Date Added: Feb 2011
In the PMBOK Guide the Project Management Institute defines project management as "Knowledge, skills, tools and techniques developed for the project activities in order to meet their needs". The authors make use of projects usually to carry out the strategic plan of the organization. A portfolio is a set of projects and strategic programs bound in order to make their management easier. Portfolio management has to do with centralizing control of projects and programs. It includes identification, prioritization, authorization, management and controlling of those projects and programs in order to achieve strategic business targets.