Final answer:
The process described in the question is known as portfolio management, which involves grouping and managing projects and programs as a cluster of investments that contribute to the success of the entire enterprise.
Step-by-step explanation:
The process described in the question is known as portfolio management. Portfolio management is the practice of grouping and managing projects and programs as a cluster of investments that contribute to the success of the entire enterprise.
It involves selecting and prioritizing projects based on their alignment with organizational goals and resource availability.
For example, a company might have a portfolio of projects related to product development, marketing, and process improvement, all aimed at achieving the company's overall success.
The portfolio manager would oversee these projects, ensuring they are properly resourced, monitored, and delivering expected outcomes.