Portfolio management ensures that an organization can leverage its project selection and execution success. It refers to the centralized management of one or more project portfolios to achieve strategic objectives. Our research has shown that portfolio management is a way to bridge the gap between strategy and implementation.Also,it is a combination of projects or programs, grouped to ensure effective management to meet strategic business objectives to create value addition for stakeholders. According to Project Management Institute (PMI), organizations that are effective in portfolio management had 62% of projects meet or exceed expected ROI.

Group of programs or projects are refer to Portfolio. The process used in execution of program or project is the strategy management. Portfolio management focus in identifying, prioritizing, and authorizing projects or programs. While in project management, one individual project is managed and in program management multiple similar or related projects are managed.

Portfolio refers to a group of related or non-related projects or programs; it can consist of multiple programs or multiple projects, non-similar ones, without having a single program. Portfolio management guarantees that an association can use its project choice and execution achievement. It refers to the incorporated administration of at least one project portfolio to accomplish vital strategic goals. On the other hand, all related projects are managed by program management. The examinations have demonstrated that portfolio administration is an approach to cross over any barrier amongst strategy and execution. Having a portfolio will provide support and better utilization of resources among projects or programs, also fewer conflicts as well as better coordination among projects.

Portfolio is composed of all the programs that the company has and programs are composed of projects which in turn are composed of tasks as described in this week's lecture. Companies make strategic choices in which activities to implement in order to deliver their vision. The grouping of programs into portfolios facilitate their management. Programs and projects can be impacted in terms of funding and support when companies decide to prioritize certain areas of their portfolio.

A portfolio is a view of all programs or projects that a company has in its pipeline to meet business objectives. Portfolio strategy involves the path the investors can take to use the company’s assets to attain financial goals while project portfolio takes into account all projects and programs managed together to achieve an organizations/business objective. Evaluation of multiple projects by grouping them into strategic portfolios is known as portfolio management

https://www.wrike.com/blog/major-challenges-enterprise-project-portfolio-management/

Portfolio brings together projects or programs that do not relate to each other but are under a common management. With portfolio management, various projects or programs are brought together and the order of how and when they are executed is determined. There is a broadened range when in portfolio because projects that are have no similarities are brought together. Portfolio allows for better strategies to be used when completed the programs or projects. As a result of them being unrelated, the head management can implement how the programs can work together or around each other for the best outcomes. Portfolio management seems to be beneficial in bringing together different projects or programs, and creating fewer conflicts. There is a better organization in the overall performance of completing the task at hand.

References:
https://pmstudycircle.com/2012/03/project-management-vs-program-management-vs-portfolio-management/

Portfolio brings together projects or programs that do not relate to each other but are under a common management. With portfolio management, various projects or programs are brought together and the order of how and when they are executed is determined. There is a broadened range when in portfolio because projects that are have no similarities are brought together. Portfolio allows for better strategies to be used when completed the programs or projects. As a result of them being unrelated, the head management can implement how the programs can work together or around each other for the best outcomes. Portfolio management seems to be beneficial in bringing together different projects or programs, and creating fewer conflicts. There is a better organization in the overall performance of completing the task at hand.
https://pmstudycircle.com/2012/03/project-management-vs-program-management-vs-portfolio-management/

Portfolio brings together projects or programs that do not relate to each other but are under a common management. With portfolio management, various projects or programs are brought together and the order of how and when they are executed is determined. There is a broadened range when in portfolio because projects that are have no similarities are brought together. Portfolio allows for better strategies to be used when completed the programs or projects. As a result of them being unrelated, the head management can implement how the programs can work together or around each other for the best outcomes. Portfolio management seems to be beneficial in bringing together different projects or programs, and creating fewer conflicts. There is a better organization in the overall performance of completing the task at hand.

A bunch of related or non-related projects of an organization is known as Portfolio. It can consist of multiple programs or multiple projects without having a single program. A portfolio can have multiple non-similar projects without having a program, because two or more non-related projects will be managed under portfolio management. And portfolio management is a group of projects and programs combined for an effective management to meet the organization strategic business goals.

