfolio management should put into place, it is this: All work to be done within the company must be included as a project or program within the corporate strategic plan.
By adopting this principle, a company ensures that all initiatives are fully understood by the management team and that potential organizational conflicts have been considered as part of corporate priority-setting…
Read more at: Computerworld