Every manager has a good idea of what portfolio management means in an investment context. It's about stepping back and looking at the entirety of your investments to ensure that they make sense when viewed as a group. In doing this, we consider the characteristics of investments along a variety of dimensions. For example, we consider how risky they are; we don't want a portfolio that includes only risky or safe investments, instead, we want a good mix. When we talk about IT portfolio management, we do mean it in this way, but -- as this month's CBR makes clear -- we also have a broader and evolving sense of portfolio management in mind.