First, the selection process. The organization must be able to select the best project that they want to include in their portfolio. It is important that in selecting the right projects, there are criteria set for the process and it should meet the objective of the business.

Second, prioritize. Prioritize these selected projects properly. It should be in accordance with the decision of the project manager, the budget of the company as well as the resources available.

Third, kick-off the chosen projects. To kick-off would mean to start the execution process of managing and tracking these projects or programs.

Fourth, project management. It involves managing the cost, the scope, the time as well as the resources of the project.

Fifth, reporting. When creating reports, you should know which report is needed and for whom it should be made. This will help you determine the important details to be included in the report.

Sixth, establish effective communication. It is important that the portfolio stakeholders, the project teams and the management are informed of the progress of the projects as well as the other important details. There could be major changes during the project execution and the people involved should know. Proper communication helps align the portfolio with the business objectives.

Seventh, identifying the key words. The health and wealth of the portfolio must be managed properly and there are words which you need to remember all the time. They are: balance, awareness and juggling. Since there are multiple projproject manager softwareects covered by the portfolio, there should be balance among them and be aware of the ups and downs of the projects.

Eighth, think of the elements in a portfolio. The behaviors of the elements may differ from one another and know how it could affect your portfolio management strategies. The elements may include the resources, the personnel or the budget.

Ninth, use the best portfolio management software or tool. Because portfolio management is such a huge part of managing projects, it becomes more confusing and complicated along the way. Choosing the best tool will help portfolio managers in easier management of projects.

Lastly, know your team. You should be able to assess the members' strengths and weaknesses so you could easily delegate the tasks and avoid problems and risks in managing projects within a portfolio. It is hard to manage a single project and managing multiple ones is even harder. These portfolio management techniques ensure that you are focused and taking the right way towards the success of various projects of the business.