the means for delivering the outcomes in the form of benefits to the performing public, private or not-for-profit organization. Portfolios are collections of similar projects. Portfolio management supports efficiencies of scale, increasing success rates, and reducing project risks, by applying similar standardized techniques to all projects in the portfolio, by a group of project management professionals sharing common tools and knowledge. Organizations often create project management offices as an organizational structure to support project portfolio management in a structured way. Thus, PPM is usually performed by a dedicated team of managers organized within an enterprise project management office (PMO), usually based within the organization, and headed by a PMO director or chief project officer. In cases where strategic initiatives of an organization form the bulk of the PPM, the head of the PPM is sometimes titled as the chief initiative officer. Project management software Project management software is software used to help plan, organize, and manage resource pools, develop resource estimates and implement plans. Depending on the sophistication of the software, functionality may include estimation and planning, scheduling, cost control and budget management, resource allocation, collaboration software, communication, decision-making, workflow, risk, quality, documentation, and/or administration systems. Virtual project management Virtual program management (VPM) is management of a project done by a virtual team, though it rarely may refer to a project implementing a virtual environment It is noted that managing a virtual project is fundamentally different from managing traditional projects, combining concerns of remote work and global collaboration (culture, time zones, language). See also Related fields Agile construction Architectural engineering Construction management Cost engineering Facilitation (business) Industrial engineering Project Production Management Project management software Project portfolio management Project workforce management Software project management Systems engineering Related subjects Agile management Decision-making Game theory Earned value management Human factors Kanban (development) Operations research Outline of project management Process architecture Program management Project accounting Project governance Project management office Project management simulation Small-scale project management Software development process Social project management Systems development life cycle (SDLC) Lists Comparison of project management software Glossary of project management List of collaborative software List of project management topics Timeline of project management References External links Guidelines for Managing Projects from the UK Department for Business, Enterprise and Regulatory Reform (BERR) PM Foundation PM BLOG Management by type IEEE standards ISO/IEC standards Product development