Best Practices for Project Portfolio Selection - Revision history

Tkokotas at 13:58, 18 December 2018

2018-12-18T13:58:34Z

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			''Developed by Phillip Hasselbalch''


	Almost any larger company nowadays must have a successful [[Wikipedia:project portfolio management\|Project Portfolio Management (PPM)]] in order to preserve a positive revenue. PPM is essential to ensure that a company chooses the right projects to pursue, however it is not always as straightforward as it might seem to choose the best fit projects. In fact is it very challenging to choose which projects to have in a company's portfolio.		Almost any larger company nowadays must have a successful [[Wikipedia:project portfolio management\|Project Portfolio Management (PPM)]] in order to preserve a positive revenue. PPM is essential to ensure that a company chooses the right projects to pursue, however it is not always as straightforward as it might seem to choose the best fit projects. In fact is it very challenging to choose which projects to have in a company's portfolio.

Tjimo: /* Conclusion */

2016-09-26T21:24:51Z

Conclusion

← Older revision		Revision as of 21:24, 26 September 2016
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	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. [[File:bestvsworst.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. [[File:bestvsworst.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]
	The best practices within the project portfolio processes (especially the selection process) ~~results~~ in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		As Figure 3 also shows from Cooper (2001) studies it is of high importance to have explicits methods with clear rules and procedures. It also shows how the best ranks those five areas higher the the worst performing portfolio managers.
			The best practices within the project portfolio processes (especially the selection process) are also resulting in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.

Tjimo: /* Conclusion */

2016-09-26T21:19:38Z

Conclusion

← Older revision		Revision as of 21:19, 26 September 2016
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	== '''Conclusion''' ==		== '''Conclusion''' ==
	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. [[File:bestvsworst.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]
	~~[[File:bestvsworst.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]~~		The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.

Tjimo: /* Conclusion */

2016-09-26T21:17:42Z

Conclusion

← Older revision		Revision as of 21:17, 26 September 2016
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	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
	[[File:~~figure 3~~.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]		[[File:bestvsworst.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]

Tjimo: /* Conclusion */

2016-09-26T21:17:11Z

Conclusion

← Older revision		Revision as of 21:17, 26 September 2016
Line 149:		Line 149:
	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
			[[File:figure 3.png\|thumb\|right\|Figure 3: Explicit & formal portfolio management - The Best vs. the worst<ref name="cooper" />\|500px]]


	Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.		Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.
	To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects<ref name="meskendahl">''Meskendahl, S. The influence of business strategy on project portfolio management and its success - A conceptual framework, June 2010'' </ref>. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.		To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects<ref name="meskendahl">''Meskendahl, S. The influence of business strategy on project portfolio management and its success - A conceptual framework, June 2010'' </ref>. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.

Tjimo at 21:12, 26 September 2016

2016-09-26T21:12:39Z

Tjimo at 20:59, 26 September 2016

2016-09-26T20:59:22Z

Show changes

Tjimo: /* Conclusion */

2016-09-26T20:56:07Z

Conclusion

← Older revision		Revision as of 20:56, 26 September 2016
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	== '''Conclusion''' ==		== '''Conclusion''' ==
	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" />explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
	Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.		Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.
	To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.		To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.

Tjimo: /* Conclusion */

2016-09-26T20:55:56Z

Conclusion

← Older revision		Revision as of 20:55, 26 September 2016
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	== '''Conclusion''' ==		== '''Conclusion''' ==
	This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012) explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" />explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
	Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.		Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.
	To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. ~~Therefore the process~~ of evaluating, selecting, ~~prioritising~~ and managing an organisations projects is		To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.

			The article can there fore conclude that that best practices within project portfolio selection is a very important part to master, since it has the possibility to benefit an organisation in many ways.

	== '''References''' ==		== '''References''' ==
	<references/>		<references/>

Tjimo: /* Conclusion */

2016-09-26T20:40:17Z

Conclusion

← Older revision		Revision as of 20:40, 26 September 2016
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	== '''Conclusion''' ==		== '''Conclusion''' ==
	This article ~~has given a short introduction to what~~ project-portfolio management is and ~~how~~ the ~~selection process~~ of projects ~~in PPM plays an important role~~. The ~~Five Tools that Cooper~~ (~~2001~~) ~~sees as '~~best-practices' has		This article enlightens Cooper's (2001) definition of best practices for project-portfolio selection and their pros and cons. Cooper (2001) defines five methods and tools to be the best practices when selecting projects for a portfolio. These five methods and tools are among the most common used by senior portfolio managers and are also often seen used by those practicing the best portfolio management. A good usage of the best practices combined will benefit the portfolio in many ways. It will help ensure that the projects in the portfolio are aligned with the organisations strategy. Having projects that follows the organisations strategy help avoiding redundant and underperforming projects.
			Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012) explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
			Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.
			To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. Therefore the process of evaluating, selecting, prioritising and managing an organisations projects is

	== '''References''' ==		== '''References''' ==
	<references/>		<references/>

← Older revision		Revision as of 21:12, 26 September 2016
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	==== '''Financial methods''' ====		==== '''Financial methods''' ====

