What is Enterprise Portfolio Management?
This can best be answered by considering three epochs in the evolution of investment management procedures in both public and private-sector organizations. In the decades before 1990, organizations developed and implemented project-level investment selection and control methods and procedures. These procedures helped decision-makers select the individual projects and initiatives that were most closely linked with the strategic direction of the organization. Once selected, project management and control procedures were put in place to ensure that a funded project achieved its intended objectives within cost, schedule, technical, and performance baselines. In the second epoch, which evolved in the 1990s, organizations recognized the need for a portfolio management approach to investment decision-making. Here, the focus was at a more aggregate level (rather than at the individual project level). A cornerstone of the portfolio management approach is the select-control-evaluate paradigm put
