Final answer:
The false statement among the options given about portfolio management is that all projects must be aligned with programs in order to be included in a portfolio.
Projects can be part of a portfolio based on their contribution to the organization's objectives, even if they are not aligned with specific programs.
Step-by-step explanation:
In discussing portfolio management, it is important to identify statements that are not accurate. Among the provided options, statement (c) 'All projects must be aligned with programs in order to be included in a portfolio' is NOT true.
While alignment with the organization's strategy is important, not all projects must be directly aligned with specific programs to be part of a portfolio. Instead, each project within a portfolio should contribute to the overall objectives and strategy of an organization even if they are not part of a specific program.
Portfolios serve as a representation of the firm's projects and programs to its strategy, as stated in option (a). Investments are indeed usually made at the portfolio level to address strategic goals and ensure resources are properly allocated across the portfolio, as per option (b).
The triangular relationship between projects, programs, and portfolios referenced in option (d) is also a true characteristic of portfolio management, highlighting the hierarchical and interdependent nature of these management elements.