	The financial methods and tools are used by 77 percent of businesses. The financial methods include a variety of profit and return metrics i.e. [[Wikipedia:Net present value\|NPV (Net Present Value)]], [[Wikipedia:Return on net assets\|RONA (Return on Net Assets)]] and [[Wikipedia:Return on investment\|ROI (Return on Investment)]]. The financial methods are most often used to rank projects against each other by comparing the expected economic value that each project will generate.		The financial methods and tools are used by 77 percent of businesses. The financial methods include a variety of profit and return metrics i.e. [[Wikipedia:Net present value\|NPV (Net Present Value)]], [[Wikipedia:Return on net assets\|RONA (Return on Net Assets)]] and [[Wikipedia:Return on investment\|ROI (Return on Investment)]]<ref name="Archer">''Archer, N.P, Ghasemzadeg, F. An integrated framework for project portfolio selection, 1999'' </ref>. The financial methods are most often used to rank projects against each other by comparing the expected economic value that each project will generate.
	Other financial methods use the hurdle rate (also known as minimum rate of return) of each project as a comparison basis. These methods are often used on individual projects as a Go/Kill decision method.		Other financial methods use the hurdle rate (also known as minimum rate of return) of each project as a comparison basis. These methods are often used on individual projects as a Go/Kill decision method.

	==== '''Business strategy''' ====		==== '''Business strategy''' ====

	The business’s strategy is also a very popular tool for project selection. It is used by 65 percent of businesses which may be explained in that they have many strengths and few weaknesses. The business’s strategy is used to allocate resources. The resources are allocated into separate areas based on their strategic priorities. Of course these various a lot within the different business’s, but there are still tendencies to some areas being more dominating.		The business’s strategy is also a very popular tool for project selection<ref name="cooper1">''Cooper, R.G., Edgett, S., Kleinschmidt, E. New Product Portfolio Management: Practices and Performance, 1999'' </ref>. It is used by 65 percent of businesses which may be explained in that they have many strengths and few weaknesses. The business’s strategy is used to allocate resources. The resources are allocated into separate areas based on their strategic priorities. Of course these various a lot within the different business’s, but there are still tendencies to some areas being more dominating.

	==== '''Bubble diagram''' ====		==== '''Bubble diagram''' ====
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	Cooper (2001) express that no method or tool used alone will give a correct result. Further he explains that the best results of portfolio management come from organisations relying on multiple methods and tools. Cooper’s (2001) studies shows that organisations who are best at portfolio management uses an average of 2.43 different methods and tools per business in their portfolio selection. Further the studies show that half (47,5%) of the best organisations uses three or more methods however organisations who practice portfolio management worst have a tendency to rely on far fewer with an average of only 1.83 methods or tools per business, where half of them only focus on a single method or tool.		Cooper (2001) express that no method or tool used alone will give a correct result. Further he explains that the best results of portfolio management come from organisations relying on multiple methods and tools. Cooper’s (2001) studies shows that organisations who are best at portfolio management uses an average of 2.43 different methods and tools per business in their portfolio selection. Further the studies show that half (47,5%) of the best organisations uses three or more methods however organisations who practice portfolio management worst have a tendency to rely on far fewer with an average of only 1.83 methods or tools per business, where half of them only focus on a single method or tool.
	There is therefore a clear indication of how the methods and tools are depending on each other and how a combination of methods and tools will result in a better project-portfolio management practice.		There is therefore a clear indication of how the methods and tools are depending on each other and how a combination of methods and tools will result in a better project-portfolio management practice<ref name="cooper1" />.


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	Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.		Avoiding those projects also helps to the best possible allocation of resources, which is a key factor for projects being finished within the estimated time period. The best practices within the project portfolio processes (especially the selection process) results in a more structured and formal selection criteria, which Teller (2012)<ref name="teller" /> explains has a positive effect on the projects. The positive effect could be higher motivation among the project team or a higher strive to finish the project within its deadlines.
	Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.		Even though there are many positive results from using the best practices, there are also some cons or limitations. It can be very complex and confusing when implementing project portfolio management due the huge amount of information gathering there has to be done. It is necessary with as much detailed information as possible in order to make the best analyse of each project, which is the key to evaluate and select projects. The portfolio managers have to get the information on a project from the project manager or team for each project, which can be a stressing and burdensome liability.
	To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.		To avoid the project managers stressing liability it is important to have a formalised and structured way of practising project portfolio management. The best practices of evaluating, selecting, prioritizing and managing an organisations projects is the key to reach the end goal of having the best fitted projects for the organisation. Further is the best fitted projects often a mix between different types of projects<ref name="meskendahl">''Meskendahl, S. The influence of business strategy on project portfolio management and its success - A conceptual framework, June 2010'' </ref>. Some projects can have a very long horizon with high profit and some projects can have a low profit, but still be as important to have. Some projects may even be non-profit but highly innovative which can be just as important since it benefits in motivating and developing the skill sets of an organisations employees.

	The article can there fore conclude that that best practices within project portfolio selection is a very important part to master, since it has the possibility to benefit an organisation in many ways.		The article can there fore conclude that that best practices within project portfolio selection is a very important part to master, since it has the possibility to benefit an organisation in many ways.