Project portfolio management is not a new concept. As technology executives, we all do it; and chances are that we are good at it based on traditional norms. This article is to redefine the art of the possible for project portfolio executives during digital transformation, and offer them a few new techniques.
Project portfolio management is the art and science of making decisions about investment mix, operational constraints, resource allocation, project priority and schedule. It is about understanding the strengths and weaknesses of the portfolio, predicting opportunities and threats, matching investments to objectives, and optimizing trade offs encountered in the attempt to maximize return, i.e., outcomes over investments, at a given appetite for risk, i.e., uncertainty about return.
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Source: IT Strategy