ABSTRACT
One of the biggest wastes occurring in organizations in both the private and public sectors is the high percentage of failed projects and programs with many of them performance improvement projects and programs. Three of the biggest unresolved problems that organizations face are reducing cycle time, reducing costs, and reducing failure rates. Once an organization increases the emphasis on driving innovation, more performance improvement projects and programs are introduced into its system with increased pressure to implement them in shorter periods of time. With this increased emphasis on efficient and effective project management activities, the concept of a Portfolio Management Office and the use of Organizational Portfolio Management has become a key element in an organization's success. Well-managed, progressive organizations functioning in today's global work environment have realized that innovation is the key to a successful future. Organizations are flooded with creative and innovative ideas from marketing, sales, product engineering, finance, information technology, product engineering and research and development.
