Portfolio management provides an opportunity for a governing body to make decisions that control or influence the direction of a group of portfolio components as they work to achieve specific outcomes. An organization uses the processes, tools, and techniques described in this standard to identify, select, prioritize, govern, allocate resources, monitor, and report the contributions of the portfolio components to, and their relative alignment with, organizational objectives. Portfolio management balances conflicting demands between programs and projects,allocates resources (e.g., people, funding) based on organizational priorities and capacity, and manages so as to