ABSTRACT
Strategic goals are not explicit in a project portfolio. Project portfolios are (or should be) the result of a selection of opportunities deemed worthwhile in pursuing achievement of strategic objectives. Projects have goals to be met, but they are usually managed in terms of deliverables, due dates, and costs. Strategic objectives, however, include far more than that. From the strategic viewpoint, the benefits accruing directly from the entire project portfolio are not all that matters. Very often, side benefits and intangibles from the portfolio projects (such as the organization’s public image, synergies with other projects, and benefits to the community) are of paramount interest and must be managed and adjusted to the ever-changing business environment and strategy. The desired effects of the portfolio projects may involve third-party projects and day-to-day activities that should be managed or monitored if the project portfolio is to produce the desired strategic effects.
