Final answer:
Program and portfolio management functions support the organization by coordinating projects, allocating resources, and optimizing investment decisions.
Step-by-step explanation:
The program and portfolio management functions support the organization by ensuring the effective and efficient execution of projects and initiatives. Program management involves coordinating a group of related projects to achieve strategic objectives, while portfolio management involves prioritizing and selecting the right mix of projects to align with organizational goals.
Program management ensures that individual projects work together towards a common goal and that resources are allocated appropriately. Portfolio management helps the organization make informed decisions about which projects to invest in based on factors such as financial return, strategic alignment, and resource availability.
Together, program and portfolio management functions enable the organization to effectively manage its projects and resources, optimize investment decisions, and ultimately drive organizational success.