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https://www.mrpeterelek.com/post/balancingitportfolio

A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group (Portfolio Management) to achieve strategic objectives. Organizational strategies and their objectives serve to establish and guide an organization's decisions, direction, purpose and resource allocations to achieve targeted values. These values can be broad or narrow depending on organizational mission and vision. 

External values may be market, social, political and environmental, internal values such as competency, talent, culture, growth, development and competitiveness are also important considerations. Determining organizational strategy is a difficult iteration based process but achieving result is sometimes even more challenging and complex.

Achieving results involves numerous challenges, with the primary ones being the alignment of strategy and execution, securing and retaining support from senior management, balancing feasibility with essentials, identifying both short- and longterm benefits and objectives, managing resources such as capacities and capabilities, and maintaining the ability to execute effectively. 

Essentially, organizations must avoid wasting valuable resources and should strive to "undertake the right projects at the right time in the right manner." Portfolio management offers a structured approach to attain strategic outcomes. Basic assumptions is, that your organization have IT, Business and Digital Strategy.

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Source: https://www.mrpeterelek.com/post/balancingitportfolio