What is Portfolio Management? (And Why You Need It)

Portfolio management represents a comprehensive approach to managing a group of projects, beginning from ideation to the realization of benefits. It includes project management as a phase of the project lifecycle, and thus encompasses the entire process. Businesses need to prioritize and select projects that add value to their organization, and abandon those which do not support their goals. Portfolio management helps them in achieving strategic alignment, managing resources and planning & reporting. By enabling dynamic changes throughout the project lifecycle, it becomes easier to manage projects in a portfolio and ensure the success of the overall group.