Whether implicitly or explicitly, portfolio management has always been a key function of IT management. Selecting which projects to undertake, allocating resource levels to projects, and monitoring results across projects are key portfolio management activities. Today, just as individuals have learned about risk/reward strategies from recent stock market plunges, IT organizations are adjusting the "mix" of their project portfolios to emphasize cost reduction and decreased risks. However, it's still important to manage the entire mix of potential projects.