Project Management Summary Essay

Strategic portfolio concern plays an intricate part in spew circumspection. Through this paper, the endorser will gain a stronger understanding of the kind that strategical portfolio management plays in project management.Strategic Management congener to Project ManagementProject management involves several parts, but the means must be understood first. Project management is the programning, organizing, directing, and controlling of beau monde resources for a relatively short-term objective that has been established to complete particular goals and objectives (Kezner, 2013, p4). Knowing this allows the project manager to implement steps toward achievement of the be goals and objectives. Part of these steps has to do with strategic management. Project management is strategically managed to advance the corporations organizational goals. Strategic management insures the correct initiatives ar pursued and supported with resources. Strategy today needs to consecrate to a mo re fluid nature of business environments. It has to be elastic enough to adapt constantly to changing external and internal conditions.The relationship between strategic portfolio management and project management is a very(prenominal) important relationship. Strategic management compliments project management in that it attempts to ensure success by way of doing things at the most ripe time. If a company attempts something too early or too new-fangled then possible negative consequences may occur. Projects, within programs or portfolios, are a means of achieving organizational goals and objectives, often in the context of a strategic plan. Although a group of projects within a program ordure have discrete benefits, they can also contribute to the benefits of the program, to the objectives of the portfolio, and to the strategic plan of the organization.ConclusionAs stated at the beginning of this paper strategic portfolio managementplays an intricate part in project management. The reader should now have a stronger understanding of the relationship that strategic portfolio management plays in project management.ReferencesKerzner, Ph.D., H. (2013). Project Management A Systems Approach to Planning, Scheduling, and exacting (11th ed.). Retrieved from The University of Phoenix eBook Collection. Project Management Institute. (2013). A guide to the project management body of knowledge. (PMBOK guide). Newtown Square, Pa Project Management Institute.