Final answer:
Managing and prioritizing a project portfolio includes developing project plans, resource allocation, progress monitoring, and stakeholder communication to ensure project success.
Step-by-step explanation:
The essential functions of managing and prioritizing a portfolio of project and program management services typically include a range of strategic and operational tasks. These tasks often involve developing project plans, allocating resources, monitoring progress, resolving issues, and ensuring the successful delivery of projects within the portfolio. It is also crucial to maintain effective communication with stakeholders, implement risk management strategies, and adhere to industry best practices to successfully manage a portfolio in the business environment.