The Standard for Portfolio Management (2013) lists vision, mission, and organizational strategy and objectives as the drivers of portfolio management. Portfolio management is a coordinated management of a collection of programs, projects and operations components. As part of portfolio management, it is imperative that the daily execution of various components continue to align with the organizational vision.
While on-going operations are recurring activities which produce value, programs and projects increase value production capability. All of these activities must be initiated, planned and executed in tandem to ensure that they continue to deliver the strategic objectives.
Elements of the portfolio are planned investments of the organization so they must be quantifiably measurable. Each item must be constantly measured, ranked and prioritized. Lower ranked portfolio components will obviously receive lesser attention when competing with higher ranked portfolio components.