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Business Planning And Portfolio Management - A Comparison
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Even though, the process of portfolio management and business planning seems to be much similar, there are differences between them. But, before getting into the similarities and differences between the two, it is important to understand their meanings initially.
Portfolio management: It is the selection and the administration of all the processes pertaining to an organization taking into consideration the constraints available towards the resources. Portfolio is actually a group of projects and programmes that are carried out under the financial help of an organization. Portfolio can be managed in an organization at functional level or at programming level or even at organizational level.
Portfolio management involves screening, selecting and analyzing projects and programs that fit with the strategies of an organization. This involves giving importance to the resources of the organization on the projects that are crucial for its future prosperity and growth. It includes the management of the interdependencies of limited resources. In simple words, it will help the senior management to decide on what should be done and when it should be done towards the development of the organization. This is why portfolio management training is turning out to be highly important for decision makers in an organization.
Business plan: These are plans that are written with a view to meet the requirements of two groups. The first is the external investors pertaining to the business like venture capitalists, who wish to get the good return for the investment they have made and the second is the internal business plans that focus on intermediate goals needed to reach the external objectives. The internal plan will cover important changes in a company like restructuring, building a new branch or factory, Development of IT system and introduction of a new product.
Similarities of business planning and portfolio management: When the two processes are compared, there will a number of similarities that are strong too. Both involve the following similarities:
Concerned with the use of constrained and limited resources of the organization for achievement of strategic goals.
Both encompass the prioritization of the way in which the limited resources are used
Both involve planning and observing the progress towards achieving objectives. So, like portfolio management training, business planning is also important.
Differences: When talking about the differences between the two is the starting point and intent.
There are companies providing strategic portfolio management solutions to businesses. When the best strategic portfolio management solutions is selected, successful business operations can be ensured.
Best PMO 360 assessment information and strategic portfolio management solutions. Principlesofexecution offers services to build a road map to grow the company in less time & to execute its strategic objectives and goals.
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