This chapter discusses the transition from budget management to investment management and describes the bottom-up and top-down approaches to planning. It explores methods for prioritizing projects, programs, and portfolios and presents value levers that may impact programs and projects. The purpose of the investment process is to make the case for investment and prioritize expenditures given the changing environment and associated enterprise strategies. Every organization must make decisions about information technology (IT)investment. The top-down or enterprise approach allows for integration of IT investment requirements within the broader portfolio of strategic initiatives. The investment-management process will vary from organization to organization. The degree of rigor depends on the project—some represent small levels of capital investment and technical support while others are more complex and require a business case and detailed budget analysis. While transformation programs and IT projects can be planned, the development of an investment prioritization plan is also important.