Realizing the benefits of portfolio management with idea management: Aspects to consider

Organizations across the globe plan,manage and execute projects either as a necessity for business enablement or as a services for third party customers to realize the revenue . Though the concept of project management has been existing since many years, organizations are embarking and investing on Portfolio management which is related to managing a portfolio for planning multiple projects and programs in advance. Though a project is defined as temporary in that it has a defined beginning and end in time, and therefore defined scope and resources, portfolio management deals with identifying the work which will be executed as a project ,funding of projects , prioritizing, tracking the work progress related to project. Also, Portfolio management can be integrated with organization objectives promoting a culture of innovation by integrating it with the concept of Idea management for promoting ideas which can be beneficial for organization.Though Large organizations already plan and manage their portfolio using different tools, system and documents, a structured portfolio management and planning approach with some of the key aspects can be incorporated to realize the benefits of portfolio and project management for any organization.