Final answer:
Portfolio management is the process of selecting, prioritizing, and resourcing projects or programs strategically, considering the equity, participation, and long-term benefits aligned with organizational goals. It emphasizes participatory decision-making, equitable management, and rigorous evaluation.
Step-by-step explanation:
The management approach that focuses on the establishment and use of good practices when choosing programs or projects to sponsor, prioritizing their goals and work, and ensuring that they can be adequately resourced is known as portfolio management. This type of management takes a strategic viewpoint of the programs or projects, weighing their potential benefits against the resources they will consume and the alignment with broader organizational goals. Effective portfolio management involves participatory decision-making processes, where stakeholders can contribute to and share the responsibility for outcomes. It requires the careful design and implementation of programs that align with policy and systemic advocacy, as well as NGO frameworks that prioritize human rights, social justice, and sustainable development.
It's important for portfolio management to balance equitable management and to foster open communication, transparency, and long-term stability. To ensure sustainable results, portfolio management should also engage in rigorous evaluation of projects, both during their execution and after their completion, to learn from their successes and areas that require improvement.