Final answer:
Organizational strategies and priorities established as part of portfolio management support program management by ensuring alignment with overall goals and objectives, enabling effective resource allocation, and providing a framework for decision-making.
Step-by-step explanation:
Portfolio management involves making decisions about which projects or programs to pursue based on the organization's overall goals and objectives. These decisions are guided by the organization's strategies and priorities. When it comes to program management, the strategies and priorities established as part of portfolio management can support it in several ways:
- Alignment: The organizational strategies and priorities ensure that the programs being managed are aligned with the overall goals and objectives of the organization. This helps to ensure that resources are allocated effectively and that the programs contribute to the organization's success.
- Resource allocation: Portfolio management helps to prioritize and allocate resources across different programs. By considering the strategies and priorities, program managers can ensure that the most critical programs receive the necessary resources and support to achieve their objectives.
- Decision-making: The strategies and priorities established through portfolio management provide a framework for decision-making within program management. They help program managers assess the potential impact and value of different programs and make informed decisions about which ones to prioritize and invest in.