Strategic planning is considered the steps organization

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Strategic Planning is considered the steps an organization uses to determine the direction or vision of the company. Strategic planning is also used to show company’s mission and as a guide to reach organization goals. While Portfolio Management in an organization is the approach to achieving strategic goals by selecting, prioritizing, assessing, and managing projects, and programs. However, achieving other related work based on the alignment and contribution to the company’s strategies and objectives. (Mohammed, 2008)

The Article from Small Business Chron defines strategic planning as “Strategic planning involves defining your company's direction and describing how you allocate budgets and resources.” (Duggan, 2018) Strategic Planning is important in an organization as it contributes to getting employees on the same path when it comes to company’s mission and goals but also help to guide spending on company’s expenditure wisely hence, contributing to financial plans and goals of an organization. (Duggan, 2018)

According to Planview, “Project portfolio management (PPM) refers to a process used by project managers and project management organizations (PMOs) to analyze the potential return on undertaking a project.” (Planview, 2018) As mentioned on Planview, The value of utilizing portfolio management includes the following: Improve resources allocation, improve scrutiny of work, more openness of the authorization process. Less ambiguity in work authorization, improve alignment of work and improve balance of work in an organization. (Planview, Value of Portfolio Managemen, 2018)

Reference no: EM132206144

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