ABSTRACT
Every organization is doing portfolio management – whether or not they give it that name – if they have a purpose and work at hand, and apply resources. Project portfolio management defines a portfolio across its foundational standards as 'projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives'. The three core characteristics of portfolio management can be summarized by the following: purpose; work; resources. At the strategic level, the work needed to achieve the strategic goals and the purpose is at the core of decision-making. Lack of purpose leads to bad decision-making and inappropriate resource capabilities. Lack of purpose will create a tendency to launch any idea without looking at the strategic fit and the capacity/capabilities to deliver. UK's application portfolio management defines portfolio management as: 'the selection, prioritization and control of an organization's projects and programmes in line with its strategic objectives and capacity to deliver.
