Portfolio Management and Strategic Management Paper Essay

The portfolio circumspection concept is critical to behaveing an government activitys relegation and goals. Portfolio management will determine which wanders will be pursued when the budget or resources are limited. Organizations sometimes find that they nurse m any nominates they would like to complete but there will be times that it is not possible. Portfolio management will review the roams that not just are being worked on but also review any possible pending projects and determine if there is money and resources to continue. They will because prioritize projects and eliminate any that are determined wrong for the organization. consort to Kerzner, H. (2013), portfolio management focuses attention at a more aggregate level. Its primary feather objective is to identify, select, finance, monitor and maintain the appropriate mix of projects and initiatives necessary to get organizational goals and objectives. Project management focuses on a particular project that has alr eady been recognized by portfolio management as a project that will support the mission and goals of the organization.Portfolio management will also be looking at what financing will be available for distributively project and also be looking out for the right commixture of projects. It wouldnt be in the organizations best interest to only support projects that would be geared towards one goal of the organization. They need to make sure enough that they are looking at every goal or mission and balancing out the projects.There can be issues with portfolio management. In project management we have discussed using the experts in the organization to help with the preparation and in many cases the implementation of a project. With portfoliomanagement the ones making the decisions whitethorn not have the expertise, knowledge and information and therefore could decide a project isnt a good choice when in item it should be considered. There could be conflicts, unwillingness to share, di fferences in thought as well as certain department loyalties that may cause mistaken decisions.Strategic management refers to management who are goals-oriented in which the mission and aforethought(ip) achievements of an organization are clearly primed(p) out and all management processes are designed and monitored toward reaching the organization overall goals, (What Is Strategic way, 2011). A mission statement within the organization will set the goals of the organization.ReferencesKerzner, H. (2013). Project management A systems approach to planning, scheduling, and controlling (11th ed.). Hoboken, NJ put-on Wiley & Sons. What is strategic management. (2011). Retrieved from http//www.managementskillsadvisor.com/what-is-strategic-management.html