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            | Topic: | Technology | 
        
            | Number of pages / Number of words: | 2 / 423 | 
                
    
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Similarly if an organization runs all R&D projects, it may end up not making any money and go bust. Hence, an organization needs to have a balance in the types of projects it runs. Project portfolio management helps in achieving such balance by selecting and managing those projects that are crucial to the organizationâs future both in short term and in long term...
        
        
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PMBOK defines project as a âtemporary endeavor undertaken to create a unique product, service or resultâ. Project management is defined as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Organizations undertake projects to achieve certain objective that is generally tactical in nature...
        
        
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