Is Portfolio Management ( PM ) the same as the Business Case ( BC ) ? That is the question ...
In terms of Project Management this takes place in the process of Develop Project Charter by using the tool Project Selection. Before developing the Project Charter we've got to make sure that the project in question is aligned with the IT strategy of the company. PM addresses this issues directly ( among other things ).
It goes hand-in-hand with the Business Case ( BC ). I usually think that Portfolio Management comprises the BC.
The several methods that comprise the Project Selection ( ROI, NPV, BCR, etc ), all of them can be used when setting up a BC. The concept of PM is more encompassing, that is, we're deeply concerned with IT Alignment, Kill project criteria, and so forth. The bottom line is that by using PM we are accepting the fact the current criteria for Project Selection may be non-existent. By establishing Project Selection criteria we're in fact saying that we've got a Framework for choosing projects. Why use BCR and not ROI or IRR ? Should these criteria be used in tandem ? What is the underlying framework that consistently allows us to choose between projects ? Should the criteria be changing all the time ? Those are the questions that Portfolio Management tries to address. By saying this, it is straightforward that the BC is a subset of the Portfolio Management, ie, one should not be confused with the other ( they're not interchangeable ).
Portfolio Management is the selection and support of project or project investments as guided by the organization's strategic plan and available resources. That means we've got to be damn sure that we're choosing the right projects and we're also are in possession of the tools to back up those selections / decisions !
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