Project Portfolio Management
see also David Schmaltz on "PortFoolioMgmt" - and an older article that deals with it as well. With so many competing variables, some criteria must be embraced and these criteria must be some mix of objective and subjective, for there is no purely objective way to resolve this dilemma and there is probably no need to completely reject some objectivity in the process. The result will be a less than permanently pleasing balance. For those who share the decision makers' values, the balance will seem reasonable. For those who don't, the balance will seem indefensible. So it goes.
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