Project portfolio management is the process of managing a portfolio of projects to achieve specific business objectives. It involves the selection, prioritization, and coordination of multiple projects in a way that maximizes the value and benefits of the organization’s investment in these projects.
Effective project portfolio management requires a clear understanding of the organization’s goals and objectives, as well as a clear picture of the resources available to support the projects. It also involves the use of tools and techniques to identify and assess potential projects, prioritize them based on their strategic importance and alignment with the organization’s goals, and allocate resources to the most promising projects. This helps organizations ensure that they are investing in the right projects at the right time and in the right way, to achieve the maximum return on their investment.