Portfolio management is the centralized management of one or more portfolios to achieve strategic objectives. The primary responsibility of a portfolio manager is to ensure the collection of projects, programs, and operational work aligns with the organization's overall strategy. This involves selecting, prioritizing, and balancing the portfolio components to maximize business value and meet strategic goals. Therefore, the ability to manage and align various initiatives with the organization's strategic objectives is the most critical qualification for a portfolio manager.

1. Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (7th ed.). Project Management Institute. Section 1.2.3

Portfolios

states

"A portfolio is a collection of projects

programs

subsidiary portfolios

and operations managed as a group to achieve strategic objectives."

2. Project Management Institute. (2017). The Standard for Portfolio Management (4th ed.). Project Management Institute. Section 1.3

Relationship Among Portfolios

Programs

and Projects

explains that portfolio management focuses on "doing the right work" to align with organizational strategy

while project and program management focus on "doing the work right."

3. Aubry

M.

& Lavoie-Tremblay

M. (2018). The art of managing a portfolio of projects in a complex and uncertain world. Project Management Journal

49(1)

5-10. This article emphasizes that portfolio management's core is the strategic alignment of projects with organizational goals. DOI: https://doi.org/10.1177/8756972818754298