A portfolio is comprised of multiple programs or multiple projects. For example, I oversee a medical device portfolio at MSK. There are multiple related and non-related devices that make up the portfolio. Our strategy is to market the devices as a portfolio for industry to license. The portfolio can be broken down into segments/programs for example, gynecological devices or research tools etc. As ec52 and aaq2 mentions, grouping of programs into strategic portfolios known as portfolio management is useful to implement business objectives.

To answer this first, the word "portfolio" would have to be defined in regards to project management.

"Portfolio: A portfolio is a collection of Project, programs, subportfolios, and operations managed as a group to achieve strategic objectives."

What does this actually mean and how does it relate to this weeks lecture?

I think it'll be easier for me to explain this form my viewpoint through an example.

So we have Portfolio 1 (P1) which consists of two programs: leg and arm. Portfolio 2 (P2) which consists of three programs as well: Disposable Wipes, Liquid Cleaners & S&S Units. Portfolio 3 (P3) which consists of four programs: Wound Closures, Neurology, Biosurgicals, Hips The main objective of managing these portfolios is to generate as much revenue as possible for the company by prioritizing the 3 portfolios.

Let's say P2 is your core portfolio. When people look at P2 your company is on top of the industry and you generate the majority of your revenue through these programs. P2's programs tend to feed each other (i.e. Liquid Cleaners are used in the S&S Unit & the wipes can be used to clean the S&S Unit).

P3 is your broad portfolio. You don't generate as much revenue from this portfolio, however, it also costs less to maintain the programs in it. It is considered "Grand" because the programs aren't related to each other (on purpose). Each program has their own peaks and troughs that help balance out the overall revenue of the portfolio.

P1 is your priority portfolio. This portfolio is full of the new technology that the company is working on. It has the greatest potential for growth because it sits on the cutting edge of the industry. Also, the tech created in this portfolio can be applied to P2 & P3 to drop costs and make better products as well.

To properly manage these portfolios, one would have to decide which programs take priority & how much to allocate to each in order to ensure revenue growth.

The first thing that comes to mind when managing a portfolio is one of the last, most important steps during the Closing Phase, which is to log everything you have done and learned so that they can be applied in the strategy of future projects. A portfolio simply refers to one's collection of previous programs and respective projects in a way that can facilitate the life cycle of a future project (assuming both have relatable elements), thereby making each successive project more efficient in potentially any task involved in the project's life cycle. Since a portfolio refers to the collection of an individual in their respective field, it is very likely that what was learned in a prior project can be applied to a pending/in-process project. If a team leader has navigated projects in different fields (such as developing cardio stents and manufacturing microchips), it can mean that they have a broad range of skills and can be more versatile in project management. On the other hand, a team leader who has only worked in developing cardio stents won't necessarily be a jack of all trades, but they can perhaps have more to offer on a stent-based project than a do-it-all. Portfolios are overall very necessary to have and acquire over one's career simply because they can only serve to assist.

Portfolio managements brings together projects that do not relate to each other, however, they are under the same management. By another way of saying this, portfolio can have multiple non-similar projects without having a program, because two or more unrelated projects will be managed under portfolio management. Portfolio allows for better strategies to be used when completed the programs or projects. Having a portfolio will provide support and better utilization of resources among projects or programs.Portfolio management seems to be helpful because it's able to bring together different projects with fewer conflicts.

One interesting way to view a portfolio is in the same manner as a venture capitalist, this may be, a collection of stocks of companies which you own within certain industries. Therefore when someone describes another portfolio as being quite diverse, this simply means that they have invested in a broad range of industries or different sectors. This is in an effort to minimize risk which one is exposed to about different sectors. Should one industry go down, the others may in fact go up. 

Similarly, project management within medical devices are in many ways alike to an investment portfolio. Where, in the case of project management, the portfolio is a collection of projects or programs which are undergoing. Some parallels are:

1. Resources are allocated each project 

In the case of medical devices this includes, engineers, scientists, time, money, and several more.

2. Portfolios may be broad or specialized

A company may produce a broad range of products ranging from orthopedics to surgical tables.

This will also mitigate risk in case orthopedic sales go down, the surgical tables will remain in place.