A series of tools, methodologies and strategies to analyse, prioritize and manage the elements of a project portfolio.
Project portfolio management aims at evaluating projects as accurately as possible to assess their strategic importance, relative use of resources and actual/projected profitability, and make corresponding allocation and go/kill decision.
Its second objective is to group and sequence projects in such a way as to ensure an optimal use of existing resources, leverage common work products and processes, balance risk, costs and constraints, anticipate capacity and resource needs, and meet strategic objectives.
see also: project portfolio, enterprise project portfolio management
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